Today, health insurance is one of the primary needs to secure your future in case of any medical emergency. However, it is not easy to make choice from lots of health insurance plans available in the market. If you want to compare all these health insurance plans, it will be easy by using the health insurance premium calculator tool available online. You will not only find features to compare several insurance policies but you will be able to save your money on premium by getting an additional discount for the right insurance plan. It will make the comparison process much faster and easier for every Health Insurance buyer in the market.
It is always a big topic of confusion for the customers to know about the process of calculation of the premium for any Health Insurance. You should know that there are lots of factors that are considered while calculating the premium of any health insurance policy. In these factors, they will consider the age, gender, family medical history, pre-existing diseases and many other factors related to the insurance buyer.
For example, if you are going to get health insurance policy at the age of 25 years, you will need to pay less amount of premium as compared to the customer getting it at the age of 45 years. There will be a bigger risk of diseases and health problems at the age of 45 years as compared to your current age of 25 years. If there is any kind of habit including smoking or drinking, there will be a risk of diseases and the insurance premium will be higher as compared to a non-smoker customer. You will need to go through the medical check-up while going to buy any Health Insurance policy with any company. These are several factors that are considered by the insurance company while going to provide the insurance policy to any customer.
What is a health insurance premium?
When you are going to get health insurance policy, you will need to pay the amount of money on the certain periods to the company so that you can get coverage benefits when you need it. It will be the amount of premium of your health insurance policy. With different policies with different companies, you will find various options of premium and coverage benefits that you can choose according to your requirements and budget. By paying the premiums, you will be able to get financial help when you are diagnosed with any kind of diseases according to the terms and conditions of insurance company.
Benefits of Using Health Insurance Premium Calculator Tool
Health insurance premium calculator will be beneficial in lots of ways for the buyer.It is a complex process to understand all the terms and conditions when you are going to get a health insurance policy. In this kind of situation, health insurance premium calculator tool will be very beneficial in the following ways:
- The customer will be able to estimate the amount of premium before purchasing the insurance policy with the help of this tool.
- It will be easy to compare several plans available in the market to pick the right one as per your needs with this tool.
- While comparing the plans online, you can include or exclude add-on benefits according to your requirements and convenience.
- You do not have to make a visit to the branch of an insurance company or contact any agent for help to make the right decision for the right
Because of all these benefits, it will be good to search for the right health insurance calculator tool online and use it to find help to pick the right plan.
Additional Factors that Can Affect the Premium of Health Insurance Plan
There are several other factors that may be responsible for the change in the premium of any health insurance plan. Here are some of the factors that you should keep in mind while going to know about the right health insurance policy for a stress-free future:
- Marketing and service expenses
At the present time, service and marketing expenses are very high due to the increasing competition in the market. The company will recover all these expenses from the premiums of the policyholders. There are several additional factors including marketing, brokerage, Commission, brochure, advertisements and other service costs that can make changes in the premium amount of the insurance policy.
- Savings and Investments
As you know, the insurance companies invest the money in several parts of the public sector. There may be a higher risk in these kinds of investments for the companies. In this kind of situation, your premium amount may be affected due to the Savings and investments of the insurance company.
- Mortality rate
Insurance companies will need to pay the sum assured amount to the policyholder or family members in the situation of any emergency hospitalization. The mortality rate is about the cost of these expenses that a company will need to pay. These factors can affect the amount of premium in the following ways:
- Insurance premium of the old aged customers will be comparatively high as compared to the younger customers.
- There will be a big risk of diseases and hospitalization due to the problems like diabetes, high blood pressure, Heart Attack etc for these customers.
- With premium, the sum assured will also be high for old aged customers.
- It will also depend on the medical history of the family of the policyholder.
Health Insurance Policies Terms and Conditions
As you know, an insurance company may have lots of products including individual health insurance plan, family floater health insurance plan and group health insurance plan. There will be different terms and conditions for all these kinds of plans that you will find with several companies. There may be a difference in the several terms and conditions with the insurance provider. It will be an important factor for the changes in premium amount while going to get any health insurance plan with any company in the market.
- Family Medical History
As you know, it is important to undergo the medical checkup while going to get any health insurance plan in the market. The insurance company will also consider your medical history and family medical history before providing health insurance plan. On the basis of all such information, there may be a difference in your amount of premium.
- Tax-related Benefits with Health Insurance
With health insurance plans, you will not only find the benefit of medical coverage but it is also a very effective solution due to the tax-related benefits. You will get the tax benefit under section 80d of the Income Tax Act 1961. The premiums paid for your health insurance will not come under Income Tax. In the financial year, you will be able to avail of the tax benefits of maximum Rs 25000 when you are below 60 years. For the senior citizens, this limit will be of Rs 30,000 in the financial year.
If you are paying more for the premiums of Health Insurance, you will be able to save more on your income tax. In this kind of situation, you can use the health insurance premium calculator tool to know about the value of premiums that you can pay for sufficient coverage of Health Insurance.
If you are the only earner in the family and making payments for the insurance policies for your family members and parents, you may available tax benefits with exception of Rs 55000 in the financial year. Therefore, it will be possible for the customers to avail the tax-related benefits with health insurance policies.
How to use Health Insurance Premium Calculator Tool?
To know about the right amount of premium that you can pay for your selected health insurance policies, it will be good to find insurance premium calculator tool for it. Either you can find it by visiting the official website of your insurance provider or you can use it on this website. By using this tool, you will be able to calculate the amount of premiums of several Health Insurance plans available in the market. You will not only know about the right amount of premium but will also get the information about the coverage benefits that you can avail. It is very easy to use this calculator tool by adding the required information and your personal details. It will give you options of several insurance plans available for you and you can make choice as per your requirements and budget.
To use the tool, you can follow the steps given below:
- First of all, you will start the tool available on the homepage of the site
- You will enter the details of your city, pin code and annual income
- There will be an option to include the family members in the policy
- Click at the option of “proceed”
- Enter the name and email ID
- Enter the mobile number as well as the current medical condition
- Click at “Proceed” option and find the quotes for medical insurance plans
With these simple steps, you will be able to find a list of all Health Insurance plans available as per your requirements and budget. After that, you can take a look at the features, premiums and coverage benefits of all the plans and can make a good choice as per your requirements.
You can also use health insurance premium calculator tool to compare two or more Health Insurance plans available with several companies. As you know, there are lots of companies offering the same kinds of plans for the consumers. It is very important to compare all these plans to make a good decision. If you don’t want to face any kind of confusion to compare these plans, you will definitely get help with health insurance calculator tool for it.
It is always essential to make the right choice for the right plan so that you can live a stress-free life without any kind of inconvenience about any medical emergency. Therefore, it will be good to use a health insurance premium calculator tool that is available online at the website. It will be the perfect way to make your decision better about the right plan.