Health Insurance Premiums:Everything To Know About Its Calculation, Benefits and Payment
Published On Oct 31, 2019 5:30 AM By Prashant Srivastava
There are a lot of things in the fine print of health insurance policies - the Terms and Conditions, Inclusions, Exclusions, Add-on Benefits, the Special Cases, but the premium is always told to the policy buyer upfront. If you want to buy health insurance, you might wonder how insurance companies calculate insurance premiums.
Read on to know the components of your health insurance premiums, so that you can save more, and get smarter along the way!
How to Calculate the Health Insurance Premiums Online?
The premium is the prime factor to consider when purchasing health insurance. When you are able to calculate it before buying the policy, it will help simplify the selection process and make the right decision.
Though calculating the premium online may sound difficult, the reality is otherwise. You can calculate the premium of a particular health insurance company in seconds without facing so many issues and investing too much effort. There are online premium calculators that help calculate the premiums at your convenience.
Unique for bringing efficiency in the process, insurance companies can provide you with an online premium calculator. Such calculators are easy to use. They help you calculate the premium of a specific health insurance policy online without wasting even a single moment. The premium of health insurance is calculated using these tools based on the following factors:
- Your age
- The type of coverage you want
- Your medical history
- Policy term
- Sum insured you have chosen
- The amount of coverage you need
- Your personal information
- Your zip code and other factors
- Your insurance history
Benefits of Calculating the Health Insurance Premiums Online
The benefits of the premium calculation using the online premium calculator are manifold. By calculating the premium online before purchasing a health insurance policy, you will be able to enjoy the following benefits:
- You can be able to extend or reduce the coverage benefits
- You’ll know the premium amount, so you can discuss with your family in advance about the financial planning wisely
- You can find the exact expense on the health policy
- You can pick the right mediclaim policy from the list of plans
- You will know the actual costs of the health insurance policy without buying it
- You can recalculate the premium and change it if the need arises
- You will come to know how affordable your policy is before selecting it
Premiums are paid against the plan that covers your health. Many insurance providers in India adopt a variety of ways to pay insurance premiums, including automatic payments, online options, through credit and debit cards, cheques, etc. If you choose paperless premium payment options or pay the full amount at once instead of opting for installments, you can qualify for a discount.
Depending on the insurance company and the policy you have chosen, you can pay the premiums annually, semi-annually or each month. In some cases, you need to pay the full amount upfront before the policy coverage comes into effect.
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With the help of a premium calculator tool, you can compare other health insurance plans based on their premiums. Also, the calculation of the policy will allow you to choose the most suitable health insurance at the best premium rates which won’t even compromise on the coverage benefits. No matter whether you are choosing Religare Health Insurance, Star Health Insurance, Max Bupa, United India Insurance or any other insurance companies and their policies, you are able to calculate their premiums online.