Does Alcohol Consumption Adversely Impact Your Health Insurance Premiums?

In recent years, India has received the unwanted distinction of featuring among the list of countries with higher alcohol consumption. Alcohol consumption can have a significant impact on health insurance premiums. What is the link between alcoholism and the premiums you pay for your medical insurance? How does it impact the price of your policy? This article describes how the consumption of alcohol can have an adverse impact on your health insurance premium. Continue reading to know more about this.

Problems related to alcoholism

Excessive alcohol consumption is defined as more than two drinks per day for men and more than one drink per day for women. According to the World Health Organization, excessive alcohol consumption is a leading risk factor for death and disability worldwide, and it is responsible for more than 3 million deaths each year. The effects of alcohol on health can be both acute and chronic. Acute effects can include injuries, accidents, and overdose, while chronic effects can include liver disease, cancer, and heart disease. Studies have shown that excessive alcohol consumption can increase the risk of developing certain types of cancer, such as breast, colon, and liver cancer. Additionally, excessive alcohol consumption can lead to liver cirrhosis. Excessive alcohol consumption can also lead to heart disease, including heart attack and stroke. Studies have shown that excessive alcohol consumption increases the risk of developing heart disease. Moreover, it also leads to high blood pressure, which is a leading risk factor for heart disease. The cost of treatment related to cancer and heart diseases may be covered by your individual health insurance; however, alcoholism could cause you to pay more towards your policy.

 Alcoholism and health insurance premiums

The impact of alcohol on medical insurance premiums can be significant. Insurance companies use a variety of factors to determine health insurance premiums, including age, gender, health status, and lifestyle habits. If you consume alcohol in excess, you may be considered to be at a higher risk for certain health conditions, and as a result, may be charged higher health insurance  premiums. * In addition to the impact on premiums, excessive alcohol consumption can also lead to higher costs for healthcare. If you consume alcohol excessively, you may require more frequent doctor visits and may be more likely to be hospitalized for health issues related to alcohol consumption. If the policyholder develops cancer, which is a critical illness, they can cover the cost of treatment with the help of critical illness insurance  which provides a lump sum payment. However, due to their history, they could be charged a higher premium. *

Measures you can implement

To avoid the negative impact of excessive alcohol consumption on health insurance premiums, it's important to limit alcohol consumption to moderate levels. If you are concerned about your alcohol consumption, you should not be afraid about asking for help. There are doctors and organisations that may help you in combatting alcoholism. If in the future you were to purchase medical insurance, such as cashless health insurance, your reduced consumption of alcohol may help in the reduction of your policy premium too. * Other ways you can reduce your premium are by:

1. Purchasing the policy at a younger age as your body is still fit enough to not develop any major illnesses or conditions. The insurer might not consider you to be a liability as well.
2. Opting for voluntary deductible may lower the premium. You may opt for a higher deductible; however, you might end up paying more during the insurance claim.
3. Add-ons help in providing additional assistance to your existing policy. However, they also increase the cost of your policy. Avoid adding unnecessary add-ons.
4. It is always a wise thing to compare different policies from various insurers. This gives you an idea about the features, claim settlement ratio and other services that insurers offer.

*Standard T&C apply

Conclusion

As you can see, alcohol consumption, while a lifestyle choice, has a direct impact on what you pay for your health insurance coverage. You can use a   to see how much of a difference it actually makes on your premium when you do not consume alcohol compared to when you do. If you or anyone you know is going through alcohol addiction, you can always approach NGOs and local health services that may provide you with the proper help and guidance required to combat the addiction.   Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.