With the increasing medical inflation rate and the current scenario, buying a health insurance plan is imperative for financial security. It becomes a necessity to avoid incurring huge financial losses owing to rising medical costs.
Buying health insurance online is an ideal and convenient way to save yourself from the burden of expensive medical treatment. A policyholder can avail of the various benefits of health policy by paying premium regularly to the insurer.
Now, before you buy a health insurance policy, the first thing is to know your premium cost. Let us make you understand the way to calculate your medical insurance premium and factors affecting the costs.
To calculate health insurance premium, CHI offers online tools where you can estimate your premium cost for free. The calculation is done based on several factors, such as your age, pre-existing diseases, income, family history, amount of coverage, etc
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What is Health Insurance Premium?
The health insurance premium is the amount one pays to the health insurer periodically to avail of the policy benefits. The periodicity of this pay-out could be monthly, quarterly, or yearly. The amount largely depends on the age of the insured. It usually increases with age. Apart from this, the number of people covered in a single policy is also a contributing factor.
The choice of plan and the sum insured are vital factors that impact the medical insurance premium amount. Besides, the insurance company considers factors such as lifestyle, health conditions, family history, and other details provided by the insured person while deciding the premium amount. Some cashless health insurance plans offer hospitalisation cover across the globe. Such policies may be a bit expensive compared to plans that restrict coverage to only India.
About Health Insurance Premium Calculator
Earlier, to calculate health insurance premium was a cumbersome task for the customers. However, technology has eliminated the need for manual calculations. It has now become easy to know the amount of premium before buying a policy. If you already have any pre-existing disease, then, in that case, your premium will be higher than those who do not have.
Further, the health insurance calculator will also help you to prepare your budget and invest in a policy that will be cost-effective and gives you more coverage. We, at Care Health Insurance (Formerly Religare Health Insurance), also facilitate our customers to calculate the health insurance premium online.
Using a medical insurance premium calculator, you can compare different health insurance plans in just a few clicks. It allows you to select the best mediclaim policy at an affordable price. It is the best and easiest way to find the best health insurance policy for yourself and your family
How to Use Health Insurance Premium Calculator?
A health insurance premium calculator can be used by following just a few simple steps:
- Firstly, go to the Health Insurance Premium Calculator Page.
- Enter the required details, including the number of members to be covered in the plan, the birth-date of the eldest family member, etc. You need to enter the exact number of family members and not an approximate value.
- You also need to mention the sum insured or coverage.
- In the next step, you need to key-in the policy tenure details.
- Now click on the Calculate Premium button to get the results. Based on the provided details, the medical insurance premium calculator will give you the approximate amount payable.
The health insurance premium calculator will automatically calculate the amount you will have to pay to be eligible for the coverage. You can make as many changes to the various factors as you like, such as adding or removing family members from a particular plan.
An important note here is that the total amount the health insurance premium calculator provides is an estimate of the health insurance cost you will have to pay. There might be a slight change in the premium cost after tele-underwriting review of your current health condition. Other factors, such as existing health problems or family history, might be included. However, this variation will not be too high, and with the help of the health insurance calculator, you will have a pretty good idea of how much you will have to pay to enjoy health coverage benefits.
>> Check: Health insurance for Parents
Benefits of Health Insurance Premium Calculator
Knowing the health insurance premium amount in advance will be half the battle won. You just need to put your details and get it in just a single click. Your life becomes easy, and you can choose the policy that suits your health and pocket. Here, we tell you some quick benefits of using the online health insurance premium calculator:
- It gives you an estimate of the premium payable before buying a medical insurance policy.
- As there is no manual calculation involved, it allows you to save your time and effort
- Right calculations will give you the grounds based on which you can plan your budget.
- Comparison amongst different premium amounts makes it easy to choose the most cost-effective health plan.
- No hefty calculations are required, just put the required details on the website and make a hassle-free decision.
- The health insurance premium calculator shows applicable add-on covers that you can buy for your other medical needs.
- Premium amount with a free quote is readily available in a single click. You do not need to go to the branch office to buy a medical insurance policy.
- You can avail tax benefits on the premium paid for the policy under section 80D.
With this facility of online calculation of your medical insurance cost, you can create your mediclaim premium chart. It will ease the process of buying a health cover.
Factors Affecting Health Insurance Premium
With the evolving technology and need to stay home to prevent health risks, CHI offers a health insurance calculator through which you can calculate the premium amount in a few minutes by entering the required information. You only need to provide a few details such as your date of birth, contact details, the number of insured members, pre-existing diseases, and your preferred add-ons, basis which premium amount will be calculated along with a breakdown
Your current medical condition, family history, and the information in your application comprise of your risk profile. There are certain factors that insurers pay particular attention to calculate health insurance premium. Therefore, while choosing a health policy either for yourself or for your family, you should be aware of the below-mentioned factors that can affect the cost of your medical insurance.
- Age: Age is a crucial factor that affects the medical insurance premium. The older one gets, the amount starts to climb. For younger individuals, it is priced affordably, mainly because they are less prone to diseases than older or senior citizens.
- BMI: BMI (Body Mass Index) is the ratio between your height and weight. If you have an unhealthy BMI, then there are the chances that you may have various diseases like obesity, heart ailments, diabetes, etc. In such cases, medical insurance premium rates are higher. However, if you have a healthy BMI, the amount is less.
