Health Insurance Premium Calculator
A health insurance premium calculator is an online tool that helps a potential health insurance buyer to get an estimate of the premium amount that he/she will be required to pay for a particular health insurance plan. With the rising medical expenses, calculating the premium becomes important.
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Health Insurance Calculator
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What is Health Insurance Premium Calculator?
A health insurance premium calculator is a free tool for calculating premiums for various health insurance plans, as well as comparing and examine different medical insurance policies offered by popular insurance companies online. You can compare health insurance plans on the basis of several factors that include age, gender, profession, number of members covered under a policy, etc. One can also customize their health insurance policies and notice a change in the health insurance premium. This way, using a health insurance premium calculator helps in making a better buying decision.
What Is a Health Insurance Premium?
A health insurance premium is a pre-determined sum of money that a policyholder is required to pay to their respective health insurance company in order to avail coverage and benefits offered under a health insurance plan. To use the health insurance premium calculator and have it calculate the amount of premium that must be paid, a policyholder must provide the necessary information. The information includes sum insured, age, pre-existing illness (if any), number of members that need to be covered under the plan, etc. This information provided by the policyholder acts as a parameter depending upon which the amount of premium would get calculated. If there is an unexpected healthcare emergency or a diagnosis of a specific illness, the respective insurance company will pay all of the benefits and coverage listed in the insurance plan, according to the terms and conditions specified in your health plan.
How to Calculate Health Insurance Premium Online?
With a health insurance premium calculator, you can calculate the health insurance premium of your policy by entering a few personal details like medical history, family members to be covered, etc. You will be able to get an estimate of the health insurance premium you will be expected to pay for your health insurance policy based on this information. InsuranceDekho has this tool that you can use to calculate premiums and compare different health insurance policies online, without paying anything for it.
How to Use Health Insurance Premium Calculator Online?
Using InsuranceDekho’s health insurance premium calculator is just a matter of a few minutes.
All you need to do is follow a few simple steps given below:
- To be able to use the premium calculator, all you need to do is visit the website of InsuranceDekho, and click on the 'Health' option.
- Fill in your personal details as asked in the form displayed. You will have to share your Gender, Age, Members to be insured, City, Name, Mobile Number, and E-mail ID. Click on the ‘View Instant Quote’ option.
- The best health insurance plans for you will get displayed on the website with an estimated premium amount.
- You can alter your choices of coverage features and see the change in the premium amount.
Features And Benefits of Health Insurance Premium Calculator
Health insurance premium calculator offers the following advantages to the users:
1. Makes Financial Planning Easy
The health insurance premium calculator provides an accurate estimate of the premium for a health insurance policy you wish to purchase. This allows you to effectively plan your finances for the future.
2. Reduces Risk of Defaulting Health Insurance Premium
Keeping yourself informed beforehand about the health insurance premium eliminates the risk of defaulting health insurance premiums as you opt for a policy only that you can afford.
3. Buy Health Insurance Policy As Per Your Requirements
A health insurance premium calculator can help you in choosing a health insurance policy after adjusting it to your particular needs in order to make it affordable while providing adequate coverage.
4. Helps You Choose Add-On Covers Easily
As you enter your personal details, the health insurance premium calculator displays the most suitable health insurance quotes. Along with quotes, it also tells you the premium for relevant add-on cover(s) that you can opt for along with your health insurance plan.
5. Helps You Make an Informed Decision
With a health insurance premium calculator, you can compare, analyze, choose, and be informed of the various benefits of several health insurance policies. This helps you make the best buying decision by keeping you informed about it all.
Premium calculators for health insurance are quite flexible. They allow you to adjust several variables in order to find the ideal combination of total insured and premium that best meets your needs.
7. Eliminate the Requirement of Insurance Advisor
With a health insurance premium calculator, you can eliminate the role of an insurance advisor. You can simply search for coverage benefits under different health insurance plans at your convenience. There is no pressure from agents or anyone else to add certain coverage benefits. Because you are the single decision-maker, you can set your own premium by increasing or decreasing coverage benefits.
