Health Insurance Premium Calculator

A health insurance premium is a pre-determined sum of money that a policyholder is required to pay to their respective health insurance company in order to avail coverage and benefits offered under a health insurance plan. A policyholder is required to mention necessary information in order to use the health insurance premium calculator and to let it calculate the amount of premium that is required to be paid. The information includes sum insured, age, pre-existing illness (if any), number of members that need to be covered under the plan, etc. This information provided by the policyholder acts as a parameter depending upon which the amount of premium would get calculated. All the benefits and coverage listed in the insurance plan will be paid by the respective insurance company if there arises any unforeseen healthcare emergency or upon the diagnosis of a specific illness, according to the terms and conditions mentioned under your health plan.

How to Use Health Insurance Premium Calculator Online?

Using InsuranceBox's health insurance premium calculator is just a matter of a few minutes.

All you need to do is follow a few simple steps given below:

1. To be able to use the premium calculator, all you need to do is visit the website of InsuranceBox, and click on the 'Health' option.
2. Fill your personal details as asked in the form displayed. You will have to share your Gender, Age, Members to be insured, City, Name, Mobile Number, and E-mail ID. Click on the ‘View Instant Quote' option.
3. The best health insurance plans for you will get displayed on the website with an estimated premium amount.
4. You can alter your choices of coverage features and see the change in the premium amount.

Benefits of Mediclaim Insurance Premium Calculator

Health insurance premium calculator offers the following advantages to the users:

1. Makes Financial Planning Easy

The health insurance premium calculator gives you an accurate estimate of the health insurance premium of a health insurance policy you wish to buy. This helps you plan your finances effectively for the future.

2. Reduces Risk of Defaulting Health Insurance Premium

Keeping yourself informed beforehand about the health insurance premium eliminates the risk of defaulting health insurance premiums as you opt for a policy only that you can afford.

3. Buy Health Insurance Policy As Per Your Requirements

A health insurance premium calculator helps you choose a health insurance policy after customizing it as per your requirements in order to make it an affordable one, yet offering adequate coverage.

4. Helps You Choose Add-On Covers Easily

As you enter your personal details, the health insurance premium calculator displays the most suitable health insurance quotes. Along with quotes, it also tells you the premium for relevant add-on cover(s) that you can opt for along with your health insurance plan.

5. Helps You Make an Informed Decision

With a health insurance premium calculator, you can compare, analyze, choose, and be informed of the various benefits of several health insurance policies. This helps you make the best buying decision by keeping you informed about it all.

How is Health Insurance Premium Determined?

Take a look at the factors that increase or decrease your health insurance premium:

1. Age

With growing age, your health insurance premium is bound to climb as old people more prone to illnesses and use more health care services than young ones. So, it is better to make the timely purchase of a health insurance plan to avoid higher premiums.

2. Gender

Health insurance premiums differ for men and women. This is because as per the expert, women are more likely to visit doctors, and are therefore demanded a higher premium.

4. Medical History

Typically, if you have a family history of some specific diseases like cancer, heart disease, or blood pressure, then you are more likely to require medical care for the same in the future. Which means a higher premium for you.

5. Body Mass Index (BMI)

People with higher BMI are more prone to heart, and joint-related diseases, and even diabetes. Which is why they are more likely to avail healthcare services in the future.

6. Smoker/Non-Smoker

Regular smokers are required to pay more health insurance premiums as smoking is significantly risky for health. Regular smokers are more vulnerable to issues like Stroke, Asthma, Cancer, Heart disease, hypertension etc.

7. Pre-existing Health Conditions

Individuals with pre-existing diseases are required to pay more health insurance premiums as they will need more coverage in comparison to others.

8. Geographical Location

Your residency may also affect the premium amount you will be required to pay. Some zip codes demand a higher premium than others.

9. Profession

If you work in a hazardous environment or have a stressful job, then you are more likely to suffer from medical issues. Which means you will have to pay a higher premium.

