Health Insurance Premium Calculator

How to Use a Health Insurance Premium Calculator?

Here is how you can use a health insurance premium calculator:

• Access the calculator: Go to an insurer's official website or app and find the premium calculator.
• Enter your details: Provide your details, such as age, gender, and location to estimate an exact premium.
• Choose coverage: You can choose the sum insured, policy term, and extra benefits you want to incorporate.
• Compare plans: The calculator will show premium amounts for several policies, enabling you to compare and pick one that meets your budget.
• Finalise and proceed: After choosing the policy, proceed to purchase or additionally customise it if required.

Benefits of Mediclaim Premium Calculator

While an insurance premium is an investment, prior calculation of the premium amount adds to your financial planning. Besides being quick and convenient, a health insurance premium calculator offers the following benefits:

Saves Time & Resources

It helps save time by instantly providing premium estimates without needing consultations. Calculating your Mediclaim policy’s premium helps you estimate the Mediclaim cost from anywhere, any time, reducing third party intervention.

Eliminates Calculation Error

The tool ensures proper calculation of an exact premium amount depending on your chosen coverage and personal particulars.The health insurance premium calculator is a reliable tool that accurately evaluates all the policy factors to provide error-free premium rates.

Speeds up Policy & Cost Comparison

No need to read through several lengthy policy brochures when you can easily compare various insurance policies with an online Mediclaim calculator. The policyholder can compare numerous plans from the same insurance service provider or other insurers, assisting them in picking the most reasonable and suitable policy.

Simplifies Complex Terms

The calculator breaks down the factors and terms in an easy-to-understand language, so that you don’t require much assistance while calculating the premium.

Helps in Customisation

You can customize the health plan by switching policy benefits, insured members’ details, and add-on benefits to calculate your insurance premium.

Understanding the Calculation of Insurance Premium

Let’s understand the comparison of different health insurance premium amounts with an example. Given below is a quick table to explain how the Mediclaim premium rates vary for our individual and family floater  plans, considering different age groups of the insured people.

Suppose the sum insured is Rs 5 lakh for a policy term of 1 year. The premium includes 18% GST.

*The premium rates displayed are for policies without add-on covers. It is assumed that the insured persons do not have pre-existing conditions.

Considering the above table, you can expedite your policy-buying decision by choosing the best health  cover. Separate individual policies for your family members will hold a higher premium than a family floater policy. You can use a mediclaim premium calculator to estimate the costs based on coverage requirements and specific details.

>> Check Here: Health insurance for Parents

Information Required to Calculate Mediclaim Premium

Calculating Mediclaim policy premium has become all the more convenient with Care Insurance’s health insurance premium calculator. We require minimal information to process an estimate of your premium amount. For a more tailored estimate, the medical insurance premium calculator can take into account specific variables like age, medical history, and the sum insured, providing a more accurate projection of your costs. We assure utmost security for your personal information and maintain confidentiality. Below are the details pre-requisite to calculate Mediclaim premium:

Apart from the above information, you can check the payment and EMI options available with your policy. The final premium amount might be slightly variable subject to the underwriter’s discretion and policy details.

Factors Used to Calculate Health Insurance Premium

If you intend to know how health insurers calculate the premium, you should get familiar yourself with the primary factors influencing the insurance pay-out. These factors include the policy coverage and details of insured members, among other parameters,as mentioned below:

Pre-existing Diseases

A person with pre-existing conditions, like hypertension or diabetes, is likely to bear a higher policy premium than that for a healthier individual. This cost is due to the higher risk linked to managing existing health conditions in the context of health insurance premium calculations.

Body Mass Index

An unhealthy BMI puts you at a risk of various health ailments like, health diseases, diabetes, etc. High BMI leads to a higher insurance premium rate.

Family’s Medical History

A family history of chronic diseases increases the risk of hereditary diseases among insured members, thus increasing the medical insurance cost.

Mortality Rate

As the mortality rate increases, so does the insurers' chance to pay for specific covers and diseases. Children and older people come under the higher mortality rate umbrella. A health insurance premium calculator can provide insights into how these demographic factors can influence your premium.

Type of Plan Selected

The insurance plan you choose is a crucial factor in the calculation of insurance premium. A family floater plan will have a much lower premium than an individual plan.

Age & Lifestyle of Insured Members

Old age and unhealthy lifestyle habits like smoking, drinking, or tobacco consumption results in several health risks and thus a higher premium amount.

Insurance Underwriting

The underwriter analyzes your risk profile and medical records to determine how much coverage you should be offered and at what premium cost.

Add-on Covers

The more benefits you include under your health plan, the higher insurance premium you pay. You can add optional benefits like OPD, NCB waiver, etc.

How to Reduce Health Insurance Premium?

Considering the below-listed factors, you can lower down the burden on your wallet while availing insurance benefits. Here you go:

Opt for Family Floater Plan: With our family floater plan, we cover multiple family members under a single policy; thus, the premium decreases. However, the sum insured will be shared among members. You can use the medical insurance calculator to understand how a family floater plan can reduce your medical insurance premium while providing comprehensive coverage.

• Go for Higher Deductible: It is an amount that you have to pay to the health insurer before you get the claim. It is beneficial to go for a higher voluntary deductible that results in lower medical insurance premium rates.
• Invest in Medical Insurance at Young Age: It is good to invest in medical insurance when you are young. It costs you a lesser premium because you are fit and healthy and less prone to diseases. A health plan calculator can also help you determine the cost savings when you invest in a policy early.
• Choose a Multi-Year Policy: You often get a discount on the long-term policy. Care Insurance offers a 10% discount for a 3-year policy tenure. By taking a mutli-year policy, you can lower the premium rate.
• Lead a Healthy Lifestyle: Your lifestyle influences your health. By leading a healthy lifestyle, like avoiding excess alcohol consumption and smoking, you lower the risks of facing health issues and are likely to pay a lower premium.
• Go for Regular Health Check-ups: With regular health check-ups, you can keep an eye on your health and can treat the early signs of an illness. This way, your chances of contracting health issues will remain low. This in turn has a positive impact on your mediclaim premium.
• Maintaining Body Mass Index (BMI): Individuals with normal BMI will pay a lower premium. So, it is vital to stay healthy and keep an ideal Body Mass Index within the standard limit.

Benefits of Using Care Health Insurance Premium Calculator 

The Care Health Insurance premium calculator helps you choose a policy quickly and efficiently. Here is how Care Health Insurance premium calculator can benefit you:

• Saves time: It eradicates prolonged consultations by showing instant premium estimations online.
• Allows cost comparison: Comparing premiums for several plans and choosing the most reasonable option is more straightforward.
• Offers customisation: You can alter features such as coverage or tenure to locate the ideal policy for your requirements.
• Guarantees transparency: The calculator offers a precise analysis of expenditures, enabling you to comprehend where your finances go.
• Simplifies decision-making: It helps pick a plan that negates reasonability and makes comprehensive coverage easier.

How to Use Health Insurance Premium Calculator by Care Health Insurance?

Care Health Insurance premium calculator is easily adaptable and detailed. This tool guarantees you make a well-informed decision without paying extra for your health insurance policy. Here are the steps you need to follow:

• Visit the Care Health Insurance website and locate the premium calculator.
• Fill in your age, marital status, and number of dependents to start the process.
• Select different health insurance policy types, such as individual, family floater, or critical disease coverage.
• Enter the sum insured details and add maternity or OPD benefits riders.
• The calculator will show several options tailored to your needs. You can review and compare them.
• Compare various plans, modify if required, and proceed with your buy.