In a country like Cameroon, with a haphazard healthcare system, everyone should have a health insurance plan; we have also compiled the top 10 HMO firms in Cameroon for you. While seeking insurance affordability comes to mind while seeking insurance, but several factors affect the cost of health insurance plans. These factors are discussed below.
See Also: Requirements For Getting Health Insurance in Cameroon
What determines Health Insurance Costs?
Age
Age is a massive determinant of health insurance costs and premiums. The older a person is the higher cost of the insurance plan. This is usually so because of the susceptibility of aged persons to illnesses.
Past Medical Record
another factor that determines the cost of insurance costs is one’s previous medical history. A clear medical history will translate to lower premiums. A person with more health-related issues is at a higher risk of coverage; therefore, depending on the specific case, health insurance costs may rise.
Occupation
The nature of your job is a deciding factor in the price of health insurance. People with high-risk jobs will incur more health insurance premiums than low-risk occupations.
Tenure
The duration of a health insurance plan determines if you’ll get costlier health insurance.
The number of persons covered: While there are individual plans, there are plans that can cater to more than one person. The more people a health insurance plan includes, the higher the cost.
Lifestyle
Some lifestyle habits could affect the cost of a health insurance plan. For example, a person who smokes is likely to pay more for a health insurance plan than a non-smoker for the same coverage.
Type of Health Insurance plan
Different kinds of health insurance plans come with varying types of coverage benefits.
Conclusion
While you may be apprehensive about getting a health insurance plan because of its cost, take note of factors such as age and medical history, as they are things to look out for in an insurance policy. They are out of the control of an individual. Read through the cost life insurance article.
Other controllable factors could be worked on if one intends to get a cheaper health insurance plan. However, you shouldn’t let a higher health insurance plan deter you from getting the health backup and protection you or your loved one needs.
Suggested: 8 points to note when renewing your health insurance.
