A health insurance premium calculator is a convenient and simple online calculator that lets you calculate your insurance premiums. This helps you to choose a cost-effective health insurance policy and lets you compare the payable premium, applicable for different insurance policy providers so that you can make an informed decision.
This article provides a detailed overview of why you need a health insurance premium calculator, its benefits, how to use it and how to reduce the premium amount. Read on!
A medical insurance premium calculator is quite easy to use. Just follow these steps to calculate your insurance premium effectively:
Alternatively, you may visit the official website of insurance policy providers to check the particulars of different insurance plans or simply to raise a quote. Here’s an example of how you can check insurance premiums in less than 5 minutes through the Navi app:
The details one has to provide are as given below and might vary from one insurer to another:
Premiums vary from plan to plan and policy provider to policy provider. Using a will help you get better clarity on your premiums.
Here are some of the benefits of using a health insurance premium calculator:
Adequate financial planning before taking a health insurance policy helps avoid the risk of premium default. In addition, this ensures that the insured is always covered for medical emergencies. That being said, using a premium calculator helps determine monetary obligation towards an insurance policy and allows one to manage finances accordingly.
Insurance companies consider several factors to consider the premium. These are:
The benefits and sum insured of a health insurance policy determine its premium. The premium amount also depends on add-on covers and accompanying benefits.
Age plays an important role in determining health insurance premiums. Typically, applicants who belong to a higher age group are considered to be more risk-prone. Note that the premium amount varies from individual to individual based on multiple factors.
Most insurers require pre-medical screening to identify any current health complications (pre-existing conditions) of the applicant. The premium for people with a family history of diseases such as heart conditions, cancer, and diabetes is usually high.
Individuals with higher body mass index (BMI) are more prone to heart diseases, diabetes, high blood pressure, etc., which often increase their premium.
Regular smokers are considered to be more vulnerable to asthma and heart diseases than non-smokers. This can increase their premium substantially.
Those working in a hazardous environment or having a stressful job are more likely to suffer from health issues and incur medical expenses. This can affect their insurance premium as well.
Also Read: Different Types Of Health Insurance Policies
The following are some tips to reduce one’s health insurance premium:
Family floater plans can be a cost-effective solution to cover multiple members of your family under the same policy. Most family floater plans provide coverage to spouses and children, while some may extend coverage to parents. Since the risk of hospitalisation is usually low, the premiums are not that expensive.
Copay in health insurance refers to the percentage of the claim amount borne by the insured. The rest of the amount is paid by the insurer. The copay clause and the percentage amount that the insured and the insurer have to pay on a sharing basis are mentioned in the policy.
Insurance companies charge a higher premium as one gets older due to increased risks. However, opting for an insurance plan at an early age attracts a lower premium.
Instead of choosing an insurance policy with high coverage, one can add low-cost top-up plans to existing base plans.
Some insurance companies offer better prices for multi-year plans of two to three years.
Health insurance policies come with tax benefits under Section 80D of the Income Tax Act, 1961. Under this section, policyholders can avail of tax exemption for the premium paid for their choice of a health insurance policy.
One can claim a maximum tax exemption of Rs.25,000 in a fiscal year if he/she is below 60 years of age. Senior citizens can get a tax exemption of Rs.30,000 in a fiscal year under this IT section.
Sole earners of a family can get a combined tax exemption of Rs.55,000 in a fiscal year for their spouse, children and parents. Additionally, one can get a tax exemption of Rs.5000 for yearly health check-ups.
One must research adequately to choose an insurance policy that accompanies an affordable premium and excellent benefits. A health insurance premium calculator takes into account various complex factors to provide an accurate quotation. All one needs to do is provide personal details of self and family to receive multiple choices of the best health insurance plans offered by leading insurance providers.
Ans: Health insurance premium calculators use personal data such as date of birth, marital status, gender, family illness history, and annual income to calculate the premium.
Ans: Yes. If someone works in a hazardous or stressful workplace, he/she is more likely to have health issues and thus, need a higher premium.
Ans: The costs of a health insurance plan will depend on the insurance provided, policy features, sum insured and age, residence, health status, and gender of the applicant.
Ans: Provided that the details as required and provided by the user are correct, the premium amount shown in an online health insurance calculator is accurate.
Ans: Yes, you can check the Mediclaim health insurance calculator to check insurance premiums for your parents. Be careful while providing the details as they will affect your calculation.
Ans: There is more than one reason for higher insurance premiums. Pre-existing illness, genetic diseases in family medical history, age, habits and profession of the insured are some key reasons for the high insurance premium.
Ans: Yes, you can and you should compare policy premiums through health insurance premium calculators available online and get the best medical insurance policy according to your criteria.
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Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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