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Health Insurance Premium Calculator

Health Insurance calculator refers to the the tool that assists a person in getting an estimate about the premium that he/she may have to pay on buying a new health plan or to renew the existing one in advance. Health Insurance calculator saves a lot of your time during health insurance comparison. We have made the entire calculating process easier for you with the help of different parameters and filters as well.

How Health Insurance Premium Calculator Works?

Have you ever noticed how insurance companies calculate premiums of health insurance policies? There are several factors that decide the insurance premiums. However, it is a fact that insurance companies have their own guidelines for calculating the health insurance premium but your age and profession play a vital role in the same.

Factors Affecting Health Insurance Premium Calculations

Age: Your age plays a vital role in deciding the premium amount. Because with the growing age, you become more prone to diseases and your premium amount also keeps on increasing.

Medical History: It plays a vital role in premium calculation. If you are diagnosed with any serious ailments in the past then your health insurance premium will increase accordingly.

Marketing & Services Expenses: All expenses associated with marketing and services are huge in numbers and insurance companies cover the same from their customers in the form of premium.

Savings & Investments: Insurance companies use to invest their capital in the public sector investment. The premium that you will pay is subject to the returns earned from such capitalizations.

Policy Underwriting: Companies analyze the possible risk from all angles into a wide range of factors that can cause trouble. On such basis, they decide the premium amount.

Mortality Rate: Mortality is the cost that an insurer has to pay to your family in case of any medical emergency. Expenses associated with the same are also covered in the form of premium

Mostly insurance company will ask you to undergo a medical test and some may send their experts to your place for the same. They may look for your present health status and will decide the premium amount according to by keeping all possibilities in the mind. Those who are already suffering from any diseases may have to pay an additional premium.

Why Calculate Health Insurance Premium?

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By calculating the health insurance premium, you can save a huge amount of money. Health insurance calculator allows you to get an exact idea of the defined budget that you should invest in a health insurance plan. Moreover, it also assists at the time of comparison through which you can choose the best one within budget.

Calculation of the health insurance premium is a vital but cumbersome task as well. Mostly if you check around you will notice that people rely on suggestions provided by the insurance company for investing in a health insurance plan. However, with the growing technology and access to the internet, it becomes very easy to deal with the calculation and buying process from the comfort of home. The calculation of the health insurance premium has become easier. This also makes sure that the customer is aware in advance about the policy that he/she selects.

  • Your financial planning will become easier if you have an estimate of the health insurance premium beforehand.
  • With Health insurance calculator, you can easily understand what should be the ideal health insurance premium amount that you can afford.

Benefits of Using Health Insurance Premium Calculator

There is no doubt in saying that health insurance policies are pretty much complicated to understand in one single shot, and each company has its own terms and conditions regarding this. It is true that most of the people are not aware of the insurance terms and might pay an extra amount to meet their expectations. It would be great for such people to know their needs and everything related to the policy in advance like how much premium you will have to pay. Yes, the whole process of buying a health insurance plan will become easy. Below are some basic benefits that a health insurance calculator can offer

  • By using a health insurance premium calculator, you will have an idea or estimation about the health insurance premium in advance.
  • With the same, it will be quite easier for you to select the best plan which can easily go well with your needs and pocket as well.
  • You can add on exclude any additional rider.
  • It will become easier for you to make a decision that what next you should do.
Calculator Benefits

How Can You Save Money By Using Health Insurance Calculator?

There is a question that most customers have in their mind when it comes to investing in a health insurance plan that is How can a health insurance premium calculator helps you in saving a huge amount? Let's take an example to understand the same:-

Ramesh, a corporate employee who is happy with his 9 to 5 job and decent pay. A sudden case in the family makes him think about investing in a health insurance plan. As there are multiple players in the market who are ready to serve him, he got confused and he was not able to take an appropriate decision. Difference between the cost of available health insurance plans makes him more confused as he is not sure which is the right one to go for. He was not sure how much he should invest in it and what exactly he requires. He set a limited budget to invest in a health insurance plan but was not sure if it is an accurate one or not.

An agent was not providing the required help. The cost of the health insurance plan that the agent offers him is higher than his budget. While doing research online, he comes to know about the health insurance premium calculator and thought of giving it a chance. He then put some basic detail and calculates the premium. The result and basic research make him confident about how much he should invest in a health insurance plan. The same page directed him towards the compare section where he compares several plans provided by the top health insurance companies of India on the basis of features, cost, benefits, add ons, etc. After comparing, he selected a plan, which is enough to go well with his budget and needs as well. He purchased the same directly from the same platform, got tested at home and receive the required policy documents shortly.

While doing the same he manages to save around Rs 25 percent as compared to the plans offered by the agent. Thus he managed to save a huge amount with the help of health insurance calculator and online comparison service.      

How to Reduce Health Insurance Premium?

There is no doubt in saying that having a health insurance cover is an important thing. Many people neglect the importance of same, some feel it's not worthy and some may find it costly. Well, there are some not-so-costly plans that you can go for. But the funda is clear, the lower you pay for health insurance the fewer benefits you will get in return. But there are ways through which you can get a wider cover at affordable prices. A few of them are mentioned below:-

Go For Higher Deductible Option

A deductible refers to an amount that you have to pay from your pocket before the insurance policy pays. By opting for a higher deductible, you will be able to reduce the premium amount.

Use Top-Ups To Avail High Cover

Higher cover generally cost high, in such case, it is good to split the cover and go for a top-up plan. A top-up generally comes into light when your base health insurance policy is exhausted.

Choose Family Floater Plans

It offers coverage to all members of the family under a single sum assured at an affordable price. A single sum assured amount is split between all members of families.

Multi-Year Premium Payment Option

Health insurance plans do come out with several discounts if you opt for making an upfront premium payment for two or more years instead of a single year.

Compare And Buy Online

Compare health insurance policies online as it helps you in getting the desired plan at an affordable premium. Users get access to free quotes which make it easier to make an informed decision.

Stay Healthy & Buy At A Young Age

Investing in health insurance at an early age when you are young and disease-freewill cost less as compared to the old individual with any pre-existing health conditions.

Trusted Health Insurance Companies In India

We have tie-ups with best health insurance companies to get you accurate quotes quickly.

Last updated on 14-09-2020