How to Calculate Your Health Insurance Monthly Premium?

HEALTH INSURANCE PLAN



Most of our life-goals revolve around building a secure future for our family. Buying health insurance is one of them. Injuries or ailments are unpredictable situations, and it is always better to have a plan to tackle them. A health cover financially protects you against unexpected medical bills. To avail of its benefits, you must pay the premium periodically. Leading health insurers like Care Health Insurance (Formerly Religare Health Insurance) have simplified the process of making premium payments. Estimating the health insurance monthly premium is no longer a tedious task involving manual calculation. It has become effortless with the help of an online tool known as the Premium Calculator. 

With prior planning, you can ensure that premium costs do not have any negative impact on your monthly budget. This article offers you a guide on how you can calculate your medical insurance premium costs.

What is an Online Premium Calculator? 

It is an online tool that helps you estimate your premium costs for free. The calculation is performed after considering factors such as age, BMI, pre-existing medical conditions, income, lifestyle, gender, family history, type and amount of coverage, etc. 

A person should remember the fact that numerous factors affect the amount of medical insurance premium he or she would pay. The policy will be issued basis the medical underwriting process of the insurer. 

Using the Premium Calculator

It is simple to calculate health insurance premium using this calculator. All the complex calculations are done automatically. An individual who wants to know the premium amount should follow the below-mentioned steps:

  • Visit the Care Health Insurance (Formerly Religare Health Insurance) website and select a suitable policy
  • Go to the Health Insurance Premium Calculator Page
  • Provide your details viz. the number of insured members, date of birth of the eldest family member, etc.
  • As prompted by the system, mention the sum insured and the policy tenure details
  • Click on ‘Calculate Premium’ and the results will be displayed

Based on the details you share, the Premium Calculator Page will give you an approximate amount payable by you. To receive a quote, you need to go to the ‘Get Quote’ section and provide relevant details, as requested.  You are allowed to make changes to the various factors as per your preference. For instance, you can add or remove family members from a particular policy.

Benefits of Health Insurance Premium Calculator

Before we talk about the benefits of a premium calculator, it is essential to note that this tool mainly gives an estimate of the premium payable. Premium costs have become an integral part of the monthly budget of many families these days. Knowing the premium amount will help you prepare yourself financially so that there are no hassles later on. Moreover, the following points are noteworthy:

  • There is no need to visit any office as the premium with a free quote is readily available at a click   
  • It gives a precise estimate based on which a person can plan his budget and customise the policy
  • There is no mind-boggling calculations or paperwork involved in the process
  • It helps one to decide on a health cover or choose a policy tenure based on premium cost

Moreover, using the results generated by the tool, you can create a mediclaim policy premium chart that will give a clear idea and help you make the right decision about the best health policy which would be suitable for you and your family.

Conclusion

Technology has changed the way businesses operate. It ensures faster transactions, thus saving time for both the company and the customers. Now, you not only can pay your premium using the online facility but also know the amount payable at the comfort of your home.

When it comes to medical insurance premium, you should realise that there are a host of factors which impact the costs such as one’s health risks, age, lifestyle, etc. Besides, there are ways you can lower the impact of premium costs. For instance, you can opt for a long- term policy. This way, you would become eligible for premium discounts. Other ways to lower premium include choosing a family floater plan over individual health cover, buying a policy at a young age, selecting a higher deductible, etc.

If you are planning to achieve savings, you must consider ways to lower your health insurance monthly premium costs and get the most of your health insurance policy. 

Financial worries arising from expensive medical care can no longer bother you if you buy the best health insurance policy. Visit the official website of Care Health Insurance (Formerly Religare Health Insurance) to find a policy that is suitable for you and your family. Choose a health plan, take the help of the health insurance premium calculator and proceed to premium payments in a few clicks.