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A medical emergency often brings with it mental as well as financial tensions. Over the past few years, the unabated growth in the number of lifestyle diseases and now COVID-19, medical expenses seem to be slowly becoming too much to bear for most of us. 

A recent report in India Today showed that in 2018-19 the retail healthcare inflation rose steeply to 7.14% from being 4.39% in the previous year. With such a rise in inflation and the corona scare, buying health insurance for yourself and your family is a very wise and prudent step as it can be a great help to prevent a disastrous financial situation. Fortunately, more and more people are understanding the imperativeness of a health plan, though, in India, we still have a long way to go.

Today in the market, there are many insurance companies that offer different kinds of health insurance policies. Very often selecting the best health insurance plan can be an overwhelming process as there is so much to choose from.

Health Insurance Premium Definition 

If you too have been contemplating buying health insurance, the health insurance premium calculator can prove to be a very helpful application when you wish to compare different plans from different companies. When comparing health insurance plans, one of the factors that are considered to be the most important is the premium. 

A premium is a charge that you pay to the insurance company to avail of the benefits of the health insurance plan that you buy. Though the criteria for fixing a premium remains more or less the same, different companies have different health insurance plans that come with different benefits and extent of cover. Understanding all the terms and conditions laid out can also be difficult. Calculating premium on your own can be complicated and unmanageable and you may end up paying much more than you anticipated.

Health Insurance Premium Calculator

A health insurance premium calculator is an online tool which works as a calculator and assesses the amount you would have to pay as the premium of the health insurance. All you need to do is enter your personal details along with the kind of coverage you wish to opt for. After this, the calculator would give you an estimate of how much the health insurance plan is going to cost you. 

How does it work?

When using the calculator, you are required to enter the following details:

  1. Your age
  2. The kind of health insurance you plan to buy - an individual plan or a family floater. 
    If opting for a family floater health insurance plan, you need to submit the number as well as the age of the members to be insured
  3. If you have any pre-existing disease
  4. The area where you reside
  5. Your gender
  6. The sum insurance that you select
  7. The tenure of the policy

Benefits of Health Insurance Premium Calculator

When buying something, for most people looking at the price tag is something that comes naturally. Similar is the case with health insurance. It not only gives you clarity about how much you would have to spend but also has the following benefits:

  1. An Effective Tool to Calculate Premium Online
    You can use this efficacious tool again and again even while changing the details, thereby allowing you to try various combinations of the sum insured and the policy period. It also rules out any mistakes in calculations. By spending a little time, you can find the most affordable health insurance policy. 
  2. Simple to Use
    The process involved in calculating premium through a premium calculator is pretty simple and easy. The details that you need to submit can be done easily once you know what you are looking for. 
  3. Choosing Add-ons Becomes Easier
    A health insurance premium calculator also presents a list of all the available add-ons, you may add or remove any and keep checking the final premium amount simultaneously.
  4. Instant Premium Quotes
    As you enter the details into the calculator, it gives you the option to “Get Quote”, which will get you the quotes from all leading health insurance companies and you buy the one you wish. 
  5. A Convenient Tool
    You can freely make use of a premium calculator as many times as you wish, at the time and place of your choice. You can take your time to decide without the fear of any manipulation from an insurance agent.
  6. Dynamic Calculation
    An online premium calculator gives you direct and immediate knowledge of how changing variables can affect the insurance premium. 
  7. Compare Various Plans and Select the Best
    There are numerous kinds of health insurance plans offered by various companies, only when you compare them all will you be able to select the one that suits you the best. Doing this offline or all by yourself will not only take up a lot of time but also be mind-boggling. An online calculator, therefore, is a dynamic tool that lets you compare any number of plans in just a few clicks.

