Just getting health insurance isn’t enough, you also need to ensure that you have an adequate cover so that in case someone from your family needs to be hospitalized due to an illness, it can cover all of the associated costs.
You don’t want to be stuck in a catch twenty-two situation where you find out that the insurance cover isn’t enough to support the expenses being incurred on the treatment. A health insurance calculator can help you plan better in terms of coverage amount and the premiums you will need to pay.
In this article, we will look at what is a health insurance calculator and how you can use it to make more informed decisions regarding your health insurance.
What is a Health Insurance Calculator?
Consumers often rely solely on their health insurance providers to guide them with insurance coverage and the applicable premiums. However, It’s a better option to do your math before selecting an insurance cover rather than just relying on agents and service providers.
A health insurance calculator is a timesaving tool that does the math for you and cuts down on the time to help you quickly select the appropriate coverage at a premium you can afford without pinching your wallet.
Benefits of a Health Insurance Premium Calculator
An insurance policy document can be pretty complex with hidden terms and conditions that are difficult for a layman to understand.
This can result in selecting a policy that’s either inadequate or end up costing you a lot more than anticipated.
By helping you decode the estimated amount you would need to pay as a premium, a health insurance calculator can prove to be your greatest ally.
Here’s a list of benefits that it offers:
- Provides you an estimated amount to reflect the premium before purchasing a policy
- Helps you compare various plans based on your unique requirement
- Let’s you filter policies and shortlist insurance quotes
- Gives you an overview of available discounts
- Helps you calculate any extra costs associated with addons or optional benefits
- Gives you the flexibility to choose and pick without having to talk to multiple agents or insurance service providers
How does a Health Insurance Calculator Work?
It works by factoring in multiple checkpoints to come to an estimated premium amount for the cover you want.
Medical History and Lifestyle
Your medical history plays a big part, and your premium depends on it. For example, a person who smokes needs to pay a higher premium compared to a non-smoker. Moreover, if you have any pre-existing conditions or lifestyle-related diseases; the health insurance calculator also considers that to help you select an appropriate plan.
Age of Entry
Normally, a person in their 20’s pays a lesser premium compared to an individual in their 40’s. Therefore, your age of entry is a crucial factor that is taken into account to give you an estimated premium amount.
Policy Term
Generally, the premium for a one-year policy is lower than a 2-year plan. However, if you opt for a longer policy term, you tend to get discounts from insurance service providers. This factor is also taken into account to calculate the premium amount.
Plan Opted
Different insurance plans come with different premium amounts attached to them. Your premium amount will depend on the plan opted.
If you are looking to buy insurance or enhance your existing cover, then a health insurance calculator will give you the head start you need.
Care health insurance provides a handy calculator that you can use to find out the estimated premium you will have to pay across their comprehensive insurance plans that offer one of the best benefits in the industry.
You get cashless access to more than 16500+ medical service providers, access to futuristic treatment procedures like robotic surgery and alternative medicine such as Ayush, coverage for Covid-19, etc.
Moreover, their plans come with in-house processing and an industry-leading 95.2% claim settlement ratio, so should you ever need that insurance, you won’t have to face any hassles.
So, what are you waiting for? It’s time to do the math and get you the most appropriate health cover for yourself and your family!
