Remember, as a kid, you couldn’t wait to grow up, go to college, pursue a career, and live your dream. But reality has burst your bubble! Now all you’re left with is managing your bills, finances, and work-life balance, and you often wonder how your parents did all of this. Well, let’s face it, being an adult isn’t that amazing. Now there is something else that always worries you: your health and that of your loved ones, and that is why you choose health insurance. Do you know that your insurance plan changes as you get older? If not, let’s find out what the candles on your birthday cake mean for your health insurance premiums.
The HEALTH INSURANCE premium increases with age since it is assumed that the risk of health problems increases with age and consequently the amount of the premium increases.
While we used to be busy shifting from our teens to our fifties to become seniors, medical facilities have also grown by leaps and bounds and are now expensive. Doctors’ fees, drug costs, treatment costs, etc. They are getting more and more expensive from year to year and to pay for all of this we see an increase in our health insurance premiums. Other important factors that play a decisive role in calculating premiums are pre-existing conditions, family history, sex, occupation, addiction, etc.
Based on these factors, the provider creates a profile for a customer category to estimate how often customers will receive medical assistance in a year and then decides the cost of the premium and insurance coverage.