- Tobacco: Tobacco consumption can also increase the cost of your health plan. You have to pay a higher amount if you take tobacco in any form because it increases the chances of critical illness.
- Gender: Studies prove that women are more prone to diseases than men, so the amount is higher for them.
- Non-Physical Health Factors: Certain non-physical health factors also considered while calculating the premium. People working in a polluted or risky working environment have to pay a higher amount. Married couples have to pay lesser premium than individuals. First-time insurance buyers also have to pay a higher amount.
How to Lower Your Health Insurance Premiums?
A higher premium does not mean higher coverage. Even the lower premium health insurance policy can give you good benefits subjected to your health care needs. Your medical insurance could be inexpensive if you can follow these tips:
- Opt for family floater plan: Under family floater plan, multiple family members are covered under a single policy thus, the premium decreases.
- Go for Higher Deductible: It is an amount that you have to pay to the health insurer before you get the claim. You should go for a higher voluntary deductible that results in a lower medical insurance premium rates.
- Use NCB: NCB is no claim bonus that you get for not filing the claim in the previous year. It gives you additional coverage without increasing your premium.
- Buy Health Insurance Online: Buying health insurance online eliminates the agent’s fees, lower the administrative cost of the company, thus results in lower insurance premium.
- Invest in Health Insurance in Young Age: It is good to invest in medical insurance when you are young. It costs you a lesser amount of premium because you are fit and healthy and also less prone to diseases.
- Choose Long- Term Policy: You often get a discount on the long-term policy. Care Health Insurance (Formerly Religare Health Insurance) offers a 10% discount on a health insurance policy for 3 years and 7.5% on 2-year policy tenure.
Therefore, a health insurance premium calculator is a helping tool to choose the right health insurance plan. It gives you an estimate of the cost of a health insurance plan so that you can pick the most affordable one accordingly. However, you should always give preference to adequate coverage over the amount of the premium. Health Claim settlement ratio
and credibility are also equally important. So, you can opt for our comprehensive health plans that offer maximum coverage at an affordable premium.
Additionally, to calculate the cost of family health insurance plans
, you can make use of the health insurance premium calculator. There will be certain factors you will have to select based on your family and insurance needs. With Care Health Insurance (Formerly Religare Health Insurance) premium calculator, you can begin by selecting how many people are there in your family and how many of these are children, if any. You then have to specify the age of the oldest member of your family and decide the amount you prefer. It is the upper limit of health-related bills and payments that your insurance will cover.
What is a Deductible?
In health insurance, deductible refers to a pre-decided amount that the insured person has to pay before he or she can get coverage under a policy. The insurer would pay the claim when the amount exceeds the deductible. If the medical expenses incurred are lower than the deductible, the policyholders will have to bear the cost from their pockets. The premium is lower if a policy has a high deductible. Similarly, for health policy with a low deductible, the price is likely to be higher. The health insurance premium calculator will help you find out the amount payable.
Do you have to pay GST on Health Insurance Premium?
Yes. When buying a health insurance policy, you have to pay the health insurance premium and GST, which is charged at a rate of 18%. For example, the premium amount for a policy of Rs 5 lakhs is Rs 12,000. Then, the policyholder will pay this amount along with the GST charges of Rs 2,160. Thus, the total amount to be paid will be Rs 14,160.
Does the premium for health insurance policies vary from one insurance provider to another?
Yes. The premium cost for health policies varies from one insurance provider to another. Every insurance company has its guidelines and follows the medical underwriting process for calculating the premium. Also, the company would consider the various factors such as age, family history, pre-existing diseases, etc. for calculating medical insurance premium rates.
What factors affect health insurance costs?
Several factors affect the medical insurance premium rates. Some of them include family medical history, age of the insured person(s), lifestyle, health risks, type of policy, amount of coverage, etc. Besides, an insurer will adhere to the underwriting process and take into account a range of factors involving location, political stability of the region, lifestyle in a city, etc.
How can I get medical insurance quotes?
To get quotes for medical insurance policies offered by Care Health Insurance (Formerly Religare Health Insurance), visit the company’s official website where you will find various policies as per your requirements. Go to the ‘Get Quote’ section and provide relevant details, as requested.
How to calculate the medical insurance premium for parents?
To calculate health insurance premium for parents, you need to follow the same procedure as explained under ‘How to use the Health Insurance Premium Calculator?’ You must provide correct details regarding your parents' age, medical history, and the number of members covered for calculation of the amount.
How to calculate family health insurance premium?
For using the Family Health Insurance Premium Calculator, you need to follow the same procedure as explained under ‘How to use the Health Insurance Premium Calculator?’ You will get an estimate of the amount you must pay to the insurer for availing of the benefits under your family health policy.
How to compare health insurance premium?
If you are opting for a family health cover, then using the online family floater mediclaim policy premium calculator of the insurer, you will get an idea about the amount to be paid. It will help you in comparing various policies available and choose the right plan that is suitable for your needs. It is essential to carefully assess the policy features for selecting a health cover with an affordable premium.
You can create a health insurance premium chart to analyse the health policies and the premium, for making an informed decision.