There are plenty of things that you need to know about health insurance such as what it is used for, how it will benefit you, why your life would be so much better if you have coverage and so on. However, knowing what factors will have an effect on your premiums is probably one of the more important ones that you’re going to come across.
You have to bear in mind that your health insurance premium is going to be a ongoing cost that you will need to pay for year after year, so making sure that you’re aware of how much you are going to pay is a must. Better yet, knowing how you can reduce the premium that you will pay is a must, because you certainly can do it.
So, with that in mind, let’s get to it.
Your BMI or Body Mass Index is basically a measurement of your health based on your weight. Contrary to common knowledge though, weight does not necessarily medically indicate health issues. You can be chubby and still be healthy and you can be skinny while being sick. None of this matters of an insurance company though as they will charge overweight or underweight individuals with higher premiums than those who have what is considered healthy weight.
Of course smoking would be on here. If you’re a smoker, you would be at a higher risks of developing throat, lung and mouth cancer regardless of what you smoke. Those who are into the new trend of vaping which contains nicotine-infused liquids have already been added on the list of potential high-premium clients by many companies as well, so don’t think that not smoking an actual tobacco keeps you safe.
It is simply a statistical fact that females have higher life expectancy rates than men. As such, they would get higher premiums than men. There’s also the fact that according to studies and surveys, women are more likely to visit doctors, buy prescription drugs and are also more likely to have chronic diseases.
The older you are when you apply for health insurance, the higher your premium will be. The young are less likely to have developed illnesses yet, have more robust constitutions, are less likely to visit the doctor and are less likely to take prescription drugs. Older folks in comparison, are more likely to have developed age-related illnesses like type-2 diabetes, high blood pressure and so on.
Pre-Existing Health Issues
Insurance companies have their bottom line as their main concern and having pre-existing health issues affect that bottom line. This is particularly the case if you’re illness is expected to be costly down the road. As such, you premiums will be higher.