What are the key factors that determine the price of health insurance?

The growth of insurance as important as health has led to an increase in alternatives and contracting modalities, with different characteristics, and also, of course, different prices.

This last point is extremely important since it is often the main condition for hiring. Of course, the price is a fundamental variable, but as long as it is taken into account together with all the characteristics of the health insurance; that is, when comparing insurance by price, we must do so between products whose characteristics (services offered, a form of payment,…), are similar.

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The price of health insurance is not set arbitrarily, on the contrary, it is determined by a series of characteristics that the insurance has, on the one hand, and the nature of the insured, on the other. We explain it to you.

Characteristics of Health Insurance

The first of these is the type of insurance. As a general rule, we find three possibilities: insurance with a medical list, reimbursement insurance, and a mixed figure in which there is a medical list, but there is the possibility of opting for doctors outside the list in which the expenses will be reimbursed.

As a general rule, medical insurance is cheaper than reimbursement, but it will also depend on the reimbursable amount of the medical service. The most normal thing is that not all of this expense is reimbursed, but there is a great economic difference if, for example, the insurance pays 80% of the expenses or does so for 60%.

But there are also differences on the side of eye med insurance with a medical chart in the coverage you have. A medical chart limited geographically or in the services it offers is very different from having such a wide range of specialists, tests, and hospitalization as the one offered.

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Another point that greatly influences the price of insurance is the existence or not of co-payments and the amount thereof. The higher the copayment, what the insured pays for health services and medical tests, the lower the regular health insurance premium.

Characteristics of the insured

In addition to these generic conditions, the particular conditions of the insured or insured to the policy greatly influence. First of all, a fundamental variable is an age. As a general rule, the younger you are, the less risk you have of getting sick and the less you will pay for your insurance policy. But this is not a linear rule, for example, children in their early years tend to use more features than when they are older.

But let’s not forget the point that is often the most important, our state of health. When we go to subscribe to our policy we fill out a questionnaire in which we declare if we have any type of illness, ailment, or sequel to them. The insurance can exclude them from coverage, but also include them, raising the cost.

In short, if you are going to take out health insurance, keep in mind that fundamental aspects that define the characteristics of the insurance itself and also the characteristics of the insured are taken into account in its final price.

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