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Health Insurance Premium Calculator

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What is a Health Insurance Premium Calculator?

A mediclaim premium calculator is a user-friendly tool to assess the cost of your medical policy. The calculator simplifies complex policy calculations and improves your policy-buying decisions. This way, you need not chase insurers for a quote. Instead, get an initial idea of the estimated premium with just a few clicks! The calculator uses several factors, including:

  • The policy’s coverage and benefits

  • The insured member’s age, gender and health status

  • The policy tenure, and other components that go into the calculation of insurance premium

Calculating health insurance premium helps you compare the cost of different health covers by customising the number of insured members, healthcare benefits, policy’s sum insured and tenure.

What’s best is that a health insurance premium calculator helps you get a close to accurate premium cost from the comfort of your place without scheduling any agent visits or calls. The easy-to-understand steps and minimal required information helps you complete the premium calculation without any assistance. Should you still need some help, the customer support of Care Health Insurance is just one call away.

Easy & Instant Premium Calculation with Care Health Insurance

As much as health insurance is essential, it is also important to know how much investment you should make in health insurance. As a policyholder, you would prefer to opt for a health plan that comes at an affordable cost and meets your medical needs.

At Care Health Insurance, we help you make an informed decision about your health and money management with our digital health insurance premium calculator. It helps you estimate the cost of securing your health under the desired insurance policy without getting into lengthy calls or visits. This way, you can select the plan with the suitable health benefits and plan your budget accordingly. Calculating health insurance premium is the primary step toward finding an affordable policy for yourself & your family. Read more about how you can calculate health insurance premium through Care Insurance digital portal.

5 Easy Steps to Calculate Health Insurance Premium Online

Getting a free quote and computing your premium cost through the online health insurance premium calculator is as easy as you may find. All you need to do is follow these simple steps-

steps to calculate health insurance premium online steps to calculate health insurance premium online

The health insurance premium calculator will automatically calculate the amount you must pay to be eligible for coverage. You can check the premium and critical benefits in your base health insurance cover.

Please Note: The premium calculated by the digital tool is an estimated insurance pay-out based on your shared information. After an underwriting review of your current health condition, there may be a slight variation in the premium cost. Other factors, such as existing health problems or family history, might also be considered.

Understanding the Calculation of Insurance Premium

Let’s understand the comparison of different health insurance premium amounts with an example. Given below is a quick table to explain how the mediclaim premium rates vary for our individual and family floater health insurance plans, considering different age groups of the insured people. Here’s how we calculate health insurance premium:

Suppose the sum insured is Rs 5 lakh for a policy term of 1 year. The premium includes 18% GST.

 

Age (in years)

Premium for Individual Health Insurance

Premium for Family Health Insurance (Self, Spouse, and 1 Child)
30 Rs. 6,620 Rs. 12,332
40 Rs. 7,200 Rs. 14,110
50 Rs. 12,792 Rs. 22,221

*The premium rates displayed are for policies without add-on covers. It is assumed that the insured persons do not have pre-existing conditions.

Considering the above table and a health insurance premium calculator, you can expedite your policy-buying decision by choosing the best health insurance cover. Separate individual policies for your family members will hold a higher premium than a family floater policy. However, we suggest issuing a personal healthcare policy to senior citizens or someone with a prior medical condition. For young family members, it is wise to invest in family health insurance plans as the premium is affordable.

>> Check: Health insurance for Parents

*IBAI Claims Handbook for FY 19-20

Information Required to Calculate Health Insurance Premium

Calculating mediclaim policy premium has become all the more convenient with Care Insurance’s health insurance premium calculator. We require minimal information to process an estimate of your health insurance premium amount. We assure utmost security for your personal information and maintain confidentiality. Below are the details pre-requisite to calculate mediclaim premium:

 

General Contact Information

Your mobile number, name, pin code, and email address

Information about Members to be Insured

The number of members to be insured, along with their age and gender

Eldest Member’s Information

 The eldest member’s age and their pre-existing health condition, if any.

