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“A goal without a plan is just a wish.”
And, when it comes to health insurance, knowing your premium upfront can turn that wish into a well-informed decision. For this purpose, a health insurance premium calculator is your tool for estimating costs based on age, coverage, and lifestyle.
With just a few clicks, it helps you understand what you’ll pay so you can budget better, compare policies, and choose the coverage that fits your needs without surprises.
The sum of money you must pay an insurer regularly to obtain medical coverage and to guarantee that the policy is still in effect is known as the health insurance premium.
Think of it this way: Just as you pay your Netflix subscription each month to watch movies and shows, with a premium, you can get health insurance coverage to cover the cost of medical bills.
With Netflix, the more you pay (like choosing a pro plan), the more features you get. Similarly, in health insurance, a higher premium payment often means more coverage.
With the advent of technology, most insurance companies have also shifted their operations online. They have subsequently introduced various useful online tools that make things significantly easier for policyholders!
The health insurance premium calculator is one such tool that allows you to calculate your insurance premium amount in a jiffy!
Since calculating the premium amount can be cumbersome, most people simply go with the amount suggested by their insurance providers. But with the help of an online health insurance calculator, the premium amount can be calculated in seconds just by entering a few details.
Using a health insurance policy online before purchasing a policy provides you with numerous benefits. Here is a list of benefits that you can avail:
Numerous factors are considered when determining the premium for health insurance, and these factors may change throughout insurance companies. Here are the basic requirements you must fill in for premium calculation:
Calculating your premium payable by using an online insurance premium calculator is pretty simple!
You only need to follow a few steps, enter your details correctly and voila! You will have the premium payable for health insurance coverage. Take a look!
Yes, it is as simple as that!
No cost, no hassle – only a few minutes of your time and you will know the amount you will have to pay to purchase the health insurance plan!
Now that you have learned how to calculate the cost of a premium using a medical insurance premium calculator, you must know certain factors can affect the premiums. The factors can be related to you, your plan or some additional factors. Let’s take a look at all of them:
Who wants to pay a higher premium? No one! Here are some ways you can reduce the cost of health insurance premiums.
One of the most effective ways to save on health insurance premiums is to opt for coverage at a younger age. Most insurance companies' premiums increase as a person ages since they are more prone to illnesses.
Also, if you are purchasing the policy for your parents, make sure you do so before they turn 60, as the premium payment for health insurance for senior citizens is higher.
Opting for deductibles and co-payment allows you to reduce the premium on your insurance policy. While deductibles and co-payment clauses require you to cover a portion of your treatment costs, they subsequently reduce the premium paid towards your insurance policy.
Since opting for a high coverage amount means a higher premium payment, you can seek a policy with lower coverage.
Further, to make sure that your financial liabilities for seeking treatment remains low, you can avail a top-up on your insurance plan, which will come into effect when the base-sum insured is exhausted.
Be careful while choosing your add-on covers to ensure you are not paying more for your health insurance policy. Selecting the ones you don’t require will only lead you to incur more cost for your insurance coverage than necessary.
Purchasing your insurance policy through a broker will make your insurance policy more expensive. This is because you will be liable to pay the charges for their service, as well. You can purchase the insurance policy directly from your insurance provider to avoid this.
Suppose you live in a Zone B city, where treatment costs are much lower than in Zone A cities. The premium you pay for your health insurance policy to cover treatment costs in a Zone B city should, thus, also be less than that of the other two.
At Digit, we have two zones:
Know about: Zone Based Health Insurance Plan
No claims in the Policy year? You get a bonus -an additional amount in your total sum insured for staying healthy & claim-free! This bonus, also known as the Cumulative Bonus, is a certain percentage of the Base Sum Insured for every claim-free year.
As a result, your total sum insured increases. However, this bonus gets nullified if you fail to renew your insurance policy after it expires.
Opting for a family floater plan instead of individual plans, where two or more people are covered under one plan, allows you to reduce its premium cost.
You can avail of tax benefits on your health insurance policy through provisions under Section 80D of the Income Tax Act, 1961. Following is a table illustrating the tax benefits that you can avail on your health insurance policy:
Thus, if you are still wondering whether you should purchase a health insurance policy, stop! Purchase one today!
But remember to calculate your premium amount using a health insurance premium calculator before applying for coverage! It is a valuable tool that puts the control in your hands, helping you make informed financial decisions.
Please try one more time!
