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What Factors Contribute To Your Health Insurance Premium?

A decade ago, health insurance policies were not considered to be too important in India. In recent times, people have started realizing how important and useful these policies are. In the cities and semi-urban regions of India, the lifestyle people lead is changing. In the fast-paced world, people are less focused on maintaining a healthy lifestyle. This is why a lot of people nowadays are suffering from health issues like diabetes, obesity, high blood pressure, kidney stones, etc.

It is needless to say that medical and healthcare services aren’t cheap nowadays. So, if you don’t want to burden yourself with the medical and hospital bills, it is vital that you buy a health insurance policy; not just for your own, but for your family members as well. Before you buy a health insurance policy, it is crucial to check and compare at least half a dozen policies. There are many factors that determine the premium of these plans. To help you know more, we have created a list of the top 10 factors that contribute to your health insurance premium.

  1. Age: Yes, your age is one of the factors that will determine your health insurance premium. Young individuals usually have to pay lower premiums because they have fewer diseases (both identified and unidentified) in comparison to older individuals. Hence, these policyholders are less prone to health issues. On the other hand, people above the age of 45 are more prone to different ailments. Hence, the premiums get higher in such cases.
  2. Pre-existing medical conditions: Before you buy a health insurance policy, you will have to showcase your own health records. The reason behind is to make sure that you are not suffering from any medical conditions. In case you have any pre-existing medical conditions, the insurance provider might include it in their policy, and charge a higher premium from you. In some cases, the policy provider might refuse to include the medical condition in their package.
  3. Your family’s medical history: If your family have any kind of medical ailment then, in that case, your premium might go up. There are many diseases that can easily pass through genes, and therefore the medical history of the family is taken into consideration. If anyone in your family has or had such a disease then it also makes you vulnerable to the same. Hence, the insurance company quote a higher premium.
  4. Your BMI: If your BMI (Body Mass Index) is on the higher side, you will have to pay a higher rate of premium. People who have higher BMI are usually more prone to health issues like diabetes, high blood pressure, heart problems, etc. At the time of pregnancy, people with higher BMI may also require specialized treatment. So, these things eventually lead to higher medical bills.
  5. Smoking/drinking: People who smoke and drink on a regular basis are usually more susceptible to serious ailments. Consumption of tobacco is also counted among such cases. In fact, some insurance companies may even refuse to sell a policy to people who are chain smokers or hardcore drinkers. These people are more vulnerable to cancer disease and TB. So, if you have the habit of consuming injurious substances, you will have to pay a higher rate of premium.
  6. Your profession: Yes, your area of profession is also taken into account at the time of calculating the rate of premium. People working in hazardous environments are more prone to physical injuries and illness. For example, a worker in a cement factory is more vulnerable to breathing-related health issue than someone who works in an IT company. Likewise, there are many areas of work that are considered to be dangerous for your health.
  7. Your gender: As per the health insurance companies, women are more likely to avail medical and healthcare facilities. They are more vulnerable to chronic diseases. This is why the premium quoted by the insurance companies is a bit higher when it comes to selling a health insurance policy to a woman.
  8. Your marital status: Married individuals are usually charged a lower rate of premium when it comes to selling health insurance policies. The insurance companies believe that married people usually live better and healthier lives. Plus, purchasing a policy that also covers your spouse can help you get a discount on the premium.
  9. The location of your stay: The city where you live also plays a role in determining your health insurance policy’s premium. If the city has an unfavourable climate or there is a lack of hygiene around, the premium might go up. The infrastructure and development in and around the city are taken into account.
  10. No insurance yet: People, who buy a health insurance policy for the very first time, usually have to shell out a higher rate of premium.

So, those are the factors that determine the premium of your health insurance policy. Next time when you decide to buy a policy,  you will find it easier to calculate the rate of premium.

The Importance of a Home Insurance in Fort Worth
The Importance of a Home Insurance in Fort Worth
  \ In Texas, it is compulsory to buy insurance for your house. This is because it protects your most valuable possession - your property. Fort Worth is one of the best places in Texas where you can buy a home. Many new-age homeowners are not aware of the importance of Home insurance in Fort Worth. This article will discuss all the important factors to consider when purchasing homeowners insurance in Fort Worth, Texas. First, let us have a look at the basics.
What is homeowners insurance?
Homeowners insurance policies cover your property in the event of any unfortunate events, such as fires, thefts, or natural disasters, that might befall your home. A homeowners insurance policy provides financial protection and peace of mind against potential losses associated with your home. It's important to remember that having the right policy can ensure that you're adequately protected. Understand that there's no such thing as 'too much insurance.' Choosing the right homeowners insurance policy is one of the most important decisions a homeowner will make. There are a variety of factors to consider, including building materials, personal property, and replacement costs, that will determine the right level of coverage for a given home. Homeowners insurance is a type of property insurance policy that typically covers the structure and some personal property of a home, as well as liability and environmental risks. The primary benefit of this type of insurance is to protect against losses due to catastrophes such as floods, fires, earthquakes, and windstorms. Contents of the insurance policy typically include coverage against bodily injury and property damage, as well as liability protection.
Why do you need homeowners insurance?
A Texas homeowners insurance policy is necessary to have, especially if you're looking for protection in case of a disaster. This policy offers many advantages, such as the ability to replace your home and its contents in the event of damage or loss. Safety is important for all areas of your home, which is why these great lifeguards may be just what you need. They can offer more safety by looking after children, people with heart conditions, and people who might be on medications that make them feel sleepy. The importance of a home insurance policy should not be underestimated. It provides financial protection and security against potential losses associated with the property, including any additions or improvements that were made in the home. 
Different people will require different levels of liability coverage. It is dependent on your living arrangements and the sort of damage that can arise if someone lives with you in your house. If you feel like this may be too complicated and are looking for someone to help you settle on what's right, we're here to help: one call can do the job!  We know that there are a lot of things to consider when choosing home insurance for your Texas home. That's why we have expert Texas insurance agents on our team and are ready to talk with you about finding the best solutions for your needs.
Home insurance Fort Worth property coverage
You should always consider property coverage when assessing homeowners insurance policies. This usually covers the cost of repairing or replacing damages due to fire, flood, theft, etc. This includes any additions and improvements that were made to your house before the catastrophic event. For example, if your home and its contents are destroyed in a fire and you have a $125,000 insurance coverage limit, then you're eligible for up to $125,000 for building or purchasing a new one. Take a look at getting an insurance policy that covers property damage, loss, theft, and all the other risks of owning things.  
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