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A Step-by-Step Guide to Calculating Your Health Insurance Premium

Posted On : 25 April 2023, 1 Years Ago. Health-Insurance
Health Insurance Premium

Health insurance is essential for protecting your and your family's health and financial well-being. However, comprehending insurance plans may be difficult because of their complexity and the hidden expenses in their terms and conditions. As a result, policyholders may end up paying more than they anticipated.

 

Health insurance premium calculators are helpful tools which can be used to avoid paying additional premiums. These calculators enable consumers to plan their budgets appropriately by assisting them in calculating their premium amount in advance.

 

What is a Mediclaim Premium Calculator?

A health insurance premium calculator is a free tool for figuring out the costs of different health plans. You can then compare and examine the numerous medical insurance plans offered by well-known insurance providers online. Also, one may alter their health policy and see a difference in the rate. Making a better purchasing selection is made possible by using a medical insurance premium calculator in this manner.

 

What are the Advantages of Using it?

Online premium calculators include a variety of characteristics that may be tuned to determine the ideal amount of premium payment based on the buyer's financial situation. Some advantages of utilising a health insurance premium calculator for health plans include the following:

 

  • You can estimate the cost of your premiums in advance with an insurance premium calculator. It will allow you to compare premiums and help you make a well-informed choice.

  • It checks rates quickly and is simple to use.

  • It aids in avoiding laborious and complex calculations on paper.

  • You may determine the impact of adding new members and clubbing add-on benefits to your insurance policy.

 

How to Calculate Premiums with it?

A medical insurance premium calculator is convenient to use. You need to follow the below-given steps while calculating your insurance premium: 

 

Step 1: Go to an online calculator to calculate insurance premiums. 

Step 2: Select the type of policyholder from the available options, which include couple, individual, and family. 

Step 3: Add the age of all the members. 

Step 4: Enter the pin code along with the location. 

Step 5: Choose the coverage value and click the button to calculate. 

 

Which Factors Affect Healthcare Insurance Premiums?

The following elements significantly influence insurance premiums. Let's have a look: 

 

  • Age: Your age is a major factor in determining the premium cost. Your premium increases as you age since you are more susceptible to ailments.

  • Medical history: Your premium for the health plan will rise if you have previously been diagnosed with any major illnesses.

  • Gender: Due to the decreased risk of heart attacks and strokes, female applicants pay lower rates than male applicants.

  • Chosen plan: Your premium price will be impacted by the coverage provided by the insurance policy you choose. For instance, a plan covering critical illnesses insurance may charge higher premiums. 

  • No-claim bonus: You will receive a discount for an existing policy's duration if you have yet to make any claims. The coverage amount will stay the same, but your premium payment will be reduced by a specified percentage.


In the modern world, healthcare insurance is no longer a choice but rather a need. But choosing the right health plan is also crucial. It is crucial to compare several policies before buying insurance, just as you wouldn't buy something without doing your research beforehand. An online health insurance premium calculator may be used to quickly determine the cost of each plan.

Secure your health with comprehensive insurance plans from Nivabupa

Tell us a bit about you

Whom are you buying for ?
Myself Icon Individual
Wife Icon Husband & Wife
Family Icon Family
Enter valid name
Enter Valid DOB
OTP sent Resend OTP
otp icon
OTP Expires in
I authorize Niva Bupa to call me. This will override your existing registry in DNCR. I want to get my quote and policy details on WhatsApp.
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