What Factors Affect the Cost of Individual Health Insurance?

The insured person and the insured person of a personal health insurance policy are usually the same person. The insured has certain options in terms of the terms contained in the health insurance policy, such as the amount of insurance and renewal requirements. The insurer generally calculates or adjusts the insurance premium based on the choice of the insurer. The main types of personal health insurance include medical insurance, illness insurance, income protection insurance, and long-term care insurance.

Personal health insurance

(1) Renewal clause. This clause includes two aspects, one is that the insurer has the right to refuse to renew the insurance, or has the right to cancel the environmental factors or conditions of the health insurance policy; the second is that the insurer has the right to increase the premium of the health insurance policy.

(2) Grace period clause. That is, if a certain period of time is stipulated, and the policyholder fails to pay the insurance premiums on time, if the insurance contract is still meaningful during the grace period, if the premium is not paid, the insurance contract will lapse.

(3) Reinstatement clause. Refers to the period during which the policy holder's effectiveness has been suspended due to non-payment of fees, the right to apply and reach a reinstatement agreement with the insurer, thereby restoring the effectiveness of the insurance policy.

(4) Waiting period, observation period or pre-existing conditions. The waiting period or observation period clause means that after the health insurance contract takes effect for a period of time, the insurance personnel begin to assume the liability of the insurance policy. Pre-existing conditions are usually defined in personal health insurance as the occurrence of disability or the first occurrence of an illness, or an event not disclosed in the policy before the signing of the health insurance policy. If the insurer does not exclude a condition that has been disclosed by the insured, then that condition will be protected by the insurer.

(5) Irrefutable clause. That is, after a certain period of time has passed for the insurance policy to take effect, the insurer must not terminate the insurance contract on the grounds that the insurer has not truthfully notified the existence of the policy.

(6) Claim clause. After the loss occurs, the insured must report the occurrence of the loss to the insurance company in writing within the prescribed time and make a claim, and provide proof of the loss within the prescribed time. After receiving the loss certificate, the insurance company must also pay the insurer for the loss within the prescribed time.