Medical insurance premium calculation can be quite complex because it does not depend on a single factor but multiple factors. Some of the factors that influence medical insurance premium calculation are:
1) The Insured's Age: Age is the most important factor for premium determination. Generally, people who are of higher age are charged more premiums since the chances of falling ill increases with age.
2) The Insured's Health: Your current health condition also plays a part in determining the premium. People with certain pre-existing medical conditions such as diabetes, hypertension may be charged more.
3) The Type of Insurance Plan: The type of plans can greatly influence the medical insurance premium cost. For instance, comprehensive plans with a larger coverage may be more expensive than those with a limited coverage.
4) Claim History: Your past claim history also affects your premium. If you have made a lot of claims in the past, you may have to pay higher premiums in comparison to those who have not.
5) The Insurers Risk Profile: Some insurers also consider their own risk profile. For instance, a company with a higher number of medical claims may charge higher premiums than one with a low number of medical claims.
6) Preexisting Coverage: Many medical policies will not accept those that have existing coverage and therefore may charge those with existing coverage higher premiums.
These are some of the factors that influence medical insurance premium calculation. You should do your research and compare the different options available with each insurer before deciding on which one to go with.
You can also take help from this wiki link to calculate medical insurance premium: