What if you know in advance exactly how much premium you’ll have to pay for the best health insurance policy?
Online tools like health insurance premium calculators or mediclaim premium calculators are the fastest way to calculate the premium you'll have to pay for a particular health insurance plan. You only need to enter basic information, such as the sum assured, number of persons covered, type of coverage, and your personal information. It sounds simple, doesn't it? Check out our guide to calculating your health insurance premium.
Health Insurance Premiums: What are they?
In exchange for insurance coverage, insurers will charge a premium. Payments for health insurance are often made monthly, quarterly, half-yearly, or annually throughout the policy period. Having an idea of your family's health insurance premium cost before choosing a plan can help you make an informed decision.
How To Calculate Health Insurance Premium?
In addition to talking with your insurance provider or financial advisor, you can also use online calculators to estimate health insurance premium costs. Health insurance premium calculators can simplify your life, speed up your calculations, and eliminate jargon and hidden costs in estimating health insurance premiums.
Health Insurance Premium Calculator Overview
In most cases, a person's insurance company is the one that provides details regarding their premium payments. Just to avoid the research process, people would settle for one insurance policy. Mediclaim policy premium calculators help in this situation. This tool is both time-saving and effective.
People in their 20s, for example, pay a lesser health insurance premium than people in their 40s. Insurers charge higher premiums as the person ages and also require a pre-medical screening before policy issuance.
Smokers, tobacco users, and those with pre-existing ailments have a greater chance of filing a claim than those who are younger and without preexisting conditions.
What Are the Steps for Using a Health Insurance Premium Calculator?
Online health insurance premium calculators are very easy to use in India. Just enter the information you need, choose a plan that fits your needs, modify your plan, and submit it. The following are the steps involved:
● The first step is to go to your insurance company's website and use its online health insurance rate calculator.
● You must enter the amount of insurance you wish to purchase, the eldest member's age, your pin code, your mobile number, and other relevant information.
● Once you click Get Quote, you will be able to view the available plans.
● Then decide which strategy will suit your health insurance needs best.
● Your choices will then be used to calculate the premium you must pay to access medical coverage.
● Plan modifications are also possible. Use a health insurance premium calculator to determine which add-on coverage you need to strengthen your medical coverage.
There are a number of benefits to using a health insurance premium calculator
● A health insurance premium calculator gives an estimate of the premium before you buy.
● Health insurance policies can be chosen efficiently by comparing similar plans.
● Using filters and shortlists, you can find the best quotes
● Discounts are also shown in the premium calculator
● Know in advance how much add-ons and optional benefits will cost
● You can modify the data in the medical insurance premium calculator
● Several insurance companies offer online plans with Riders that allow you to exclude or include additional coverage.
● No need to visit a branch or meet your financial advisor or insurance agent in person to make your decision.
Final thoughts
A Health Insurance Calculator gives you a clearer picture of what your medical insurance premiums are without being confusing. This saves you the hassle of decoding insurance terms and conditions, which often lead to consumers making decisions without fully understanding the implications.