FAQ - Health Insurance
Health Insurance has begun to gain a lot of importance in today's time. The awareness of buying a Health Insurance has increased between individuals due to the change in lifestyle and food habits that we follow, many individuals are prone to various diseases. Buying a Health Insurance or Mediclaim can protect you against the financial losses incurred due to a Hospitalization.
Let us look at factors that affect the Health Insurance Premium:
1) Age- Age is one of the most important
2) Medical History- Certain individuals whose families have a certain medical history, the premium may differ. Applicants with a history of Cancer, Diabetes, etc. may have to shell out additional premium as compared to other applicants who have declared NIL medical conditions. A positive medical history leads to increase in "RISK" and your premium rate.
3) Smoking habit- There are instances where the insurance company may charge a higher premium or decline your proposal if you have a habit of smoking or chewing tobacco. The main reason being falling prone to Life-Threatening Diseases Like - Cancer, Heart Ailments, etc.
4) City of residents- If you stay in a city where the cost of living is high and life is hectic, your health insurance premiums would shoot up.
5) Claim free years- If you managed to remain fit and haven’t made any claims for a year, your renewal rates would be lower. This is again a way of rewarding you for staying healthy.