While you want to invest in an insurance policy to protect yourself from the rising cost of medical care, you may be unsure if your lifestyle will cost you heavily when it comes to calculating the premium rate for your policy.
This guide will help you understand better how your lifestyle choices affect your health insurance premium cost. You will also learn how making intentional choices for improved health can effectively bring down the premium cost of your insurance policy.
Factors that Affect Health Insurance Premiums Directly
Let us first find out what factors directly affect your policy’s premium rate:
Elevated BMI Resulting in Obesity
When Body Mass Index (BMI) is over the normal range, you become vulnerable to a host of health issues, including chronic ailments like diabetes, high blood pressure, cardiovascular disease, etc. The likelihood of developing these medical conditions is what elevates the premium cost of your insurance policy.
Being Generous with Tobacco Use and Alcohol Consumption
The adverse effects of smoking and drinking not only affect your health but also may lead to a higher premium cost. Such unhealthy practices reduce the efficiency of different parts of your body, including the liver, heart, lungs, digestive system and even your brain. The more your body is at risk of developing health issues, the greater the chances of the policy premium rate being higher.
Your Age
When you age, you not only bring about changes in your lifestyle, but you also become more susceptible to different medical conditions than when you are young. This vulnerability is because young individuals have a strong immune system that weakens slowly over time. This increased vulnerability to developing illness is why the premium rates become higher for ageing individuals, especially senior citizens.
The Risk of Occupational Hazards
Generally, we tend to overlook the impact of occupation on health, but working in environments that are hazardous can put you at risk of physical injury or developing health issues. If your occupation demands that you be exposed to heavy machinery or toxic chemicals, then you will have to pay a costly premium for your policy.
The Pre-existing Conditions Factor
You may not be aware of whether or not you already have developed any medical condition. But before getting insurance coverage, you will be checked for health issues, which are termed pre-existing conditions.
Getting a health check-up before investing in this policy will help you learn about any potential disease that may affect you in the near future. You can plan out how to combat this health issue and then get going with the idea of an insurance policy, as pre-existing conditions affect your policy premium rate.
Factors Affecting Premium in Insurance for Health Indirectly
There are also certain factors that indirectly elevate the cost of policy premium, which are listed below:
Being Physically Inactive
Sitting for hours at a stretch on a regular basis can make your life extremely sedentary. Along with this comes the risk of developing health issues like diabetes and heart-related ailments. Moreover, you may become obese, which directly elevates the policy premium cost.
Unhealthy Dietary Choices
There are health implications of food choices you make, which you may not be aware of. Eating unhealthy food that is devoid of nutritional value on a daily basis can lower your body’s immunity, and make you vulnerable to developing health issues.
Sleep Deprivation
While we ignore this aspect of our daily lives, sleeping less can lead to stress and other forms of physical discomfort over time. Consequently, your ill health will impact the premium cost of your insurance policy.
Choice of Policy and its Coverage
The coverage extent and sum insured directly impact the premium cost of an insurance policy. Generally, the more sum insured, the higher the premium cost will be.
Family History of Medical Conditions
Your health insurance premium cost is also affected by your family history of health issues. If there is a history of illnesses like haemophilia, cancer, diabetes, cardiovascular disease, etc., in your family, then there is a good chance of insurers charging a higher premium cost on your policy. This is because you are at a high risk of developing these conditions, and your medical treatment might be expensive in the long run.
Inability to Manage Stress
Today, most of us are aware of how stress can make us ill, both mentally and physically. But our busy lifestyle keeps us from managing stress efficiently, which again can lead to anticipated health issues like elevated blood pressure and cardiovascular issues.
5 Effective Lifestyle Changes to Lower Premium Cost for Health Insurance
The following are some effective ways to become healthy and promote overall wellness that can lower the premium cost of your policy:
Eliminate tobacco and alcohol from your life.
Engage in physical exercise daily.
Give priority to nutritious and healthy food.
Reach a healthy weight and maintain it.
Take measures to tackle mental health issues.
Apart from this, it is important that you compare the premiums of various insurance policies that cover you financially in an affordable way. You can research online using our
health insurance premium calculator tool that helps you find out policy premium rates, and opt for the policy that comes with the lowest premium rate while providing proper financial coverage to you.
Conclusion
It is clear from above that the lifestyle you choose to follow decides how costly your policy premium will be. If you are serious about living with life choices that will promote your well-being, it will reflect on your policy’s premium cost in a cost-effective way.
Reliance General
Health Insurance plans are flexible and affordable, giving you the benefits of extensive coverage, a 100% claim settlement ratio, coverage for pre and post-hospitalisation expenses and the facility of cashless treatments at a hospital of your choice, among other advantages. Our insurance policy premiums are economical, and we provide options like voluntary co-payments to lower these premium rates even further.
Moreover, our critical illness insurance plan offers you specialised coverage for life-threatening health conditions that may require long-term and highly advanced medical treatments. Our
critical illness insurance plan does not require you to undergo a medical test till the age of 45 and covers 10 critical illnesses.
Frequently Asked Questions
Does my location affect the premium for my health insurance policy?
Yes, the premium rates are directly linked to the expenses associated with healthcare services, which vary from one location to another. Generally, medical expenses in urban areas are high, resulting in high premium costs, and medical costs in rural areas are comparatively lower, which results in lower premium rates for these geographic locations.
Why is it better to get insurance coverage when young?
Young individuals are comparatively less vulnerable to diseases, which is why it is wise to opt for this insurance coverage at a young age. Moreover, you can stay financially more secure, take advantage of tax deductions, avert compulsory health check-ups and enjoy the benefit of a lower premium rate with this policy.