Everybody in their lifetime will require medical assistance. Commercial insurance provides medical insurance to help equip the employees in the case of sudden mishaps. Without good health, an employee cannot contribute a 100% to his company. When health is hampered, mental stability is disturbed which causes a hindrance to the employee’s productivity. Medical insurance is a great way to provide financially if you are ever unable to support your loved ones due to unexpected medical problems. Residential workers insurance as well as foreign workers medical insurance is provided. A small saving every month matures into a big investment over a period of time. Insurers are companies that provide insurance to individuals or corporate. In either case, certain aspects are taken into consideration before giving the individual an insurance policy. The factors influencing the insurance amount are as follows:
1)Age this is the most important factor that influences the insurance plan. The older you are the higher will be the monthly amount deducted from your payroll. As you are closer to getting naturally affected health wise, companies do not take their chances by providing premiums by charging less.
2)Gender as women and men work with similar payrolls, yet there are certain disparities when it comes to insurance plans. In some cases, as women live longer than men according to certain studies, the premium amount for women is lesser compared to what the men pay. On the other hand, women are more prone to visiting the doctor regularly for check-ups. They are also more likely to contract certain chronic diseases than men. Women also take prescriptions and need medical assistance for pre, during and post pregnancy. These factors cause women to pay a higher premium as compared to men. This differs from country to country.
3)Lifestyle high risk activities like mountain climbing, deep sea diving and race car driving are certain passions people share. In their leisure time, they like to engage in such activities as they have proved to be a change from routine, a more productive way to vent out frustration and good exercise. But such activities are life threatening and such individuals must pay a higher premium. A high risk profession like transportation, mining and fishing are also considered as high risk lifestyle.
4)Habits smoking, use of tobacco and drinking are some unhealthy habits that are taken into account. As major organs are directly affected by such habits, it is common for such employees to pay almost twice the amount the other employees would pay as premium.
5)BMI a person with higher body mass index is known to suffer from health issues like diabetes, high cholesterol, and high blood pressure. The individual has to pay higher in such cases. Similar is the situation when family medical history is taken into consideration. Diseases and illnesses running in the family that is likely to affect the employee are taken into account.
These are the most influential aspects that affect the amount payable as medical insurance.