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Top 5 Factors That Affect Your Health Insurance Premium

The health insurance companies decide upon the premium payable after doing various calculations. While zeroing in on a particular health insurance plan, it becomes essential to take in a number of factors in consideration for a beneficial outcome.
The most important among them is to know about the factors affecting premiums of  Health Insurance ; it goes without saying that your stakes in the premium is going to be the highest. The factors affecting health insurance premiums are usually multiple; however, medical history, pre-existing medical condition, gender, age, marital status, body mass index are things that affect the matters the most. Here you can get a complete overview of the factors that play a key role in determining the worth of a health insurance premium

What is health insurance premium?

Health insurance premium is the fee that an insured has to pay inorder to enjoy certain policy benefits. This is the amount of money that one needs to pay periodically to avail an insurance company inorder to avail various benefits. These benefits include medical coverage among other promised facilities. Apart from availing medical benefits the premium is also paid to keep the policy functional and in operation. If you want to calculate your mediclaim premium, based on your insurance needs you need to opt for the health insurance premium calculator.

What is health insurance premium calculator?

Health insurance policies are quite complex and often the policy documents have terms and conditions which are hidden or will skip your eyes. More than often one tends to make a mistake in that area. Many individuals fail to understand multiple insurance-specific terms and conditions that they end up paying a lot more than they are supposed to. Imagine a situation where you can convincingly win over this grey area and have complete control and knowledge amount of money you need to pay. Your life becomes undeniably easier. This is exactly where the health insurance premium calculator is so useful. With the  health insurance premium calculator , one can have a clear idea of the premium that needs to be paid. In addition to that, one can choose an insurance policy that appropriately fits the requirement, by choosing on the basis of comparing multiple insurance plans. One can choose to include add-on coverage that is offered by the insurance companies online. One of the most important things that happen when you opt for a health insurance premium calculator is that you are usually empowered to meet an insurance agent or a branch professional.

Factors that affect insurance premium

1. Pre-existing medical condition - Medical history is a major factor that affects your insurance premium. While choosing for a policy it is absolutely mandatory to choose a certain to submit your health records. If you have had certain health issues in the past then the insurance company can either choose to allow it in or decide not to allow it in their policies. If the insurance company does not bear the cover a certain disease then the policy holder usually bears the cost. This eventually increases or affects the amount for premium. Thus medical history is a major determinant of insurance premium.

2. Family Medical History - Genetics do have a role to play in shaping up your personality and over all life structure. Even your physical and emotional health is greatly affected by your family history. In case your family history records illnesses like heart disease, diabetes or cancer then it is assumed by the insurance companies that the probability of you contracting these diseases are also pretty high.  In that case the size or amount of your premium is going to be higher than the amount that you needed to pay in case your family would not have any such problem.

3. Age - One of the most vital factors that can affect your health insurance premium is your age. It is a matter of common sense that a younger person runs lower health risk in comparison to a person who is older. Eg: The chances of a 25 year old man falling sick because if heart condition is certainly less likely than a man of 65 years. However there are exception to this rule. There are people who have proven to be notably fit and healthy at older ages while people have been quite unhealthy at an age as young as 25. However, the general rule stays that people who are younger have lower chances of falling sick or visit doctors. Hence health insurance premium payable for a younger person is lesser than an older man.

4. Gender - Many insurance policy premium amounts depend upon gender. This may sound strange but there are certain reasons why this difference is maintained. Years of medical research has proven that women visit doctors way more than men do, they are prone to taking prescriptions and are also often subject to chronic disease. Thus it goes without saying that on more than one instance it has been found that women have had to pay a higher premium.

5. Profession - Your choice of profession can also affect your health insurance premium applicable in both the instances of opting for  individual health insurance family health insurance policies . People working in profession which expose them to hazardous environment like constructions, radiation, substances are at high risk of falling prey to various diseases like cardiovascular and various other life threatening diseases.

These people have to pay a higher health insurance premium than people in jobs which are comparatively safer.

As mentioned earlier there are various other factors which affect the amount of health insurance premium amount. These are body mass index (BMI), marital status and habits which may include addictions like smoking, drinking, chewing tobacco or snuff. These things are considered which will affect the health insurance premium policy.

About HDFC ERGO Health Insurance Company HDFC ERGO Health  specializes in providing various health insurance plans which include individual health insurance, family health insurance, disease-specific insurance plans and top-up health insurance plans.


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