Policy Benefits

Sum Insured, policy tenure, and add-on benefits you need under the policy.

Apart from the above information, you can check the payment and EMI options available with your policy. The final premium amount might be slightly variable subject to the underwriter’s discretion and policy details.

Benefits of Health Insurance Calculator

Understanding your yearly expenditures and investments is of utmost importance, especially with a family to support. While a health insurance premium is an investment, prior calculation of the premium amount adds to your financial planning. Besides being quick and convenient, a health insurance premium calculator offers the following benefits-

 

Saves Time & Resources

Calculating health insurance premium helps you estimate the mediclaim cost from anywhere, any time. No need to book agent visits and schedule calls.

 

Eliminates Calculation Error

The health insurance premium calculator is a reliable tool that accurately evaluates all the policy factors to provide error-free premium rates.

 

Speeds up Policy Comparison

No need to read through several lengthy policy brochures when you can easily compare various insurance policies with an online mediclaim calculator.

 

Simplifies Complex Terms

The calculator breaks down the factors and terms in an easy-to-understand language, so that you don’t require much assistance while calculating the premium.

 

Helps in Customisation

You can customize the health plan by switching policy benefits, insured members’ details, and add-on benefits to calculate health insurance premium.

Factors Used to Calculate Health Insurance Premium

If you wonder how health insurance companies calculate the premium, you should acquaint yourself with the primary factors influencing the insurance pay-out. These factors include the coverage of your healthcare policy and details of insured members, among other parameters that go into the health insurance premium calculator as mentioned below:

 

Pre-existing Diseases

A person with pre-existing conditions, like hypertension or diabetes, is likely to bear a higher policy premium than that for a healthier individual.

 

Body Mass Index

An unhealthy BMI puts you at risk of various health ailments like, health diseases, diabetes, etc. High BMI leads to a higher insurance premium rate.

 

Family’s Medical History

A family history of chronic diseases increases the risk of hereditary diseases among insured members, thus increasing the health insurance cost.

 

Mortality Rate

As the mortality rate increases, so does the insurers' chance to pay for specific covers and diseases. Children and older people come under the higher mortality rate umbrella.

 

Type of Plan Selected

The insurance plan you choose is a crucial factor in the calculation of insurance premium. A family floater plan will have a much lower premium than an individual plan.

 

Age & Lifestyle of Insured Members

Old age and unhealthy lifestyle habits like smoking, drinking, or tobacco consumption results in several health risks and thus a higher premium amount.

 

Insurance Underwriting

The underwriter analyzes your risk profile and medical records to determine how much coverage you should be offered and at what premium cost.

 

Add-on Covers

The more benefits you include under your health plan, the higher insurance premium you pay. You can add optional benefits like OPD, NCB waiver, etc.

Compare the Premium of Our Health Insurance Plans

At Care Health Insurance, we help you compare and choose the right health insurance plan for yourself and your family through the online calculation of insurance premium. Check the benefits, coverage, and premium rates of our top-rated plans:

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Look for best health plan that suits your need!

Preffered
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Individual Health Insurance

A Safety Net that Protects You Against Medical Emergencies

  • Plan starting from 25 lakhs and going up to 6 Crores
  • An add-on offering unlimited e-consultations
Preffered
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Pre-Existing Diseases Cover

Health Insurance for Diabetes, High BMI and Hypertension

  • Dialysis Cover 
  • Day Care Treatments
Preffered
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Health Insurance for Senior Citizens

Your Parents have always care for you, Now its your TURN

  • No Pre-policy medical check-up
  • *Annual Health check-up for all insured persons

Tips to Reduce the Premium Amount of Your Health Cover

A higher premium does not mean higher coverage. Even if the health insurance calculator estimates a lower premium for a policy, it can give you sufficient coverage for your healthcare needs. Also, it is quite possible to reduce your chances of paying a high premium. While medical inflation is at an all-time high, we ensure that you do not pay higher premium costs due to rising healthcare treatment costs. We have listed down the factors that you should take care of to lower the burden on your wallet.

