Health insurance plans are beneficial in reducing your financial distress in case of a medical emergency. However, before choosing a policy, you must understand the inclusions, exclusions, waiting period, and other terms and conditions.
What is a premium?
An important factor that influences your decision is the premium. This is the amount you pay to the insurer to ensure you receive the coverage under the health plan. The premium depends on several factors, which include:
- Age: Generally, the health insurance premium is lower when you are young as the possibility of ill-health is lesser
- Sum insured (SI): The premium increases when the SI is higher and vice-versa
- Medical condition: Your current medical condition and family history also influences the premium payable on the insurance cover
- Type of plan: The amount also varies between individual and family floater health plans
- Pre-existing diseases (PEDs): Some insurers may eliminate or reduce the waiting period for PED by charging an additional premium
Tips to reduce the premium
Rising medical inflation and healthcare costs make it necessary for you to avail of a basic health insurance plan. However, there is no reason why it should be expensive. Here are five ways to get a health policy at a cost-effective premium:
- Buy the insurance plan when you are younger
- Opt for a higher deductible or co-pay based on your financial situation
- Compare health insurance policies offered by various insurers and buy online
- Avail of family floater plans
- Avoid unnecessary additional riders
Understanding the health insurance premium calculator
It is an online tool that will help you determine the approximate amount you will have to pay as the mediclaim insurance premium. It is very simple to use this calculator. By entering a few basic details, you will be able to determine the estimated premium within minutes. You can input your age, SI, type of policy, additional riders (if any), and location to compute the predicted premium.
Benefits of a health insurance premium calculator
An online health insurance premium calculator offers several advantages, like:
- Financial planning, as you get an idea about the potential premium payable in advance
- Informed decision making based on your financial situation, ensuring you do not default on timely premium payment
- Facility to calculate the premium based on multiple factors to help you find the most appropriate and affordable health plan
- Possibility to calculate the additional premium for various riders, which enables you to choose the suitable add-ons
- Opportunity to review different plans easily along with their features, inclusions, exclusions, and other benefits before making a decision
In today’s uncertain times, a mediclaim is indispensable. However, you can get it at an economical premium by following the aforementioned steps and doing some research.