Every year the insurance companies, before renewing the insurance contract, review the particular conditions of the insured, and it may happen that, during this process, the insurance premiums rise.
Price increases are common and can depend on different factors.
The main reason for premium increases depends on what is known as the CPI (Consumer Price Index) calculated by the National Institute of Statistics.
The value of this price is published annually, although each month it may vary. This data is taken as a reference when it is necessary to update the rates of all types of services and products.
By raising the price of health services, companies have to face higher expenses to make their resources available to the insured, and for this reason, the price of insurance also increases.
Turning years is another reason for the increase in the price of your insurance. As a person moves from one age range to another, the chances of needing health care increase. By increasing the risk, the price set by the company will be higher.
For the same reason, when hiring health insurance, there is a difference in premium depending on the age of the person who is going to be insured. If you are younger, you will generally pay a more competitive price, while as you get older, the price will become more expensive.
Also, what the pathologies are have a great relevance when establishing the price of the insurance. It may happen that, when a serious illness appears when we already have the insurance contracted, the price suffers an increase upon renewal, since the initial contract conditions will be modified.
Due to all these reasons, it is where the role of a broker such as Boracay Brokers gains importance.
By having your health policies contracted with us, each year we can review your policy before its renewal, to make sure that you are always paying the fair premium, and we are going to offer you the best option for you, at the best price in the market.
Boracay Brokers, seguros por naturaleza.