Why are there affordable health insurance plans and why are there expensive ones? How come health insurance premiums don't go along with a universal pricing scheme?
There are a number of reasons that can push the fee of a health insurance premium. Here are 3 of the more influential powers that make or break an inexpensive health insurance plan.
1. A healthy focus. A young, perfectly healthy individual will pay a lower health insurance payment than, say, a 40 something target who has acquired a record of persistent ailments. The reason? It's all about the perils incorporated. When the subject gets ill, the insurance company will have to give funds for his necessities. It is to the insurance institution's advantage that the insured should stay fit as much as possible. Younger individuals who have no record of any serious ailments are more fitting to the favorable conditions that health insurance institutions desire for their trades.
2. A safe lifestyle. Working in a hazardous location? Does your life force you to move a lot? Are you living in an area where wrongdoings, no matter how little, and other hazards are prevalent? These are aspects that can drive the fee of the premium way above the predicted cost for an affordable health insurance plan. These are hazards that endanger the existence of the indivudal, after all. The health insurance company needs their insured affliates to remain healthy as long as possible, and the aforementioned hazards are detrimental to this beneficial situation for the insurer.
3. A good credit score. What does one's credit record have to do with the sum of the health insurance premium, you might wonder? One of the perils that health insurance companies have to deal with is the incapacity of the insured to pay the total of the premium. Such an uncertainty can drive the price of the premium to countless heights. If the person has a good credit rating, then the health insurance institution will see him as a financially accountable investment. So, he can be awarded the premium at a significantly lesser price.
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