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Health Insurance Premium Calculator

Health Insurance Premium Calculator helps you to determine the premium to be paid for purchasing or renewing your insurance policy. In the modern era, even the most complex calculations can be done with the help of computers.

Health Insurance Premium Calculator is one such online tool that takes various inputs and information from the policyholders and allows them to calculate the exact amount to be paid. But, before we discuss the health insurance premium calculator, let us refresh your memory about insurance premiums.

What Do You Understand By Health Insurance Premium?

Health insurance premium is the amount you pay to the health insurance company to avail coverage benefits and ensure that the medical insurance policy remains active. In return for the premium, the insurance company is liable to pay for medical costs and hospitalization expenses if a medical emergency arises or an illness is diagnosed. A health insurance calculator helps you to calculate your health insurance premium amount as per your coverage needs.

An individual can buy such health insurance plan for a specified period in exchange for paying monthly or annual premiums. During this period, If an insured person is involved in an accident or is diagnosed with an illness, the health insurance company will cover the cost of any medical care required, subject to certain exclusions mentioned in the policy. Health insurance premium is the amount that you are expected to pay regularly to keep your health insurance plan active.

Benefits of Health Insurance Premium Calculator

Finding the premium of an insurance policy can be a stressful process. But what if you have a tool that helps you calculate the amount of premium you will have to pay for a certain health insurance policy! Your life will certainly become easier with the help of this tool. Apart from this, there are several other benefits of the calculator that are listed below:

  • Estimate of Premium

    With the help of the calculator, you will have an estimate of the premium that you need to pay before you buy a policy.

  • Affordable Premium

    Another essential benefit of buying this plan is that you do not have to pay a separate premium for every insured member. You can cover your spouse, children, and parents under a single policy by paying an affordable premium. This helps you to save on the premium that you would otherwise pay for an individual health plan for each family member.

  • Comparison

    The calculator also facilitates comparison as you can check the premiums of different policies and then choose the one that suits your budget and requirements.

  • Filter

    Using the calculator, you can filter out the policies that are not right for you and make a list of the ones that you think are affordable and appropriate.

  • Discounts

    The health insurance calculator also helps you understand the different discounts you can avail of on different insurance policies.

  • Add-ons

    It also helps you determine the add-ons and the premium you need to pay if you want to include the rider in your policy.

  • Change of Data

    The calculator also offers you the flexibility to change your data if you think that there is something that you need to add or remove in the information submitted by you.

  • Efficient and Easy

    The calculator is easy to use and is efficient in determining the premium that you need to pay. So, you do not have to spend time visiting the branch of an insurance company.

Thus, a health insurance calculator is a quick and easy way to know how much premium you need to pay for a certain policy.

What Are the Factors that Affect Health Insurance Policy Premium?

With the advancement in healthcare, the cost of healthcare is also increasing. The benefit of a health insurance policy is that it takes care of medical expenses. It provides financial safety to you in case a medical emergency arises. Below are some of the factors that affect the premium of health insurance:

01

Medical History

One of the significant determinants of health insurance premium. Almost all the health insurers in India have made pre-medical tests mandatory (at a certain age) before buying a health insurance policy. While some insurance companies do not make pre-medical tests mandatory, they do take your lifestyle, your family's medical background, and current medical conditions into account.

02

Age

Age is another critical factor that affects health insurance premiums. The premium varies according to the age of the person. If you buy an insurance policy when you are young, you will have to pay a lesser premium. Older adults are vulnerable to many diseases like cardiovascular diseases and other critical illnesses like cancer, etc. For this reason, the premium for senior citizen health insurance is usually higher.

03

Type of Health Insurance

The cost of the premium is also dependent upon the type of health insurance. The higher the risks involved, the higher the premium, and vice versa.

04

No Claim Bonus

If you do not file a claim during the tenure of the policy, then you can earn a No Claim Bonus. No claim bonus or NCB in health insurance is added to the sum insured for every claim-free year. It is like a reward that the policyholder receives for not claiming on his health insurance.

05

Lifestyle

If you drink and smoke regularly, there are chances that the premium charged to you will be higher.

How To Reduce the Premium on Health Insurance?

Although more and more people realize the importance of health insurance, the premium that one must pay for the insurance remains a concern for many people. Certainly, a lower premium can mean lesser coverage, there are some ways to reduce the premium of your policy:

01

Higher Deductibles

Deductibles mean the percentage of the claim that the insured needs to pay from their own pockets. In some health insurance plans, the deductible is mandatory, whereas, in some plans, it is voluntary. If you opt for a higher deductible, you will have to pay a lesser premium. But it is advisable for people who can afford to pay for the treatment on their own if the treatment is expensive.

02

Family Floater Plans

Under the family floater plans, two or more people of a family are insured in a single policy, and only a single premium is paid. But the sum insured in the policy is available on a floater basis and not on an individual basis. It reduces the amount of premium that you need to pay.

03

Compare Premium

Although comparing premiums will not help reduce the premium per se, it will help you find a policy that suits your requirements within the budget that you have. If you research well, you will find a policy within your budget and that provides you with the coverage benefits you require.

04

Top-Up Health Plan

To enhance the coverage benefits, you can opt for a top-up plan with your policy. The premium for top-up plans is less, and it comes into use when the sum insured of your base policy gets exhausted.

Therefore, these are some of the tips that you can use to reduce the premium. It is essential to know that one should not compromise on coverage to lower the premium by some amount as that can become an issue when a medical emergency arises.

How To Use Health Insurance Calculator by D2C Insurance Broking Private Limited (“RenewBuy”)?

RenewBuy provides you with an easy-to-use health insurance calculator that will make the process of calculation swift and convenient. The online calculator helps you find the premiums of different policies, and you will get the quote for free.

The steps that you need to take to calculate the premium are:

  • Go to the RenewBuy premium calculator page
  • Fill in the details in the form provided to you
  • The details that you need to provide include gender, age, and contact number
  • Select if you want an individual or a family floater plan
  • Select the number of members that you want to include in the plan
  • Choose the amount of sum insured that you need in the calculator
  • Add the pin code of the city that you belong to
  • Hit ‘Instant Quote’ to view the quotes of different policies
  • You can also customize the quotes according to riders, plan benefits, and pre-existing diseases

Now, you will see the insurance policies with the amount of premium you need to pay along with the benefits you will get. Choose the policy that suits your budget and requirements. If you have a query, you can also contact the customer service team of RenewBuy.

Conclusion

A health insurance calculator is an advanced tool that makes finding a health insurance premium easy and efficient. You can just put in the information and get the quotes that will help you choose the appropriate policy for yourself.