Thread by @BimaPeBharosa

Is your age the only determinant of your #HealthInsurance premium?

#Premiums refer to the payment that you make to your insurance company so that they can take care of your medical expenses.

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The actual amount depends on how likely you are to require a payout in the future and how much your insurer might have to pay in such an event.

There are various factors that affect this amount:

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1) Your age: Health Insurance costs less in your youth. The older you get, the more likely you are to develop certain diseases- and so your premiums are higher.

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2) Where you are: Bigger cities usually equal larger premiums. That's because the cost of treatment there is substantially higher, and because insurers consider people in large cities to be more prone to certain illnesses because of their lifestyle.

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Coverage: This is a no-brainer. Higher the sum insured, higher the premium. Add-on covers you opt for could increase premiums further. Conversely, if you have a co-payment or deductible clause (which means you'll bear a part of the expenses), your premiums will be lower.

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The type of plan: Family floater plans are cheaper than individual plans for each member of your family. That's because family floater covers multiple people under the same amount of sum insured

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Medical past: Personal / Family history of certain diseases may increase your premiums. Habits like smoking can also increase premiums.

Tag someone who needs to know this!

Learn what your Health Insurance policy covers here: bit.ly/3udMs6x

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#BimaPeBharosa