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Health Insurance Premium Calculator
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Health insurance premium calculator is an online device which helps you to calculate the premiums to be paid for different health insurance policies. An insurance premium is the money that an insured pays at specific intervals to the insurer to continue enjoying the benefits of the health insurance plan. A potential buyer of health insurance can get an estimation of the premium that they need to pay for a particular policy with the help of the health insurance premium calculator.
The health insurance calculator takes into account different things like age of the insured, number of family members to be covered under the plan, insured sum amount, tenure of the policy, and such other factors which are considered while fixing the premium for a certain policy.
Thus, with the help of a medical insurance calculator, you can ascertain the premium to be paid and prepare your budget accordingly. With the ever rising cost of medical treatment, having health insurance has become a part and parcel of each and every person's life. Thus, it has become equally important to calculate the premium amount so that you can have an idea as to how much you might spend on your policy every year.
Health Insurance Premium Calculator Overview
Generally, it is seen that people rely on their insurers to get details of the insurance premium amount that they need to pay to the insurance providers for a particular policy. In fact, many of them don't even carry out any research before buying an insurance policy, and randomly pick any plan coming their way. Since it is time consuming to get a proper research on different policies, thus, to avoid that effort people pick an insurance plan without much research. However, with a medical insurance premium calculator, an insured individual can calculate the premium of a policy easily without wasting any time.
For instance, if an individual buys insurance at a young age of 21 years, he/she can pay a lower premium as compared to someone who buys health insurance at 40 and above. This is because with age there are numerous diseases that catch a person and thus insurers levy higher premium amounts on people who are aged as compared to young ones. Moreover, they also need to undergo a medical test or screening before they can receive the policy.
Further, individuals with existing medical conditions and diseases as well as people with bad habits like smokers and alcoholics are likely to pay more premiums as compared to others. This is because such people with diseases and bad habits are more likely to file claims as compared to the ones who are younger and do not have any medical ailments.
Benefits of Health Insurance Premium Calculator
For a novice, insurance policies seem a pretty complex process with many hidden clauses which the insured needs to know for understanding a policy well. Lack of knowledge about the policy might make the insured pay more than what they should be paying. Thus, knowing what you need to pay and how much you need to pay helps in making life much simpler for an insured.
Here are some common benefits of health insurance calculator, India:
- Use of a health insurance premium calculator allows you to make an estimate of the premium amount that you are required to pay. Knowing this amount before purchasing the policy allows you to consider if you can afford this policy or not.
- By comparing different policies, you can effectively choose a health plan that would suit your requirement to the core.
- Moreover, you would be able to shortlist from among the numerous plans and quotes as per your need.
- With a mediclaim policy calculator, you get an idea of the different discounts that you can avail with a plan.
- Moreover, you also come to know about the add-ons or the optional advantages beforehand with the help of a health insurance calculator.
- Also, medical premium calculators allow you to change data to check more options.
- Depending on a particular policy, the insured can exclude or include add-on coverage as per their requirement. Thus, with the help of an insurance premium calculator, you can check online plans with numerous insurance companies to choose the one most suitable to you.
How is the Health Insurance Premium Calculated?
There are various factors that determine the calculations of Health Insurance Premiums. Some of the factors are mentioned below:
Medical History of the Insured
The medical history of an insurance policyholder plays an important role in determining the premium amount of a health insurance policy. The premium amount is set as per the result of the pre-medical screening. However, some plans might not ask you for a medical screening, rather they would seek knowledge about your lifestyle, family health background, habits and so on. Smokers and alcoholics get higher premiums as compared to others.
Thus, health insurance plans for family premium calculators can be used to calculate the premium amount of an insurance policy that is levied by an insurer.
Gender and age of Insured
Gender as well as age of a person seeking insurance is also an important factor that is considered for calculating a health insurance premium. The older the person, the higher the premium he/she needs to pay. That is because as we age, we become prone to several diseases. Ailments of the heart, kidney etc. are some common diseases that might attack with age. Thus, premiums of senior citizens' insurance plans are higher as compared to others.
Thus, while buying a health policy for elderly you can calculate the amount of premium to be paid with the help of a senior citizen health insurance premium calculator. Further, females are regarded as less prone to critical diseases and thus the premium charged on policies purchased by females are high as compared to males.
Policy Term
The premium for insurance plans with a short duration of one-year is low as compared to 2-year or higher duration plans. However, if purchased for a long period, the insurer offers a discount for long-term policies. Thus, this is another significant factor for determining premium by using a health insurance plan calculator.
Plan Opted
The particular plan selected by an insured also determines the premium cost of the insurance. Plans with lower coverage of risk offer lower premium, while plans with higher risk coverage will have higher premium amount.
Thus, by using a family health insurance premium calculator, one can estimate a probable cost of the premium to be paid so as to help in choosing a health plan by calculating the premium amount to avail numerous benefits.
No Claim Bonus (NCB)
NCB is the discount received by an insured for not claiming for the insurance policy during a policy year. It is an essential aspect that is considered for calculating the premium of a policy and thus the health insurance premium calculator, India, serves as an important determinant of insurance premium cost.
Lifestyle of Insured
Lifestyle of an insured person also determines the insurance premium. Smokers or alcoholics might have to pay more or extra premium as compared to others. Hence, a medical insurance calculator serves as an important determining factor for paying the premium of a health plan.
Frequently Asked Question
A health insurance premium is calculated by health insurance providers after evaluating different aspects like medical history of the insured, lifestyle, already existing diseases, habits like smoking and alcohol consumption and so on. Different health insurance companies use different parameters to levy the premium price on a policy.
You can have any amount of sum insured to calculate the premium of a policy. Irrespective of the sum insured, a premium insurance calculator can be used to calculate the insurance premium amount of a policy. There are several factors that determine the premium of a policy including age, gender, lifestyle, policy term, plan opted and others which determines the premium amount of a policy.
The premium you need to pay to acquire health insurance depends on the policy sum insured and many other aspects. Further, to determine how much you should spend on acquiring health insurance depends on your needs, your age, medical history and so on.
There are many factors which decide the premium amount of an insurance. This mostly depends on the particular insurance company that you are buying the insurance from and their specific guidelines which determine the insurance premium for various policies.
Health insurance premium calculator is an online tool that is used to estimate the amount of a premium to be paid for a particular health insurance policy. The tool helps at the time of buying a new health insurance policy to calculate the premium amount as well as at the time of renewing an active policy.
Yes, you are required to submit details of policy information into the premium calculator. It then asks for habits such as smoking, alcohol consumption and so on. If you have any such habit the premium of the health policy is accordingly decided. Also, the calculator asks for qualification, salary, and other information to calculate your policy premium.
