Health Insurance Premiums – Why are they Different for Men and Women

Posted on: Sep 15, 2021 | | Written by:

Health Insurance Premiums – Why are they Different for Men and Women

Published on September 14, 2021. EST READ TIME: 3 minutes

The only thing certain in life is change. Hence, even if you are hale and hearty today, you don’t know how things will be a few years down the line. Hence, taking a medical insurance plan is important, whether you are a man or woman, as it can safeguard you against financial losses in case of hospitalisation or expensive treatments. Now, after taking the policy, you must pay premiums every year to keep the plan active. And this premium is usually different for men and women. Why is that? Read on to find out.

Why does gender impact the premium of a health plan?

Here are some of the common reasons you should know about:

Different medical treatments:

The medical treatment needs of men and women are different and so are their costs. This affects the premium amount. For instance, women may require maternity cover, while men may want to cover stress-related illnesses.

Frequency of doctor visits:

Women are likely to visit doctors more often, undergo medical treatments and file claims, especially related to childbirth. Hence, insurance companies may charge higher premiums for women between 15-45years.

Medical condition:

Insurance companies also consider the current medical condition of individuals and their family health history when calculating the premium amount.

Is the difference significant?

Although premiums for medical insurance plansare different for men and women, the gender-based difference is not significant. In fact, other factors, such as the existing medical conditions of the applicant, history of critical illnesses in the family, past surgeries, etc. play more important roles when determining the policy premium.

Factors affecting gender rating in health insurance

1. Lifestyle:

Men and women usually have different lifestyles and health issues. Young women often go through pregnancy and associated hormonal issues. Women may also suffer from cervical cancer, breast cancer and other gender-specific conditions. Therefore, young women need to pay slightly higher premiums than men.

On the other hand, men over 60 years of age are at a higher risk of cardiovascular conditions and stress-related illnesses. Therefore, insurance companies charge a slightly higher premium for men after a certain age.

2. Policyholder’s risk profile:

Premiums on medical insurance plans also depend on the health-related issues that men and women are likely to suffer from. For men and women in their 20s and 30s, insurance companies charge slightly higher premiums for women when compared to men. This is done considering childbearing expenses and other associated conditions that women may experience during their reproductive years.

3. Maternity expenses:

Many insurance companies cover maternity expenses under their health plans. Since these expenses are usually on the higher side, they charge higher premiums from women of child-bearing age.

4. Life expectancy:

Insurance companies also consider the average life expectancy of men and women when deciding the premium.

Why gender-specific medical insurance plans make sense

A gender-specific health insurance policy is good as it helps meet important healthcare requirements of men and women. For instance, a health insurance policy for women covers different conditions that are specific for them, such as pregnancy-related expenses, breast cancer and cervical cancer. While some insurers include these in their medical insurance plans, others offer them as add-ons. On the other hand, policies for men cover diabetes, high blood pressure and other stress-related health conditions.

Conclusion

Although health insurance premiums are different for men and women, the difference is not that significant. In fact, insurers consider many other important factors when calculating premiums. These include the age and location of the applicant, their current health status, family health history, lifestyle, and more. So, irrespective of your gender, go for a health plan that covers medical emergencies based on your specific requirements.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

Best Women-Specific Health Insurance Plan - The need of the hour

Health Women, Healthy World - Why Women need to buy separate Health Insurance

Top 7 Health Issues Men should know about and what are the remedies for it