How to Reduce Health Insurance Premium?

Health insurance premiums may sometimes be an obstacle for people having higher health insurance coverage. So, for those who find it difficult to pay high health insurance premiums, here are a few tips:

1. Purchase Health Insurance At an Early Age: One of the proven ways to save on health insurance premium is to buy the insurance policy at an early age. This is because as you age, you are more vulnerable to illnesses and are hence required to pay a higher premium then. So, you must choose to timely purchase health insurance coverage.

2. Go For a Policy With Lower Sum Insured: Health insurance plans with a lower sum insured come at lower health insurance premiums. So, to save on premiums, you can opt for a policy with a lower sum insured.

3. Opt For Copay and Deductibles: Copayment is when the insured has to bear a fixed portion of their treatment expenses whereas the insurance company covers the rest at the time of claim settlement. Whereas deductible is the fixed payment that you will have to make for the treatment expenses before the insurance policy kicks in. So, another way to make your health insurance policy more affordable is to opt for cost-sharing health insurance plans that offer copay and deductible options.

4. Balance Your Health Insurance Plans: An individual can have more than one health insurance policy depending on their requirements. They may have one provided by their employers, an individual health insurance policy, as well as a family floater health insurance policy. In such cases, they must use the individual health insurance policy, keeping the gamut of benefits they can avail from other policies. This way, they can manage health insurance premiums in a better way.

5. Opt for Top-Up Plans: To avail high coverage at low premium, choosing top-up plans is the best option. The plan comes to your rescue when your medical insurance claim crosses the threshold limit.

6. Opt for Family Floater Policies: The premium for individual health insurance policy is based on the sum insured and age of every member added under the policy. Whereas the premium for family floater health insurance plans is based on the eldest family member covered under the policy. Family floater policies prove to be more cost effective as their premiums can be upto 20% lesser than individual health insurance plans.

7. Compare Health Insurance Quotes: The health insurance premium rates differ from one insurance provider to another insurance provider. Moreover, the premiums paid towards different health insurance plans also differs. Doing a thorough comparison of different insurance plans offered by different insurance companies would help you in choosing a right health plan that would meet your budget and healthcare requirements at an affordable premium cost.

8. Choose a Multi-Year Health Insurance Plan: The amount of premium paid towards yearly health insurance plan is higher as compared to a multi-year plan that is purchased for 2 or 3 years. The premium for the whole tenure is paid at a single time and various discounts are also offered by the insurance provider on health plans purchased for a duration of more than 1 year.

What is the Importance of Using Health Insurance Premium Calculator?

There are various health insurance companies that offer several kinds of health insurance products and it can be a daunting task to choose the right insurance plan from the available plans. Buying the right health insurance plan requires thorough research, comparison and analysing different terms and conditions before choosing a plan. However, the efforts put in selecting the right insurance plan are always worth it when seen through a bigger picture. Highlighted below are a few reasons how a health insurance premium calculator makes selecting a appropriate health insurance plan easier for you:

• With InsuranceBox's health insurance premium calculator, you can view different health insurance plans according to your budget and requirements at a single place, so that you can easily do a comparison between them. The decision-making process, thus, becomes a lot simpler and hassle-free.
  
• With the help of InsuranceBox's health insurance premium calculator, you can get an accurate idea regarding the amount of premium payable, according to your financial objective and healthcare requirements, prior to taking any final decision about the policy that you wish to go for.
  
• InsuranceBox's health insurance premium calculator helps you in conducting an extensive research all on your own without even before approaching different insurance companies and insurance agents. Therefore, in this way, the procedure of selecting a health insurance plan becomes seamless and it also helps you in making a wise and well-informed decision.
  
• InsuranceBox's Health insurance premium calculator along with the health insurance plans also displays the appropriate riders or add-ons available to meet your unique requirements. It not just gives the users the flexibility to go through the riders at a single glance but also the ease of choosing them without requiring to individually visit the website of various insurance providers.