8. Filter And Shortlist Premium Quotes
Some health insurance companies also allow you to filter and then shortlist the premium quotes as per your requirement. It also gives you suggestions to buy certain health insurance plans, as per your preferences entered in the previous steps.
How is Health Insurance Premium Determined?
Take a look at the factors that increase or decrease your health insurance premium:
With growing age, your health insurance premium is bound to climb as old people are more prone to illnesses and use more health care services than young ones. So, it is better to make the timely purchase of a health insurance plan to avoid higher premiums.
Health insurance premiums differ for men and women. This is because as per the expert, women are more likely to visit doctors, and are therefore demanded a higher premium.
4. Medical History
If you have a family history from certain diseases, such as cancer, heart disease, or high blood pressure, you are more likely to need medical treatment for them in the future. As a result, you will have to pay a higher premium.
5. Body Mass Index (BMI)
People with higher BMI are more prone to heart, and joint-related diseases, and even diabetes. Which is why they are more likely to avail healthcare services in the future.
Regular smokers are required to pay more health insurance premiums as smoking is significantly risky for health. Regular smokers are more vulnerable to issues like Stroke, Asthma, Cancer, Heart disease, hypertension etc.
7. Pre-existing Health Conditions
Individuals with pre-existing diseases must pay higher health insurance premiums because they require more coverage than others.
8. Geographical Location
Your residency may have an effect on the amount of premium you must pay. Some zip codes demand a higher premium than others.
If you work in a hazardous environment or have a stressful job, then you are more likely to suffer from medical issues. Which means you will have to pay a higher premium.
Additional Factors Affecting Health Insurance Premium
Insurance companies come with some guidelines which they follow when issuing health insurance plans to individuals. Some of these guidelines are explained below:
- Expenses related to marketing and services: The expenses related to marketing highly influence the premium of health insurance plans, as decided by an insurance company. This is because the marketing expenses are compensated from the premiums received by an insurance company. Commission, brokerage, advertisement, brochure, and other additional charges, as well as the operational costs incurred by insurance companies, are examples of such service charges.
- Savings and investments:: Insurance companies put their money into public-sector financial products rather than private-sector vehicles. This is mostly due to the high level of risk due to private sector investment instruments. The premium that you are required to pay for a health insurance policy is subject to returns received from these capitalizations.
- Policy underwriting: Different health insurance companies may offer different types of health insurance plans such as individual health insurance plans, family floater health insurance plans, senior citizen health insurance plans, etc. All of these plans are underwritten in such a way that they are all evenly balanced. The underwriters consider potential risk factors that could cause an issue in the future. The eligibility and other conditions, as well as the premiums for various health insurance plans, are decided on this basis.
- Mortality rate: Insurance companies may have liabilities like paying an individual or a family cover for the healthcare expenses that they are insured for. The mortality rate is the amount that an insurance company has to bear in case of eventuality to a customer. However, these eventualities are usually experienced by old people mainly because:
- The premium for older people is high in comparison to the ones who are young. This is because old people are more prone to illnesses as compared to young ones.
- Medical history
- Due to the high sum insured for old customers, their premium is also high
Although all general insurance companies need you to have a medical exam before purchasing a policy, some may choose to start with the information you provide on the application form. Your premium is calculated on the basis of the information provided which includes health conditions, lifestyle habits, smoking or drinking habit, etc. also, people who already have a health condition may be required to pay a higher premium as they have higher chances of getting hospitalized.
How to Reduce Health Insurance Premium?
Health insurance premiums may sometimes be an obstacle for people having higher health insurance coverage. So, for those who find it difficult to pay high health insurance premiums, here are a few tips:
1. Purchase Health Insurance At an Early Age: One of the proven ways to save on health insurance premiums is to buy the insurance policy at an early age. This is because as you age, you are more vulnerable to illnesses and are hence required to pay a higher premium then. So, you must choose to timely purchase health insurance coverage.
2. Go For a Policy With Lower Sum Insured: Health insurance premiums are lower for health insurance plans with a lower sum insured. To save money on premiums, get a policy with a lower sum insured.
