A health insurance premium calculator is a tool that gives an estimate of the premium that a policyholder has to pay on buying a new health plan or to renew the existing one in advance. It's cumbersome to manually calculate the health or medical insurance premium. That's why insurance companies encourage the use of health insurance calculators for timely results.
Health insurance calculators carry significant importance in today's time. Thinking why? Let us explain it to you. Insurance policies are complex in nature and have hidden costs in their terms and conditions, which makes understanding them a tough grind sometimes. Because of this, policyholders have to pay more than their expectations. To save policyholders from paying extra premiums, health insurance calculators were designed. These calculators work as a very valuable tool to help people in determining their premium amount beforehand and allow them to arrange their budgets accordingly.
To understand this concept better, let's study the following example.
Apart from helping policyholders save money, a health insurance calculator also offers a variety of other benefits. Given below is a list of such a few basic benefits of using a health insurance calculator. Let's study them.
It provides users with an estimated cost of their premium amount in advance that helps them to manage their finances.
Results from this calculator are displayed in an instant which helps the customers to compare and select the best plan.
The calculator provides customers with a brief idea of the available discounts and helps them to make the best deal.
Check for Riders
Customers can check which additional benefits or riders are available and then decide which one they should opt for.
In addition to the premium calculator, there are also other types of calculators that help the customers find a suitable health insurance plan by taking into account factors other than premium. Given below is a brief description of these calculators. Let's check them out.
Body Mass Index (BMI) Calculator: A BMI calculator is simple online tool that is designed to calculate the body mass index of a person on the basis of his weight and height. This calculator is considered useful since the body mass index of a person plays an important role in determining the premium amount which he should pay for his insurance policy. Higher the BMI, more will be the premium amount. This is because a person with BMI above average is more prone to health-related problems and his medical spendings are bound to be more, which in return, increases his premium amount. People planning to invest in a health insurance plan can use this calculator to get an idea about how much premium their insurance provider should charge them on the basis of their health conditions.
To find out your body mass index, click here to use our Body Mass Index (BMI) Calculator.
Income Tax Calculator: This calculator is used to calculate taxes payable upon an individual's income. It is a simple and easy to use financial tool that allows people to calculate their taxable income and determine their overall tax liability to know where they can avail tax saving.
Calculate your income tax here, within just a few clicks.
Several factors decide the premium amount of an insurance plan. Though insurance companies have their guidelines for calculating the health insurance premium, a major part of it depends on the below-mentioned factors. Let's take a look at it-
Your age plays a vital role in deciding the premium amount. As you grow older, you become more prone to diseases, and your premium amount increases because of the same.
If you are diagnosed with any serious ailments in the past, then your health insurance premium will increase accordingly.
The premiums for female candidates are lower as compared to the male candidates due to the lower risk of strokes and heart attacks.
Any health insurance plan selected by you will affect your premium cost. The higher the risk involved, the higher will be the premium and vice-versa.
if you haven't claimed during the policy tenure, you will get a discount for the same. Your premium amount will decrease by a certain percentage and the coverage amount will remain the same.
Following an unhealthy lifestyle can affect your premium amount. If you are a smoker, you have to pay an extra amount of premium.
Expenses associated with marketing and services are always great in number. Insurance companies cover the same in the form of premiums from their customers.
Insurance companies invest their capital in the public sector investment. Such investments are made in sync with the IRDA guidelines to avoid any issues later. The premium that you will pay is subject to the returns earned from such capitalizations.
PolicyX.com offers a superior health insurance premium calculator that enables you to easily calculate the premiums of various health insurance policies. The calculator provides you with free quotes in an instant. To get this done, all you need to do is provide the necessary details and follow the required steps. The calculator will then display the ideal plan choices from which you can choose the best-suited one for yourself and your family. For your convenience, we've explained below all the necessary information about how to use this calculator. Read along to find out.
While using the calculator, you will be required to input a few necessary details. To help you understand what these details are, study this list given below-
After discussing all details that you need to use a calculator, the next important part is knowing how to use this calculator. Generally, the calculator functions in 4 simple steps. Given below is a step by step process of using a health insurance calculator by PolicyX.com. Let's take a look at it.
It is now quite obvious that having health insurance is an essential part of your future and financial planning. Still, few people neglect to buy health insurance due to their costly premiums. Luckily, there are a few ways that help in reducing the premium for a health plan. We've jotted down a list of few such tips on how to reduce your health insurance premium. Let's check them out.
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Yes. If a person works in a stressful or hazardous environment, (s)he has a higher chance of getting sick. So, the person has to pay a higher premium because of the same.
Health insurance offers tax benefits under section 80D of the Income Tax Act, 1961.
In most policies, there is a waiting period of 30 days. However, this rule does not apply to accidents and they are covered from the very first day of policy issuance.
In such cases, there could be two scenarios:
i) If the policyholder is admitted to the hospital and has duly informed the insurance company (before the expiry date) and the policy lapses during hospitalization, the claim will be admissible and the insurance company will accept to pay the claims subject to the terms and conditions of the policy.
ii) If the hospitalization happens during the grace period or after the policy is lapsed, the insurance company will not accept the claims.
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Last updated on 07-04-2021
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