  • Opt for Family Floater Plan: With our family floater plan, we cover multiple family members under a single policy; thus, the premium decreases. However, the sum insured will be shared among members.

  • Go for Higher Deductible: It is an amount that you have to pay to the health insurer before you get the claim. It is beneficial to go for a higher voluntary deductible that results in lower medical insurance premium rates.

  • Invest in Health Insurance at Young Age: It is good to invest in medical insurance when you are young. It costs you a lesser premium because you are fit and healthy and less prone to diseases. As a person ages, the chances of paying a high premium for a health cover increase.

  • Choose Multi-Year Policy: You often get a discount on the long-term policy. Care Health Insurance offers a 10% discount for a 3-year policy tenure. By taking a mutli-year policy, you can lower the premium rate.

  • Lead a Healthy Lifestyle: Your lifestyle influences your health. By leading a healthy lifestyle, like avoiding excess alcohol consumption and smoking, you lower the risks of facing health issues and are likely to pay a low premium amount than those at higher stakes.

  • Go for Regular Health Check-ups: The premium is high if one has any pre-existing disease. Monitoring your health condition will help you detect the early signs of ailments, like diabetes and hypertension, before they arrive. This way, your chances of contracting health issues will remain low.

  • Maintaining Body Mass Index (BMI): Individuals with normal BMI will pay a lower premium. So, it is vital to stay healthy and keep an ideal Body Mass Index within the standard limit.

In a nutshell, a health insurance premium calculator is an effective tool to choose the right health insurance plan. It gives you a precise estimate of the cost of a health insurance plan so that you can pick the most affordable one accordingly. However, it is better to give preference to adequate coverage over the amount of the premium.

Calculate Health Insurance

Health Insurance is a shield that protects you and your loved ones in cases of medical emergencies.

Calculate Health Insurance

An affordable health insurance plan ensures that a financial crisis is not an issue during a medical emergency.

Calculate Health Insurance

With the skyrocketing cost of healthcare in the country, opting for a good health Insurance Plan is a wise decision for the safety of the individual and family as a whole.

FAQs

Q. What is a health insurance premium?

A health insurance premium is an amount one pays to the insurer periodically to avail of policy benefits and cover the risks. The periodicity of the premium pay-out could be monthly, quarterly, or yearly. The premium amount can differ for individuals and families, majorly depending on the age and lifestyle of the insured members.

Q. Do you have to pay GST on health insurance premium?

Yes, when buying a health policy, a GST of 18% is factored in to calculate health insurance premium. For example, the premium amount for a policy of Rs 5 lakhs is Rs 12,000. 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.

Q. 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 a certain medical underwriting process combined with a distinct medical insurance calculator.

Q. How can I get medical insurance quotes?

To get quotes for medical insurance policies offered by Care Health Insurance, visit our official website, where you will find various policies to choose from. Go to the 'Get Quote' section and provide relevant details, as requested and use the digital mediclaim policy calculator.

Q. How to use the mediclaim policy premium calculator to estimate the cost of parents’ insurance?

To calculate health insurance premium for parent’s insurance, access a premium calculator on our website. Enter the details about your parents, including their age, medical history, and the number of members covered and click to calculate the amount. If you opt for senior citizen health insurance, customize the number of people you wish to insure along with their age and gender.

Q. How to calculate family health insurance premium?

On our ‘Care’ page, you can calculate health insurance premium for your You can use our family health insurance premium calculator to know the insurance amount of your family plan. Use the tool and enter the number of insured persons, their age, and other details. It will give you an estimate of the amount you must pay to the insurer to avail of the benefits under your family health policy.

Q. How to compare health insurance premium?

You can compare premium amounts by getting quotations for different health insurance policies with our health insurance calculator. If you opt for a family health cover, then using a calculator will give you an idea about the amount payable. You can create a health insurance premium chart to analyze the health policies and the premium for making an informed decision.

*Claim Settlement Ratio is for FY 19-20

^^Number of Cashless Healthcare Providers till 31st Dec 2022.

^10% discount is applicable for a 3-year policy

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