Health insurance works in the same way as a car or home insurance; that is, the insurer determines the value of the policy premium by the perspective of the insurance being triggered. The group health insurance has the same aspects.
The company evaluates all aspects intrinsic to its profile as an insured, measuring the risk that it is undergoing during the term of the contract. For this, statistical calculations and probability techniques are used.
There are a few main factors for making this account. Look!
The higher the amount of health insurance you choose, the higher the payment to be made each month. If you want to reach the ideal value of a policy for your family’s profile, you need to list the number of financial dependents you have. Compute all expenses related to these people, such as real estate financing, school fees, food expenses, loans and everything else that goes into your budget.
Suppose you depend on your monthly salary to live, and you have no money saved to help your family preserve the same standard of living if you are no longer present. In that case, we recommend that the amount of compensation is sufficient to cover expenses between 3 and 5 years.
The calculation is simple. Take how much salary you get each month and make it five years. The result of this account is a basis for you to take out the appropriate health insurance policy for your family members.
The older you are, the more expensive your health insurance will be. We know that a fatality does not choose an age group, but an insurer assumes that a 30-year-old individual is more likely to live longer than someone who is 65 years old. For this reason, health insurance for the elderly ends up having a higher cost.
This aspect of calculating health insurance is somewhat relative. This is because female life expectancy is higher at birth, making the policy cheaper than male. However, over the years, women tend to face more health problems than men. So there is a possibility that a woman might pay more for health insurance than a man. This will depend on her health status.
When taking out health insurance, you will be asked to complete a questionnaire that usually includes questions such as:
- Are you a practitioner of some extreme sport?
- Do you perform any professional activity onboard aircraft?
- Do you have any illness that requires treatment?
- Have you ever had any surgery?
- Have you received any disability compensation?
- Are you a smoker, drink, or do you use drugs?
With these responses, the insurer will be able to profile your health status to price your policy.
Profession and working conditions
Your working condition and your profession are central to the calculation of health insurance. After all, you spend most of your time at your job, which makes your professional activity a very representative factor of the risk you run.
The insurer may even deny your policy request if you consider your routine to be too risky. Below is a shortlist of occupations that are usually disapproved:
- gold miner;
- monitor or instructor of juvenile offenders;
- cargo transport driver;
- automobile driver;
- building painter without adequate safety equipment;
- oil rig worker;
- Retired due to disability.
We emphasize that these are not the only professions refused, but those with the highest rate of refusal.