A health insurance calculator is a tool that is readily available online and can help users get an estimate of the cost of the payable insurance premium. It takes specific data points from the user and displays instant results, enabling them to make informed decisions regarding their health insurance purchase.
However, to leverage the benefit of this tool, knowing how to use a health insurance premium calculator is crucial. Continue reading for a step-by-step guide.
What is the Procedure to Use a health insurance premium calculator?
Follow this step-by-step process to use a health insurance calculator online:
Step 1: Access the Official Portal of the Health Insurance Company
Visit the official website of your preferred health insurance provider.
Step 2: Navigate to the Premium Calculator
Go to their health insurance premium calculator page.
Step 3: Select the Type of Coverage
Pick the health insurance option that best meets your needs.
Step 4: Provide Personal Information
Enter your personal information, which includes your email, gender, age, and phone number.
Step 5: Add Family Member Details (Optional)
Provide the details of all the family members you wish to include in the plan. This includes their names and their relationship with you.
Step 6: Review of the Estimated Premium
The calculator shows your premium estimate based on the details you entered. Before you proceed, check the policy conditions along with its coverage details and exemptions.
Step 7: Adjust Premium and Make Payment
If needed, you can modify the coverage by adding or removing optional add-ons or adjusting the sum insured. Once you are happy with your selections, finalize the premium payment to purchase your health insurance policy.
Details Required When Using the Health Insurance Calculator
Here are some crucial details you are required to submit when using the health insurance calculator:
● Policy Type and Term
The health insurance premium depends on the type of policy you have chosen (such as individual or family floating) and the policy tenure. Short-term plans often have lower premiums. However, long-term policies come with discounts, making them more affordable over time.
● Age and Location
Your age significantly affects your premium rates, with older individuals typically paying higher premiums. The location or PIN code is also evaluated, as healthcare costs may vary by region.
● Number of Insured Members
For family health insurance, the number of people included in the policy influences the premium. The more members covered, the higher the premium.
● Sum Insured Amount
The desired coverage amount, or sum insured, is a key factor in determining your premium. Higher coverage leads to higher premium costs.
● Medical History
An insurer considers your health status and medical history to determine the risk of providing coverage. This contributes directly to the premium rate.
● Lifestyle Choices
Mention whether you have unhealthy habits such as smoking or regular alcohol consumption. Insurers may provide coverage for such lifestyles but at higher costs due to the elevated risk of critical illnesses.
● Add-On Covers
An additional premium is charged for optional riders, or add-on plans in health insurance, providing a scope of additional benefits and coverage.
What is the Benefit of Using a Health Insurance Calculator?
A health insurance premium calculator offers the following benefits:
1. Accurate Cost Estimation
This tool provides an accurate estimate of the insurance premium based on your specific details. It helps you plan your budget effectively and understand the financial commitment required for your chosen health insurance policy.
2. Personalized Customization
You can even change the parameters on the calculator to customize the plan according to your needs. This flexibility helps you explore several options and adjust the policy accordingly to match your requirements.
3. Easy Comparison of Plans
The calculator lets you immediately understand how different insurance plans compare against each other. You can, therefore, assess multiple policies and select a health insurance plan that will suit your needs.
4. Saves Time
Working through premium calculations manually involves handling too many factors, takes up a lot of time, and can be prone to errors. A premium calculator saves time by giving you fast results without the need for manual calculation.
Thus, when you are planning to buy a health plan, using a health insurance calculator can be an ideal way to get an estimate of the premium and make an informed decision. However, choosing the right insurer is also crucial to ensuring that you get quality coverage with minimum delays in claims settlement.
Star Health offers health insurance plans starting at ₹13/day and processes 90% of cashless claims in under 2 hours.