Health insurance is a must-have effective tool of financial aid that would help you greatly during times of medical emergency. You can purchase your health insurance from the top insurance providers like Bajaj Allianz and Manipal Cigna health insurance in India. However, to prudently and accurately calculate health insurance premium, you have to debunk some myths. Because these myths and facts can affect the calculation of your health insurance premium on a large scale.
Here are the factors that affect the calculation of your health insurance premium. Read to know more!
The sum insured
The total amount of the sum that you are planning to get insured, decides the total amount of the monthly premium. Although there are many other factors that are cumulatively involved in making it happen, still the total sum plays an important role in deciding the amount of premium. If you have decided on an inadequate sum as your principal amount, or have miscalculated anywhere throughout your calculation, the entire calculation of the monthly premium gets collapsed. If you want to calculate the premium for your Manipal Cigna Health insurance correctly, make sure you get this step right.
Buying a cheap policy to get less premium
Buying cheaper health insurance just to reduce the amount of premium for you is one of the biggest mistakes that people usually make. It is sensible of you to find affordable plans and policies to save money, but it will harm you in the long term if you buy a very cheap policy for yourself. These policies will not have the required treatments included that are necessary for the policyholders.
Moreover, regular check-ups and other medical necessities are more likely not to be include with them. If you calculate health insurance premium value you pay for the plan, you will realise you barely get anything out of it. Therefore, it is sensible to avoid buying cheap health insurance. Instead, you can opt for providers like Manipal Cigna health insurance which is cost-effective as well rewarding to the policyholders.
The age of the policyholder
Yes, the age of the policyholder matters in buying the policy and also when you calculate the health insurance premium. If you are buying health insurance for a young person, the monthly premium is likely to be less for him as compared to any policyholder who is older than him. The premium amount is even more if the policyholder is a senior citizen. Since senior citizens tend to have a weak immune system, the likelihood of getting affect by various diseases is a bit higher. For these reasons, you will get costly insurance plans for them, as compared to the young people. You should keep this in mind before you calculate the health insurance premium.
History of illnesses
If the policyholders suffer from any kind of existing sickness, the monthly premium amount for their insurance plans will be higher. Since they already are sick of an ailment, they are more likely to need higher medical coverage, increasing the total amount of their monthly premium. Therefore, if a person has some sort of life-threatening disease, the premium of their insurance will increase. You can opt for Manipal Cigna health insurance, whose premiums are quite cost-effective.
Smoking and alcohol consumption
If you are habitual of consuming alcohol or are a chain smoker, the premium amount for your insurance plan is likely to be high. Since your lungs and liver are constantly being affect, you must calculate health insurance premium to be high than usual.