3. Opt For Copay and Deductibles: After the insured is required to pay a fixed portion of their treatment costs, the insurance company covers the balance when the claim is resolved. The deductible, on the other hand, is the fixed payment you must make for hospital bills before your insurance policy kicks in. So, another way to make your health insurance policy more affordable is to opt for cost-sharing health insurance plans that offer copay and deductible options.
4. Balance Your Health Insurance Plans: An individual can have more than one health insurance policy depending on their requirements. They may have one provided by their employers, an individual health insurance policy, as well as a family floater health insurance policy. In such situations, people must use an individual health insurance policy, regardless of the fact that they may be eligible for benefits under other policies. They will be able to better manage health insurance premiums in this way.
5. Opt for Top-Up Plans: To avail of high coverage at a low premiums, choosing top-up plans is the best option. The plan comes to your rescue when your medical insurance claim crosses the threshold limit.
6. Opt for Family Floater Policies: The premium for an individual health insurance policy is based on the sum insured and age of every member added under the policy. Whereas the premium for family floater health insurance plans is based on the eldest family member covered under the policy. Family floater policies are more cost-effective than individual health insurance plans because their premiums can be up to 20% less.
7. Compare Health Insurance Quotes: The premium rates for health insurance differ from one insurance company to the other. Furthermore, the premiums charged for various health insurance policies vary.Doing a thorough comparison of different insurance plans offered by different insurance companies would help you in choosing the right health plan that would meet your budget and healthcare requirements at an affordable premium cost.
8. Choose a Multi-Year Health Insurance Plan: The amount of premium paid towards yearly health insurance plan is higher as compared to a multi-year plan that is purchased for 2 or 3 years. The premium for the entire tenure is paid once, and the insurance provider offers various discounts on health plans purchased for a period of more than one year.
What is the Importance of Using Health Insurance Premium Calculator?
There are many health insurance companies that offer a variety of health insurance products, and selecting the right insurance plan among the many options available can be difficult. Before selecting a health insurance plan, it is essential to execute thorough research, comparison, and analysis of various terms and conditions. However, the efforts put in selecting the right insurance plan are always worth it when seen through a bigger picture. Highlighted below are a few reasons how a health insurance premium calculator makes selecting an appropriate health insurance plan easier for you:
- With InsuranceDekho’s health insurance premium calculator, you can view different health insurance plans according to your budget and requirements in a single place, so that you can easily do a comparison between them. The decision-making process, thus, becomes a lot simpler and hassle-free.
- With the help of InsuranceDekho’s health insurance premium calculator, you can get an accurate idea regarding the amount of premium payable, according to your financial objective and healthcare requirements, prior to taking any final decision about the policy that you wish to go for.
- InsuranceDekho’s health insurance premium calculator helps you in conducting an extensive research all on your own without even before approaching different insurance companies and insurance agents. Therefore, in this way, the procedure of selecting a health insurance plan becomes seamless and it also helps you in making a wise and well-informed decision.
- InsuranceDekho’s Health insurance premium calculator along with the health insurance plans also displays the appropriate riders or add-ons available to meet your unique requirements. It not just gives the users the flexibility to go through the riders at a single glance but also the ease of choosing them without requiring to individually visit the website of various insurance providers.
Tax Benefits in Health Insurance
When talking about health insurance premiums, it is important to also understand how you can avail tax benefits on the premium paid, in different situations. In case the policyholder and parents have aged less than 60 years and the premium paid for self, family and children are Rs. 25,000 and for parents is Rs. 25,000, then you can avail a deduction of Rs. 50,000. If the policyholder and family members are under the age of 60, and the premium paid for self, family, and children is Rs. 25,000, and the premium paid for parents is Rs. 50,000, the deductions are worth Rs. 75,000. When the policyholder, family members, and parents are above 60 years old and the premium is paid in the amount of Rs. 50,000 for self, family, and children, as well as parents, the deductions are worth Rs. 1,00,000. In case the premium is paid of Rs. 25,000 in both the cases, for cover for members of the HUF (Hindu Undivided Family), then the deductions can be availed of Rs. 25,000. And if the policy is purchased for Non-Resident Individuals for Rs. 25,000, then you can avail tax deductions of Rs. 25,000. You can avail of these tax benefits under Section 80D of the Income Tax Act, 1961. Also, note you can avail of tax benefits only if you have paid the premium in any mode other than cash.
