How Lifestyle Habits Affect Health Insurance Premiums

Published By: The Times Of India ​

Published Date: 25-03-2022

The high medical expenses and the need to break household savings during the COVID-19 pandemic made people focus on health insurance. However, the biggest concern for many, especially those who need it the most, is the premium rate.

Rakesh Jain, our CEO, explains why premiums vary among individuals and the key factors influencing them.

He explains how an unhealthy lifestyle can increase the risk of infections and hospitalisations, chronic illnesses and more, which in turn impact premium rates.

Pre-existing diseases can also increase premiums. While pre-existing diseases are covered in health insurance plans, coverage is subject to specific policy conditions and waiting periods. Rakesh Jain advises considering add-ons to reduce waiting periods and cover stated exclusions for better coverage. He also emphasises the need for full disclosure of illnesses at the time of purchase.

He further highlights how a high Body Mass Index (BMI) can increase health risks, the likelihood of long-term hospitalisation, and premium rates.

Moreover, hereditary ailments or your family's medical history can also affect insurance premiums as it can increase the possibility of a health risk. Therefore, it is important that you communicate about the family's medical history to your insurer at the time of policy purchase.

Lastly, he points out that the insured’s profession and work environment can also affect health insurance premiums. He explains by considering individuals working in hazardous work conditions such as mining operations and coal extractions who are prone to higher risks.

Understanding these factors and ensuring transparent communication at the time of policy purchase can help you maximise your health insurance benefits.