Interest is a major element in establishing insurance premiums. A large portion of every premium received is invested to earn interest. These interest earnings reduce the premium amount.
Which of the following factor can change the premium in health insurance?
Past Medical History –\n\n Your past medical records are crucial in deciding the premium amount. If you have a history of suffering from illnesses or have a pre-existing disease, then your premium will be higher. But if you have had no illness and have a relatively healthy life, then your premium will be lesser.
What are the factors affecting premium?
Five factors can affect a plan's monthly premium: location, age, tobacco use, plan category, and whether the plan covers dependents. Notice: FYI Your health, medical history, or gender can't affect your premium.