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Health Insurance Premium Calculator

A health insurance premium is an amount that you pay every year to avail the benefits of a health insurance policy. The prices are determined by taking into consideration a few factors such as location, medical history of your family, pre-existing illness, age, gender etc. However, wouldn’t it be more convenient if you can calculate health insurance premium on your own? Well, you can do that with a health insurance calculator.

A premium calculator is a tool that helps you to know the cost of the premium in a matter of few clicks. All you need to do is can enter your age, members covered, coverage type- individual/family floater, and sum assured limit to get an accurate insurance quote.

Amid the increasing cost of medical treatments, the cost of health insurance premiums is also increasing. And due to this reason, determining the cost of the premium is imperative before purchasing a policy. The cost of premium should not be the only criterion to buy a policy, but definitely, it is one of the most crucial factor. This is where the role of the health insurance premium calculator in India comes into the picture.

This tool is available online on various insurance sites and the calculation can be done in a matter of seconds.You can see for yourself how changing the coverage variables reflects on the cost of the premium

Undeniably, health insurance calculator is a valuable tool as it helps you in finding the best health insurance plan on the basis of all the specifications.

Health Insurance Premium Calculator: Key Features

  • Easy evaluation and comparison of health insurance plans within a few seconds
  • Convenient and cost-effective method to find a policy that meets most of your requirements
  • It helps you manage your finances as you can plan for your premium payments in your budget.
  • It enables you to invest in a policy that is ideal and affordable to you.
  • It helps in making an informed decision
  • The insurance calculator helps you in making a purchase decision when you are ready instead of the face-to-face meeting with sales agents who pressurize you into getting a specific insurance policy they are promoting.

Things to Remember while Calculating Health Insurance

Comparing different health insurance plans can be a daunting task. A lot of people end up making the same mistakes of only comparing the obvious features such as the premium cost, co-payment etc.while, they ignore some other important features such as pre-existing diseases, capping on room rents, pre-post hospitalization expenses, annual health check-ups etc. While using a health insurance calculator make sure that you refrain from making such mistakes. Moreover –

  1. Do Not Just Focus on the Premium- besides the premium amount, it would be better to compare different features like co-payments, deductibles, No-claim-bonus, pre-policy medical check-up, list of network hospitals and the likewise.
  2. Provide Accurate Information- While doing the comparison and calculations on Health Insurance Calculator, make sure that you enter correct details as wrong details can lead to rejection of your claim.
  3. Opt for a Higher Sum Assured – Take into consideration the medical inflation while deciding and choosing the right sum assured.
  4. Consider family floater Plans- Buying a family floater plan rather than individual plans will be a better option as it will cover your entire family and help you save your money.

Above mentioned tips can help you avoid those typical mistakes while using a health insurance calculator online and let you choose the best medical policy that meets most of your requirements.

How to Use Health Insurance Premium Calculator?

To derive health insurance premium from a health insurance calculator, you simply need to fill the following details

  • Visit the insurer’s site and go to the health insurance calculator page
  • Select the number of members to be insured in the policy
  • Enter your date of birth
  • Enter personal details such your name, contact number, and email id
  • Age of the oldest family member or all the family members( in case of a family floater policy)
  • Once you click on the calculate button, the health insurance premium calculator will calculate the cost of the premium
  • Simply compare different policies and enjoy free health insurance quotes from different providers

Benefits of Using a Health Insurance Premium Calculator

  • The health insurance premium calculator provides you with a clear picture of the premium cost
  • It is a time-saving and effective tool
  • Saves you from the cumbersome process of calculating the premium manually
  • The numbers through a calculator are automatically calculated and you get your results immediately
  • It is dedicated to make your premium calculation an easy-breezy process in just a few clicks

How is Health Insurance Premium Determined?

  1. Medical History

Almost all the health insurance companies in India conduct a pre-medical screening and then calculate health insurance premium on the basis of the results. Whereas, some insurers do not take a medical exam but take into consideration your current health conditions, family health background, and lifestyle-related habits. The premium for smokers is usually on a higher side.

  1. Entry Age and Gender

Age is an important determining factor while calculating health insurance premium. The premium increases with the age of the proposer. At a higher age, people are more prone to critical illnesses, such as cardiovascular diseases, kidney disorders and the likewise. This is the reason why premium for a senior citizen health insurance plan is usually higher than a basic health plan. Also, the premiums for female candidates are lower as compared to the male candidates due to lower risk of heart attack, stroke, etc.

  1. Policy Term

The premium for a one-year health insurance plan will be lower than a 2-year plan. However, almost all the health insurance companies provide a discount if you buy a long-term policy.

  1. Plan Opted

It’s a well-known fact that the plan selected by you is going to affect the premium cost. The lower the risks involved the lower the premium will be and vice-versa. A wisely chosen and weighed plan on a health insurance calculator will help you get numerous benefits and desired premium for you.

  1. No-Claim-Bonus

It is the discount that you get on your insurance premium for all the years that you haven’t claimed. It is an important factor to be considered.

  1. Lifestyle

If you are a smoker or drink regularly, the chances are that you will be paying an extra amount of premium. In fact, the company can deny issuing your policy.

Tax Exemption on Health Insurance Premium

The medical insurance premium is a fixed amount, which you pay every year for your health insurance policy. However, the premium that you pay provides you tax saving benefits as per the Income Tax Act.

  • The premium that you pay towards medical insurance qualifies for deduction u/s 80D of the Income Tax Act. It is applicable for anyone paying health insurance premium for self, children, spouse, and parents, irrespective of the dependency.
  • It helps you plan your taxes, as a tax exemption benefit of Rs. 25000 is granted to a policyholder if the age of the insured members is below 60 years.
  • For senior citizens or anyone paying for senior citizens, the limit is Rs. 30,000. Anyone who is less than 60 years pays premiums for their spouse; children and parents above 60 years are given a combined tax exemption of Rs. 55,000.
  • Individuals who are above 60 years and are paying a medical insurance premium for their parents, they are eligible for tax benefits of Rs. 60,000.

Health Insurance Calculator FAQs

Q1. What is the need for health insurance calculator?

A health insurance premium calculator is needed due to the following reasons-

  • The insurance calculator helps in computing the premium cost and gives you an exact idea before purchasing the policy
  • Saves you running from pillar to post and meet insurance agents just to know the amount of premium
  • You can filter and shortlist the quotes as per your preferences
  • Know the cost of add-ons and optional benefits in advance
  • Gives you an idea of the available discounts
  • The medical insurance calculator offers flexibility to change the data entered and the calculate health insurance premium for different plans

It is a simple, quick and effective tool.

Q2. What information needs to be provided in health insurance premium calculator?

Health insurance quotations are decided on the basis of the information provided by you- such as your age, family members covered, pre-existing diseases, no-claim-bonus, coverage opted for, add-on benefits etc.

Get free health insurance quotes by using health insurance calculator.

 Q3. How to use mediclaim policy premium calculator?

Follow the below mentioned steps and enter the correct details to use the medical insurance calculator-

  • Select if you want to go for an individual plan or a family floater plan. Mention the number of members to be covered in the plan.
  • Age of every insured member
  • Choose the amount of sum insured in the health insurance premium calculator
  • Pre-existing diseases for each family member
  • Location i.e. the area and the city of residence
  • Submit your contact details
  • Once all the fields are filled you can click on calculate premium and you will get the approximate cost of the premium for the selected health insurance plan.