Health Insurance Premium Calculator
Health Insurance Premium Calculator
In today’s fast-paced world, health insurance is a necessity for people of all ages, income groups, and walks of life. While there are many insurance plans available in the market, not many understand the importance of having a comprehensive cover, and this needs to change.
One good thing about health insurance is that you can customise your plan. Some plans offer ‘family packs’, while others offer individual coverage. Their costs will obviously differ, based on the riders you opt for, your age, the coverage you choose, etc., the premium for your policy will change.
Health Insurance Calculator Overview
By using a medical insurance premium calculator, you can get an estimate of the total cost of buying health insurance. This can enable you to determine the cost of the policy and pick the right one for you and your family’s needs.
Benefits of a health insurance calculator
Let us look at the key benefits of using a health insurance premium calculator:
Ease of purchase: A health insurance calculator gives you the estimated cost of a plan before you buy it. It lets you make a sound decision and ensures a hassle-free purchase.
Ease of comparison: When you use a premium calculator, you can get an estimate of the costs involved. This allows you to compare features, riders, and unique offerings.
Choice of add-ons: Different plans offer different add-ons as per your age, medical history, needs, budget, etc. An insurance calculator lets you weigh your options and the monetary implications on your monthly budget. Option to save money: A premium calculator lets you add or remove riders, family members, etc., allowing you to choose only those components you really need.
Peace of mind: You can use a health insurance premium calculator and make your insurance purchase so that you and your family are always covered in any medical emergency.
How to use a health insurance premium calculator
Here are the steps to use a mediclaim calculator on the TATA AIG website:
- Pick who you want to insure. Apart from yourself, you can choose to insure your spouse, children and parents.
- Provide details such as your mobile number and the date of birth for everyone you want to insure.
- Compare the different plans and choose one based on the sum insured and coverage period.
- Answer a few questions based on your lifestyle as truthfully as possible.
- After you provide details such as your full name and email address, you will be able to make the payment through your preferred options for immediate coverage.
Factors that determine health insurance premium value
There are some factors that can affect your health insurance premium, such as:
Age: The premium amount increases with age. The younger you are, the lower the cost; and the older you are, the higher the premium will be.
Gender: Some policies offer different premiums for men and women, on the basis that women tend to live longer than men and are subject to more chronic disorders.
Lifestyle habits: If you smoke, drink, or consume tobacco regularly, you are more likely to suffer from a health condition and your premium for a health plan could be higher.
Medical history: If you have a pre-existing condition or a family history of a certain condition/disease, you might be termed high-risk and it could cost more to insure you.
Type of policy: Individual plans, family floater plans, senior citizen plans, etc. come with different premiums depending on the number of people you want to cover and the type of coverage for them. You can use a family health insurance premium calculator or a senior citizen insurance calculator to determine the cost beforehand.
Using a medical insurance premium calculator means that you will be able to know how much you need to pay for the coverage you need. Make sure you #ThinkAhead and choose a plan that offers you the best of benefits at a cost that fits your budget.