How to Use A Health Insurance Premium Calculator At InsuranceDekho?
InsuranceDekho's health insurance premium calculator helps you assess the premium of various health insurance plans without even charging you anything for the service. The tool will provide you with a free quote and will help you in calculating the premium for a certain health insurance policy. In addition to helping you in obtaining free quotes and providing an estimate of the cost for various health insurance plans, InsuranceDekho's health insurance premium calculator also allows you to compare several suitable health insurance plans based on the information you provide. Using the tool, you can choose the most suitable health insurance plan according to your budget keeping both coverage and premium in mind.
Steps to Use InsuranceDekho’s Health Insurance Premium Calculator
InsuranceDekho’s health insurance premium calculator is a useful tool that is very easy to use. To use the free tool, you are required to follow the simple steps given below:
- Visit InsuranceDekho and click on the Health tab.
- Enter your personal details such as name, age, gender, members to be insured, mobile number, city, email ID, etc.
- Then click on ‘View Instant Quote’.
- There will be several suitable health insurance policies displayed on your screen as per your requirement, along with the estimated premium amount.
- You can customize your health insurance policy by changing your requirements. As you change your requirements or details, you will see the premium of health insurance plans change.
- InsuranceDekho’s health insurance premium calculator helps you see the features and benefits of various health insurance plans along with the premiums to be paid for them. It also allows you to compare two or more health insurance plans and pick the best one for yourself as well as your family. In case of any further query, doubt, or assistance required you can connect with the customer care executives at InsuranceDekho on the toll-free number 7551-196-989.
Health Insurance Coverage Calculator
Who do you want to insured ?
Age of eldest insured member ?
Where do you live ?
*Tax benefits are subject to changes in Income Tax Act.
Health Insurance Premium Calculator
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Disclaimer: InsuranceDekho does not endorse, rate or recommend any particular insurance company or insurance plan.
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FAQ About Health Insurance Calculator
Are the premiums paid towards health insurance tax deductible?
Yes, according to the section 80D of the Income Tax Act, you are eligible to claim for tax deductions on premium amount payable towards a health insurance plan of up to Rs 25,000 for self, spouse and children covered under the plan. An added tax deduction of Rs. 25,000 is provided for dependent parents, who are less than 60 years in age and if parents are more than 60 years in age, then a tax deduction of Rs. 50,000 is provided.
How much time do I require to spend online for calculation of insurance premium?
The best attribute of a health insurance premium calculator is that it is pretty fast and simple. If you use InsuranceDekho’s premium calculator, then you can calculate premium quotes of different health insurance plans based upon your requirement and budget within just a few minutes.
What is the benefit of using an online medical insuance premium calculator?
The benefits of using an online premium calculator are many. The free premium calculation, simplification of complex calculations, time-saving solution, comparison of different quotes, customization of input, and premium calculation result without any mistake are a few benefits that make online premium calculation worthwhile.
For further information about the premium calculator or any query related to health insurance, dial our toll-free number 755 1196 989.
Can I reduce my health insurance premium?
Yes. You can reduce the health insurance premium of the selected health insurance policy in the following ways:
- Purchasing the policy at a young age
- Opting for deductibles or co-payment
- Choosing top-up or super top-up health insurance plans
- Choosing a health insurance policy as per your time zone
- Checking for the No Claim Bonus (NCB) policy
- Opting for family floater health insurance policies instead of individual health insurance policies.
Does the premium for health insurance policies vary with different health insurance companies?
Yes. The premium for health insurance policies vary with different health insurance companies.
For further information about the premium calculator or any query related to health insurance, dial our toll-free number 755 1196 989.
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