The pricing of hospital programs is based on 2 parameters
- Age of the insured
- Cost and frequency of compensation.
It is these 2 parameters that lead to price adjustments by insurance companies.
Therefore, the adjustment of the premiums includes the age adjustment and the price adjustment
Obviously, the age adjustment every year statistically increases the risk of insurance, as the age of the insured increases and consequently the premiums with which the insured must be invoiced increase. At the age of <70, this adjustment in various insurance policies ranges from 2%-5% per year. As age increases, so does the rate of premium adjustment.
The price adjustment has to do with factors related to treatment costs (in recent years there has been an upward trend due to new therapies that are being discovered, eg robotic surgery), the frequency of compensation that each insurance company has in its portfolio, and of course by commercial policy decided by the insurance company for the disposal of its products.
Statistically, an M.O. Price increases are around 8% per year, without excluding cases where there have been either zero price increases or greater than 15%.
Is there a way to reduce my premiums?
This is a difficult question to discuss with your counselor. Health insurance is not based on cost but on the needs and particularities of each insured person, so the cost reduction should not affect other important reasons why the specific program you already have was chosen. In general, however, increasing the exemption is a simple way to reduce your premiums if your program allows it.