What is the average cost of medical insurance for a family?

Average Expenses for Family Health Insurance Coverage

Health insurance does have a huge impact on your financial goals. It may not give you the benefits right away. When the waiting period is over, you get to use its medical coverage. However, your medical coverage entirely depends on the premium you pay. Well, how much does medical insurance cost? Let us find out the factors.

Age of insured people

Age is the prime factor that decides the premium of health insurance. The common practice dictates that increasing age increases the premium. For instance, a young employed adult will attract a lower premium than a senior citizen. It also depends on family plans that include members of diverse age groups.

Family Size

The family size determines the premium of a health insurance plan. So, how much does health insurance cost for a family? In general cases, it may vary between Rs. 15,000 (for couples) to Rs. 35,000 (for four members).

Gender

Health insurance plans that cover maternity will cost more than what the males pay for similar services.

Health history

The health history of an individual will also govern the premium of health insurance. For instance, a person suffering from any lifestyle disease noted after medical tests will have to pay a higher premium than a healthy adult. Pre-existing conditions are considered by the top health insurance service providers as the policyholders will use the plans more than healthy individuals.

Habits and Lifestyle Choices

Another factor that may increase the premiums is lifestyle choices. For example, an individual who smokes or drinks alcohol will pay higher premiums. These habits increase the risk of developing life-threatening diseases considerably. However, no rule dictates a higher premium for smokers and drinkers. Only if a medical test reveals substance abuse does an individual have to pay more.

Depends on the Health Insurance Coverage

The medical insurance coverage determines the premium you will pay. For example, medical insurance of Rs. 10 Lakh will attract a higher premium than coverage of Rs. 5 Lakh.

Body Mass Index

This factor increases the premium for those who have a higher body mass index (BMI) along with lifestyle diseases like diabetes, heart conditions, etc. People with higher BMI are more prone to developing such diseases in the future. Again, it entirely depends on the insurance service provider.

Market Competition and Regulatory Changes

It also depends on the current market situation and regulatory changes. Any change in the regulations set by the governing bodies may affect the coverage and premium of health insurance. Similarly, the market competition may reduce the premiums of popular health insurance plans.

So, how much does health insurance cost at 60? You can check it online in the official portals or ask the representatives. You can now understand how the premium changes with these factors. Find the right health insurance for you and your family and enjoy financial freedom.