Selection of Health insurance plans are a grey area for most individuals considering the plethora of options available to them. One can opt for a critical illness insurance to cover against cancer, heart attacks and similar life threatening diseases, whereas a senior citizen health insurance covers your health along with elderly members of your family when they need a medical insurance the most.
One must proactively be involved in acquiring information about the various health insurance plans. It is necessary to understand the coverage, the additional facilities and most important the premium it charges for it. Consider you have purchased a medical insurance and there is an ever increasing premium costs each year. There must be some reason for and that can be among one the following –
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Increasing age
Insurance companies evaluate the age group to which the insured belongs. Various ailments around that particular age range are key factors in determining the premiums to be charged. General statistics are a vital in determining your insurance premiums. The insurers rely on the statistics of the country or a region and evaluate the average medical costs incurred by each age group. Susceptibility of a person to ailments is important factor to determine the premiums. A senior citizen health insurance covers the various preventive checkups that might be needed at an older age. Tests for blood pressure, cholesterol or even diabetes are needed along with eyesight and failing bones. Older age may also require for treatment from specialists for certain ailments. This increases the cost of the mediclaim premiums charged compared to younger generation.
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Increasing cost of Medical Facilities
There is a steep rise in healthcare facilities, and the medical treatment costs are growing with each passing day. Prescription medication, hospital visits, surgeries and doctor’s fees are increasingly rising in their cost with the advancing medical technology being used. These advanced treatments have become much more expensive as compared to a few years ago; therefore, insurance companies also increase their premiums in senior citizen health insurance, critical illness insurance and other kinds of health insurance plans. Not only that older people, even comparatively young and healthy people pay great amounts of money when they have medical emergencies.
There are some other factors that can have an effect on your health insurance plans. Insurance companies in India decide your premiums and policy costs depending on the evaluation of various points in your personal profile. These factors include your family medical history, gender, marital status, profession, place in which you live, already existing medical conditions, and the like. Make sure you select the mediclaim with a premium that is most suitable for you.
