The pricing of hospital plans is based on 2 parameters:
- The age of the insured
- The cost and frequency of reimbursements
These 2 parameters are what lead insurance companies to adjust their prices.
Therefore the adjustments in insurance premiums include the age adjustments and indexation adjustments.
Obviously, the age adjustment each year statistically increases the insurance risk. As the age of the insured increases, consequently the premiums of which the insured is invoiced with also increase. If you are of an age <70, the adjustments ranges between 2%-5%, depending on the insurance company. As your age increases, so does the premium adjustment rate.
The indexation has to do with factors relating to treatment costs (in recent years, the trend has been increasing due to new treatments being discovers, e.g. robotic surgery), the frequency of reimbursements that each insurer has in its portfolio, and of course the commercial policy decided by the insurance company for the sale of its products.
Statistically, an M.O. index increases by approximately 8% annually, without of course excluding cases that where there were zero index increases or were higher that 15%.
Is there a way that I can reduce my premiums?
This is a very difficult question with no simple answer. It is something that needs to be discussed with your insurance advisor. This is because health insurance is not based on costs, rather based on the needs and particularities of the insured, and so, the cost reduction should not affect the the important reasons of why you initially chose the plan. However, by increasing your exemption, it is often a simple way of reducing your premiums, if your plan allows this.