Searching for the most affordable health insurance plans? With some research, you will surely find the one that best suits your needs. Meanwhile, you may notice that insurance companies offer different prices- even those with similar policies. Why is that so? Below are the possible answers:
Age. Usually, younger individuals get the lower premium rates. This is because they have fewer health problems than older people. Also, they are less likely to consult a doctor, although they are more likely to have injuries. Older people, on the other hand, are more likely to suffer from various illnesses and take different medications.
Gender. Women normally pay higher premiums than men due to three reasons. First off, they are more likely to regularly go to the doctor. Second, they are more prone to chronic diseases. Lastly, they are more likely to take prescriptions. Another factor contributing to higher insurance costs is maternity care, particularly pre-natal and post-natal care.
Body Mass Index. Those with a high body mass index (BMI) pay higher premiums than people with a normal BMI. This is because the former has greater chance of suffering from or developing illnesses like sleep apnea, diabetes, joint problems, and heart illnesses.
Insurance History. Have you held a health insurance coverage before? If yes, companies may charge you a lower premium. Companies charge higher to previously uninsured policyholders, due to the assumption that they will want to benefit from medical care for different ailments or visit a doctor or dentist.
Family History. Does your family have a history of particular medical conditions? If yes, your premiums may be higher. For instance, if your family has a history of cancer or heart ailments, you may pay higher for insurance compared to those with no family history of such illnesses.
Pre-Existing Medical Conditions. It is a common knowledge that pre-existing medical conditions can be costly. While insurance does not cover them, it is possible that a policyholder will have additional issues related to their pre-existing condition.
Profession. People working in jobs with high injury rates or with exposure to hazardous chemicals pay higher premiums. The same thing goes for those with extremely sedentary jobs. As you may already know, people who just sit all day in one place are prone to cardiovascular disease.
The items above are some of the components in your risk profile. It consists of your medical history and insurance application. Insurance companies review a holder’s risk profile and calculate premiums based on the information provided. That is how prices differ even those in similar policies.
In hindsight, numerous aspects of your life contribute to the price you need to pay for the plan of your choice. There are other factors that may affect your health insurance. Feel free to do more research so that you’ll know what to expect. Also, always be honest when providing information about your health. Such information will not just determine your plan rate but the treatments you may get in the future as well.