The factors that have an impact on the cost of medical insurance in Canada include gender, age, medical history and lifestyle habits like alcohol intake or smoking and plan type, insured sum, etc., of the applicant. Premiums are influenced by administrative expenses and rising utilization, which determine the overall cost of healthcare in Canada. 

The five factors are:

1. Age: As the premiums do increase with age, older citizens are believed to have a higher risk of medical issues. Therefore, younger individuals pay lower premiums as statistically, they are considered to face a lower risk of health issues as compared to older people. 
2. Lifestyle and occupation: Various habits like smoking, drinking can result in chronic illnesses which can further lead to higher premiums. Working in the regions which are prone to danger also increase the cost of premiums due to the high risk of hazardous events happening there. 
3. Plan type and its coverage: Basic plans with a limited number of benefits will be cheaper compared to those with high benefits like dental and eye care. If the sum insured is higher, it means that the premium will also be higher. Also, the duration of time when the policy is held affects the cost. Family plans, too, have higher premiums as compared to the basic individual plans. Additional benefits like maternity or coverage for any critical illness may increase the cost. For claim-free years, a few policies may offer a discount. 
4. Medical history: An individual’s family history of diseases can result in higher premiums, as the greater the risk of diseases, the higher the premium is to be paid. The pre-existing conditions, like high blood pressure or diabetes, can increase the cost of the premium. Women, in their reproductive years, pay a higher premium if the policy covers maternity coverage too. Premiums may increase if the policy includes coverage for breast or cervical cancer. The ladies tend to visit hospitals quite often, as compared to men, for screenings, which result in higher claims and, therefore, even higher premiums. 
5. Geographical location: Premiums can differ based on the region. Healthcare costs vary across the country. Also, you have to check the availability of the service in your province. The change in the local price of medicines and medical services may change the policy premium cost as well. Also, there is a huge difference between the healthcare charges of urban and rural areas. Urban healthcare charges are much higher than those in rural areas. 

Conclusion 

Insure Horizons, being your health insurance partner, provides you with customized plans and policies regarding medical insurance. Our experts will guide you with the policies and premiums accordingly. You must invest in your health through our medical insurance plans specially made for you to secure your future. We have plans for young adults as well as older citizens. Your small contribution can lead to your better future. Safeguard your future with Insure Horizons and enjoy a carefree life ahead.