If you are someone looking for a health insurance plan, you may come across a good number of health insurance companies in the market. The number of health insurers in the market has increased significantly over the last two decades. This has fueled a healthy competition among insurance companies and made health insurance more affordable to everyone. The premium charges of health insurers are likely to vary from one company to another. Also, the premium charges are likely to vary from one person to another. This is because of the factors that influence the cost of insurance. Let’s take a look at these factors in detail.
The following factors play a major role in the premium amount charged by health insurance companies:
In the past, gender used to be a factor in determining the premium amount for health insurance. However, it has become illegal in many countries to charge different prices for men and women. In India, most of the top insurers charge the same price irrespective of the gender.
The factors mentioned above play a major role in determining the premium amount charged for health insurance. You can bring down the cost of insurance by following a healthy lifestyle. There are insurers in the market that provide premium discounts based on the activities and food habits followed by the insured. Also, don’t forget to do your research before subscribing to an insurance policy.
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