Keep Your Health Insurance Premium in check with Health Insurance Premium Calculator

Author : thekavyasharma
Publish Date : 2020-08-13 07:47:54


Keep Your Health Insurance Premium in check with Health Insurance Premium Calculator

A health insurance premium calculator is an online tool that can help you find an estimate about the premium you will have to pay to purchase or renew a policy. With the help of a health insurance premium calculator, you can easily find the most affordable plan.Read this article to find out more about the health insurance premium calculator.

Globally, the health issues are on the rise. However, medical advancements have made it easy to cure many diseases. But a lot of medical treatments are also becoming expensive. It’s hard for most individuals to pay for the hospitalisation bills from savings alone. A health insurance policy can come to rescue in such situations. By purchasing a health insurance plan, a policyholder can receive financial assistance to cover his/her medical expenses.

While buying health insurance, the first thing that most people will think of is the premium amount. The premium amount is a major factor in deciding the coverage. It is crucial to select a plan that provides optimal coverage while being affordable. If an individual chooses a low cover plan, then his/her policy might not be able to provide adequate financial support.

By using a health insurance premium calculator, you can calculate a sound estimate about the premium amount. You can compare various plans based on their price. This way, you will be able to find the most affordable policy.

Factors that Impact the Health Insurance Premium

  • Age

One of the most important factors that impact health insurance’s premium is the policyholder’s age. This is because a person becomes more vulnerable to ailments as he/she gets older. Thus, as a person gets older, his/her premium amount increases.

  • Medical History

The premium amount might be impacted if you have a family history of some specific illnesses such as heart diseases, cancer, etc.

  • Pre-existing Medical Condition

If a person suffers from a pre-existing medical condition, then his/her premium amount will increase.

  • Type of Policy

Primarily, health insurance is available in two types- individual health insurance and family floater health insurance. Individual health insurance only covers a single person. However, a family floater health plan typically covers the policyholder, his/her spouse, and children. Since a family floater plan covers more people, its premium amount is higher.

  • Smoker/Non-Smoker

Regular smokers are more vulnerable to various diseases. Therefore, the premium amount for regular smokers is higher than non-smokers.

Furthermore, insurance companies consider a few other factors while calculating the premium amount. Some of these factors are marketing and administrative expenses, mortality rate, etc.

How to Use Health Insurance Premium Calculator?

It is very easy to use a health insurance premium calculator. You are required to enter a few details, such as-

  • Age
  • Smoking/non-smoking
  • Sum assured
  • Type of policy
  • The number of members and their age (If you select a family floater plan)
  • Pre-existing illness (If you have any)
  • Gender
  • Area of residence

Based on the aforementioned factors, the calculator will find out the medical insurance premium. Make sure you use a premium calculator before you purchase or renew a health insurance plan.



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