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Before you opt for a health insurance policy, there are many things for you to consider. Like, your age, the coverage amount, and most importantly, the health insurance premium. It is the amount of money you need to pay periodically to an insurance company to avail medical coverage. Plus, continuing the payment of premium is essential for the policy to remain in force. And in return, your insurer is liable to pay for the hospitalization expenses and medical bills in the event of a medical emergency.
However, manual calculation of insurance premiums is cumbersome not to mention an elaborate process too. But with a health insurance premium calculator, you will get a clear picture of the premium cost.
The numbers based on several factors are run through the health insurance premium calculator and are calculated almost automatically. Many insurers offer this on their websites to make your premium calculation an easy-breezy process in just a few clicks.
Benefits of Health Insurance Premium Calculator
The process to understand your insurance policy has been made easy by using health insurance premium calculator. You may or may not understand one or more insurance-specific terms and consequently pay way more than your expectations. It would help if you use an insurance premium calculator to help you with that and more:
- You can estimate the premium before purchasing the policy.
- It will enable you to compare the various plans and choose the most suitable one.
- Also, you can filter and shortlist the quotes as per your preferences.
- Health insurance premium calculator gives you an idea of the available discounts.
- You can get to know the cost of add-ons and optional benefits in advance.
- It will help you exclude or include the ad-on coverage through riders provided by any insurers.
- You can easily decide when you actually want to proceed, as you won’t have to go and meet an insurance agent.
Factors that Determine Health Insurance Premium
The following factors are vital in deciding the health insurance premium:
- Medical History: Your medical history or pre-medical screening results are required to determine the premium using a health insurance premium calculator.
- Entry Age and Gender: When you calculate the premium, age plays a major role in determining it. At a higher age, you are more prone to critical illnesses. Thus, the premium is higher.
- Policy Term: The premium of the chosen health insurance plan will also depend upon the plan’s policy term. Generally, insurance companies offer discounts if you opt for a long-term policy.
- Opted Plan: The health insurance plan opted heavily influences the premium to be paid. In case you choose rider on options, the premium amount to be paid will increase since you will get more coverage.
- Lifestyle Habits: You may require to pay an extra premium amount in case you have certain lifestyle habits like smoking or drinking.
Steps to Use a Health Insurance Premium Calculator
To use a health insurance premium calculator, follow these simple steps:
- Go to your insurer’s health insurance premium calculator page
- Type the required details and fill the form
- Select your gender, name and contact number
- Choose the plan you want to go for and mention the number of members to be covered in the plan
- Opt for the amount of sum insured in the health insurance premium calculator
- Select the city you are living in
- Click ‘continue’ tab to view the quotes
- After all the fields are filled, you can click on calculate the premium. Then, you will get the approximate cost of the premium for the selected health insurance plan.
To conclude, using a health insurance premium calculator before you purchase any health insurance plan will be a wise decision. You can opt for trustworthy insurers like Tata AIG. They have plans that specify the need for health insurance for each stage in life. You can visit the website and use the health insurance calculator to check the premium amount.
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