By 
Any health insurance helps prepare you against medical exigencies that can arise unexpectedly and suddenly in the future. It gives you protection against the huge medical bills by providing you financial help and saving you from getting a big hole in your pocket. You also get the benefit of the cashless facility which can be the silver lining that you need.
For it, you do pay a monthly or annual premium. But very few are unaware of the dynamics that go in calculating your health premium. It is a tricky calculation that has several factors involved like your age, type of health plan, benefits and diseases covered in it, your medical history, etc. All these intricacies make you dependent on the insurance agent and accept the premium amount that he quotes.
But the scenario has again changed. Thanks to the technological era, you can easily find Health Insurance Premium Calculators that not only lets you know the premium amount but also helps you compare various plans.
How Does the Health Insurance Premium Calculator Work?
Calculating the premium requires taking into consideration plenty of factors like your age, type of plan i.e. individual or family-floater; sum insured, deductible, etc. There are several steps to using the calculator. They are:
- Foremost, it will ask you for personal details like name, age, contact number, area of residence i.e. geographical area, type of plan you are looking for like the individual or family floater, etc.
- Once the personal details are keyed in; it would ask you for all policy-related details like your health history, tenure of the plan, the deductible you would like to opt for; the features and additional benefits you are looking for, etc.
- Finally, you can click on the calculate premium tab. It will also show you filters to shortlist plans that would best meet your needs.
- You can now compare and contrast the plans to choose the one that best satisfies you.
Benefits of Using a Health Insurance Premium Calculator
The health insurance policy market is highly competitive. This makes selecting the right health policy that meets your unique needs and suits your pocket as well, a daunting task. It becomes a tough job to do thorough research, analyze and compare various policies and then select the best fit. But the health insurance premium calculator makes the entire endeavor, a breeze. Few of its leading benefits are:
- With the use of the calculator, you get a fairly accurate idea of the estimated premium amount that you must pay for different health policies. Hence, you can easily choose the one that is most affordable to you.
- The complex task of calculating the premium amount for your probable health policy is made easy using the calculator. You get the quotes instantly. Thus, you can make a quick decision.
- Many calculators show a list of policies that best meets your needs. Moreover, they also have the option to compare them. The comparison is often in a tabular form with each benefit and features compared. This helps you understand not only the pros and cons of any particular plan but also how they stand in contrast to other similar health plans. This makes selecting the right policy hordes easier. You need not visit the site of each health plan individually and look into their features.
- The premium calculator also facilitates you to add or exclude optional riders and add-ons to your health policy to make it more comprehensive. You get the flexibility to browse through them at a glance so that your entire work becomes easy.
- You are freed of the hassle of contacting the representative of each health policy individually. You are also not required to face undue pressure from them to buy the policy. You can think with a stress-free mind and take an independent decision.
- Finally, the health insurance premium calculator helps you save money. With easy comparing and contrasting various health plans; you can easily select the one that gives you the best value for money.
Wrapping up
Health insurance is a complex and time-consuming affair. But the health insurance premium calculator makes a short job of it. Its benefit and advantages to us are indisputable. Thus, we must make use of it without fail not only while purchasing a new health policy but also at the time of renewing it.
