​In recent times, one has observed a significant rise in the cost of healthcare. As a result, today individuals are not only buying health insurance plans for themselves, but are also insuring their families. Through such insurance plans, they ensure that their future medical expenses are well secured.

With respect to other general insurance plans, health insurance stands out differently because it offers you tax benefit. However, similar to any insurance plan, premium amount of a health insurance policy too depends on some factors.

Let's take a look at what impacts or determines the premium amount of a health insurance:

Age is one of the primary factor that decides what kind of premium amount you would require to pay towards your health insurance policy. The more is your age, the higher will your premium cost as you are believed to be more prone to illnesses.

Previous medical history is another chief aspect of a health insurance policy's premium amount. If your medical history is clear, the premium will be lower. On the other hand, if you already have some pre-existing diseases and/or have suffered from specific illness the premium may be rise.

Your nature of work may also be a deciding factor for the premium cost. For instance, a pilot will have to pay more as premium than a teacher. The more riskier your job's nature is, the more will be you premium amount.

The tenure of the health insurance policy you choose, may also get you cheaper premium. A longer tenure will bring in cheaper premium and vice versa.

No-Claim-Bonus, i.e. if you haven't filed any claim during a tenure, then at the time of policy renewal, you may get some discount, which will assist you lower your premium.

While buying health insurance plan, you can also opt for coinsurance. By doing so, you would require to pay a pre-decided fixed percentage of the claim amount. For instance, if the co-insurance rate of your health insurance plan is 90/10, then you will have to pay 10% of the medical expenses, while the remaining 90% will be taken care by your insurance policy.

While factors like age and medical history is out of our reach, the other areas can be controlled by us. Thus, if your health insurance policy is properly planned, you would gain a lot in terms of tax, and security.