12 Things That Increase or Decrease Your Medical Insurance Premium

Medical Insurance

The coverage you get and the cost you incur with medical insurance varies from one medical insurance company to another. That’s why it is crucial to choose the best medical insurance companies in Dubai to protect you against unforeseen medical expenses.

However, it is not only your choice of the medical insurance company that affects how much premium you will pay. Several other factors also play a key role in how much premium you will pay every year.

Here is a list of some of the most important factors that medical insurance companies consider when determining your medical insurance premium.

  1. What is your age?

All medical insurance companies follow the rule – the higher the age, the higher the premium. It is because older adults are more prone to developing health illnesses and diseases than younger adults.

  1. What is your medical history?

Another factor that majorly contributes to your premium amount is your past medical record. If you have suffered from certain illnesses or have a pre-existing disease, your premium will be higher. On the other hand, if you have no illness and lead a relatively healthy life, you will be paying a lower premium.

Your medical insurance premium will also get influenced if your immediate family members or grandparents have a history of genetic illness or other serious illnesses such as cancer and heart diseases.

  1. What is the sum insured?

The Sum Insured is the maximum amount that you can claim for medical expenses. A lower sum insured (SI) means a lower premium but it also offers less coverage or coverage for less duration. A high SI can result in a high premium but it also means you will get more medical benefits and/or longer duration.

  1. What tenure of the policy do you choose?

While not commonly available in the UAE, when you choose the medical insurance policy for a longer duration, your premium will be less. You may not have the option to pay the same premium with a short-term policy.

  1. What is your Body Mass Index (BMI)?

All medical insurance companies in Dubai and everywhere tend to raise premiums if you have a very high BMI. The reason is that people with high BMI are more susceptible to developing serious ailments such as type 2 diabetes, heart diseases, high blood pressure, breathing issues, and cancer.

  1. Do you smoke or chew tobacco?

Smoking and chewing tobacco are injurious to health and when your health is at risk, it is natural for your premium to go above. So, if you have such unhealthy habits, try to quit them using professional assistance if necessary. Just remember that non-smokers pay less premium as compared to smokers. The same goes for tobacco users.

  1. Which medical insurance plan are you buying? Do you also want add-ons?

The premium amount changes with the medical insurance plan you choose. For instance, a group health insurance policy is cheaper than individual insurance plans for each member of the family. Besides, if you want add-on covers, like routine dental, higher maternity, optical coverage etc., your insurance permiums will be higher.

  1. Are you opting for co-insurance?

Some medical insurance companies offer co-insurance feature to provide more affordable medical insurance plans. In co-insurance, you pay a specific portion of the claim and the rest of the amount is paid by the insurer. This feature can reduce your premium payment significantly.

  1. Emirate of UAE

There are slabs of premium laid by the respective authorities like HAAD and DHA. Though it is not mandatory to have Health Insurance in Northern Emirates, largely Dubai policies are extended to offer northern Emirates as well. So, your visa Emirate decides the premium.

  1. Network and TPA

Network is the list of healthcare providers that are applicable in a particular policy. There are different tiers to choose from. A higher tier will have more premium hospitals. Depending on what kind of hospitals and clinics you want, your premium will vary.

  • Group Policy/Individual Policy

When your insurance is taken by your employer under a group medical insurance policy, your Premiums are relatively lower than the personal medical insurance policy.

  • Gender

Premiums also depends on the gender of the person. Married Females within “child bearing capacity age” will mostly be loaded with additional premium, considering possible maternity claims.

Do you want further information on which medical insurance companies in Dubai offer affordable medical insurance? If yes, contact us at +971 4 3573378 or write to us at info@newageib.com.