Factors Affecting Your Health Insurance Premium

The medical premium that you need to pay is calculated keeping the following factors in mind:

  1. Age
    As you age, your chances of falling unwell also increase. The simple thumb rule followed when it comes to health insurance is the more your age, the higher your premium. It is recommended that you buy health insurance as early in life as possible. 
  2. Medical Condition and History
    Another important factor that could greatly alter your premium is your health. When you are suffering from a health issue, it may increase the charge. In case you have a chronic disease, insuring you is a financial risk for the insurance company and so a higher premium will be levied.
  3. Number of Members being Insured
    To opt for health insurance for your family you need a family floater plan. The premium of the policy will grow with the number of members that are being covered.
  4. Age of Members
    The age of the people who are being covered is also an important factor.  The older the members, the higher would be the premium and vice-versa. 
  5. Gender of the Members
    Most health insurance companies consider women to be healthier than men and thus the premium for women is lower than that of men.
  6. Coverage and benefits Opted for
    The more coverage features offered by a particular plan, the costlier it would be. 
  7. Add-ons
    There are certain riders that offer extra cover benefits and can be added to your basic health insurance policy. So, the more riders you select the more you will be charged.
  8. Discounts
    Very often health insurance companies offer various discounts that help you get a good deal. These discounts can help in bringing the premium down.

Steps to Use a Health Insurance Premium Calculator

A premium calculator makes the calculation of the premium amount very simple. Most website have a very easy to understand format, just follow given instructions and steps and in no time, you will find out the payable premium for a health insurance plan of your choice. To help you with the process, given below are the steps to be followed:

Step 1

Go to any Online Health Insurance Calculator. You can do so, by typing the same in your search engine on your phone/computer/laptop and selecting the one you wish to use.

Step 2

Check out the given form and fill on all the details carefully and correctly

Step 3

Submit your name, contact details and gender

Step 4

Select between a Family Floater or an Individual Plan, if selecting a family floater to enter the age of the members in the designated places

Step 5 

Fill in all the other details like the sum insured you require, your health condition details, the add-ons you want etc.

Step 6 

Once all the details have been filled in duly, click on “Submit”, “Continue” or “Get Quotes”

Step 7

Your screen will now display an approximate value of the premium that you would have to pay to buy that particular health insurance policy

Making the Final Decision

If comparing two or more plans, you can note down the premium amount, the features and the coverage that the plans offer and pick the best one. The calculator helps you to have an accurate estimate of the premium even before you buy the actual policy. With this, you chalk-out your financial plans effectively. An uncomplicated and easy-to-understand comparison between health insurance plans will not burden you and you can make a suitable decision easily.

Health Insurance Premium Calculator FAQs

  • 1. What factors affect health insurance cost?

    There are a number of factors that can affect the premium, such as - age and gender of the policyholder, his medical condition, number and age of members being covered, features of the policy selected, add-ons etc.

     

  • 2. Can I get medical insurance quotes online?

    Yes, almost all health insurance companies offer their medical insurance quotes online. For this, you can either visit the official website of the company or surf around. If you wish to compare the quotes of plans from different companies, you can access an online premium calculator that would help you calculate the premium amount of different health insurance policies. 

  • 3. Can I calculate the medical insurance premium for my parents?

    Yes, you can do that easily. However, while doing so you must choose the cover and benefits carefully. So, before you buy medical insurance for them, check out and compare the different plans being offered by different companies. A very helpful tool while comparing the premium is the health insurance premium calculator. You can quickly and easily compare different plans.

    Remember, buying insurance for parents can be a little more expensive, but you can always save taxes under Section 80D for the same.

  • 4. How to save money on health insurance premiums?

    Buying a health insurance plan is very important, but buying a cheap plan just for the sake of buying may actually end up in making a big hole in your pocket. Always buy a plan with adequate cover. 

    However, if you wish to save money, try the following ways:

    • Buying health insurance at a young age is the best way to save money on the premium. You are fitter today than tomorrow, so you can get great deals.
    • Compare a variety of plans before you buy, so that you get to know which plan offers the best coverage at the most affordable prices.
    • Choose riders wisely, select only the ones you think you need.
    • Make use of a health insurance premium calculator to get a fair estimate of how much different plans would cost you. 
    • Look out for deals and discounts offered by health insurance companies. A health insurance premium calculator can get you maximum quotes in a matter of a few seconds.
    • Lead a healthy lifestyle as your medical health has a direct effect on your premium.
  • 5. How to use a premium calculator for a family health insurance premium?

    Using a premium calculator for a family health insurance premium is easy. Just open an online calculator on your phone/computer/laptop and submit your details. At the beginning of the form itself, you will be asked whether you want a Family Floater or an Individual Cover. Select Family Floater, enter the details of all the members, mentioning their age correctly. Enter the remaining required details and submit the details. Your screen will now display an approximate value of the premium that you would have to pay to buy that particular health insurance policy.

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