What does the price of health insurance depend on?
One of the most common questions often asked when talking about insurance is: "How much will a policy cost for me and my family?"
The cost of health insurance can vary depending on many factors. In this post, I will briefly describe what determines the price of a policy.
The cost of health insurance is affected by the risks you may pose to the insurance company, as well as other factors.:
1. Age of the insured person
The younger the person, the lower the cost of the policy. At a young age, the risks of diseases are minimal, so the monthly payments are lower.
2. Region of residence
The level of medical expenses may depend on where you live. More specifically, your province.
3. Health status
Chronic illnesses or serious incidents in the past may affect the price.
Some of these diseases may be excluded from coverage by your policy (everything is very individual).
4. Coverage Scope
The price depends on what exactly the policy covers. For example:
If the policy covers hospitalization, dentistry, and surgery, its cost will be higher.
Basic policies that only include specialist examinations are cheaper.
5. Amount of surcharges
There are three types of surcharges: minimum, medium, and high.
The higher the deductible, the lower the monthly cost of the policy. But is it really more profitable? It depends on your needs.
6. Policy type
Individual policy or family policy?
If 4 people are insured in the policy, a discount of 7% is provided.
For 5 or more insured persons - discount 12%.
Corporate insurance: special conditions for companies.
Want to know more? For details about the cost and terms of insurance contact — I will be happy to answer all your questions!