You never know when disease strikes. Today, hospitalization is very expensive. Medical bills can bleed you dry. This is why you must be prepared for these unexpected hospitalization expenses. The best way to do so is to avail a mediclaim policy, also called a health insurance plan. You pay money called the premium to an insurer to avail a health insurance plan. You are covered up to a particular amount called the sum assured.
On hospitalization, the insurer settles the bills, up to the sum assured. What happens if you don’t have a mediclaim policy? Take a look at this fact. Two-thirds of healthcare spending in India is out of pocket. Most of this money is spent by the common man.
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1. Family Medical History
If your family has a history of disease/illness/ailments or lifestyle diseases like diabetes, you will have to pay a higher premium than citizens who don’t have a family medical history of diseases. If a close family member or a number of members in your family have diseases like heart ailments, cancer or diabetes, chances are you too could get them.
The insurer will charge you a higher premium, than citizens who have a good family medical history.
2. Pre-existing diseases
You have to declare all pre-existing diseases while availing health insurance. If you don’t declare them, there are chances your claims could be rejected on grounds of non-disclosure.
Insurers have a waiting period of 2-4 years, before pre-existing diseases are covered. Insurers could cover pre-existing diseases after charging you a higher premium. Sometimes, insurers might refuse to insure pre-existing diseases.
3. Body Mass Index (BMI)
Body Mass Index (BMI) is a measure of body fat based on weight, vis-à-vis your height. If your BMI is high, chances are you have to pay a higher premium. What could be the reason for this? If you have a high BMI, chances are you could be vulnerable to obesity related problems, heart diseases, joint problems, diabetes and so on.
Insurers err on the side of caution. They will charge a higher premium, if BMI is high.
SEE ALSO: Benefits of Health Plan
Health Insurers charge a different premium for men and women. Women could be charged a higher premium, compared to men, as they are more prone to visit doctors and suffer from chronic ailments.
If you are young and healthy, insurers would charge you lower premiums compared to citizens who are older. The reason is insurers have data that proves that younger citizens make lower claims on health insurance plans, compared to older citizens.
Insurers believe that if you work in a hazardous environment and are subject to radiation, chemicals or work in a risky job like the construction industry, you are vulnerable to accidents, heart disease, diabetes or stress-related disease. Insurers charge a higher premium. Be Wise, Get Rich.
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