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Variables affecting health insurance premium calculator

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If you’re someone who’s always thinking about the future, dreaming about places you wish to go, and adding them to your bucket list – then you the must believe in hoping for the best and prepare for the worst. Medical insurance is a sensible investment to make; Yes, the insurance premiums are a headache, but it is your safety net – always there to help you when you are facing unexpected medical costs or hospitalization expenses.

The insurance company determines your health insurance policy premiums based on your risk profile. A risk profile is calculated using a specific set of factors, i.e. details about your life that define your insurance needs and how likely are you to put in a claim. The following details calculate your risk profile:

Your

  1. Age: The higher your age, the higher the premium – This is based on the assumption that as you age your health will decline, making you a bigger liability.
  2. Tobacco Use: Due to it being a cause for cancer in the future, any consumption of Tobacco – chewing or smoking – is seen as a gateway to chronic and critical illnesses like tuberculosis and cancer in the future which would increase your medical expenses.
  3. Individuals Included: If your health insurance policy takes into account your spouse or dependents (kids or elderly,) insurers will charge more for covering them.
  4. Gender: Typically women are charged higher medical insurance premiums for three specific reasons a) Women are more likely to visit a doctor than men b) Women will take prescription medication and c) For women who desire maternity insurance – including delivery, prenatal and postnatal care.
  5. Pre-existing Medical Condition: Most insurance companies do not cover pre-existing conditions and will charge a higher premium to anybody struggling with chronic, life-long diseases such as diabetes, cancer or heart disease.
  6. Family History: Your premium depends on how healthy your family tree is – if you have a record of certain medical conditions (blood pressure, blood sugar) or ailments (epilepsy or cancer) in your family history, your premium will be higher than regular policies.

There are a lot of websites that will offer you an online health insurance calculator but knowing how they analyze your lifestyle, your health and history is a great advantage. Here are some personal risk factors that affect your policy premium:

  1. Profession - Do you work in an environment that could be considered hazardous – using chemicals or heavy machinery? Jobs which have a high risk of injuries will have a higher premium as compared to people who have sedentary indoor, desk jobs. International business travel also affects the cost of your medical insurance premium.
  2. Zip Code – Some insurance companies charge your premium depending on the area code you are in. The company’s statistics reflect if you are from a healthy neighbourhood or not.
  3. Marital Status – Marriage is a factor that works in your favour by lowering the rates. Some insurers believe couples live longer than single people. Getting married comes with the benefit of a drop in health rates.
  4. Previous Insurance History – If you have never purchased a health insurance policy in the past some companies may count that against you – the assumption being you will want to begin going for health and wellness checks.

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