Did you know that some medical health insurance companies could deny policies to prospective buyers with “low IQ”? Well, in some cases, a significantly low IQ could mean that the person is suffering from a pre existing condition known as cerebral palsy! This condition could give rise to other serious ailments as well! Whereas some medical insurance providers would not honor pre existing illnesses, others may pose specific restrictions and charge high premiums for the same. If you aren’t sure of the factors that have a bearing on your premium amount, consider referring to the points below.
Things to Know for Calculating Medical Health Insurance Premium
• Premium is directly proportional to the sum assured: The “sum assured” is the total amount you have been insured for! In case of a medical requirement, the “sum assured” would be the maximum amount you would be provided as assistance. And, the very first thing you need to take into account when calculating your premium is this amount. Naturally, the more comprehensive the assistance sought, the higher would be the premium.
• Premiums for Medical Health Insurance Policies go up with your BMI: The BMI is the basal metabolic rate, which indicates your overall health condition. The higher your BMI is, the more prone you are to lifestyle disorders like hypertension, diabetes, heart disease and so on. So, if you are seeking best deals for your mediclaim insurance, it would do good to lose some weight perhaps!
• Premiums increase as you Age: It is a common belief that the chances of contracting an illness would go up with age. And this is why; your mediclaim health insurance provider would be hiking premiums for you as you age. Growing age is often related to significant health conditions like hypertension, diabetes and so on. So, buying at young age is the best way to save on the cost of premiums.
• Premium Charged would also depend on where you live: Where you live is also extremely important. Premiums would depend on the cost of medical treatments in your city. So, if you are residing in a small town, your premium would be low. Similarly, if you are living in Mumbai, your premiums would be higher.
Your health history would also have a bearing on your insurance status. For instance, if you have fallen ill frequently, more premiums would be charged. A better track record would ensure low premiums for your medical health insurance. .
Things to Know for Calculating Medical Health Insurance Premium
• Premium is directly proportional to the sum assured: The “sum assured” is the total amount you have been insured for! In case of a medical requirement, the “sum assured” would be the maximum amount you would be provided as assistance. And, the very first thing you need to take into account when calculating your premium is this amount. Naturally, the more comprehensive the assistance sought, the higher would be the premium.
• Premiums for Medical Health Insurance Policies go up with your BMI: The BMI is the basal metabolic rate, which indicates your overall health condition. The higher your BMI is, the more prone you are to lifestyle disorders like hypertension, diabetes, heart disease and so on. So, if you are seeking best deals for your mediclaim insurance, it would do good to lose some weight perhaps!
• Premiums increase as you Age: It is a common belief that the chances of contracting an illness would go up with age. And this is why; your mediclaim health insurance provider would be hiking premiums for you as you age. Growing age is often related to significant health conditions like hypertension, diabetes and so on. So, buying at young age is the best way to save on the cost of premiums.
• Premium Charged would also depend on where you live: Where you live is also extremely important. Premiums would depend on the cost of medical treatments in your city. So, if you are residing in a small town, your premium would be low. Similarly, if you are living in Mumbai, your premiums would be higher.
Your health history would also have a bearing on your insurance status. For instance, if you have fallen ill frequently, more premiums would be charged. A better track record would ensure low premiums for your medical health insurance. .
