The human mind, it is said, has amazing processing power. Estimates say that it can make 38,000 trillion operations per second. But you may not like to trouble your mind or test yourself beyond the math you learned in school while calculating your insurance premiums. In that case, the online premium calculator is an ideal device to fall back on. And, like the other insurance plans, you can get the online premium calculator for your health insurance policy, too. But first, a small note on why you need a health insurance policy.
You need it because a health crisis can happen at any time. And healthcare in our country is getting costlier by the day. Unless you are well prepared, hospitalisation or specialised medical care can drain all your resources. Besides, you have to factor in the well-being of your dependants, too. How much premium you pay will depend on the coverage you choose.
What are online health insurance calculators?
Online health insurance calculators can help you calculate the premium for the policy you are about to buy. These tools are widely available online. You can find them on the sites of health insurance aggregators, for example. Most insurer websites also provide these online calculators free of charge.
These tools calculate the premium payable in a matter of seconds. This can help you make an informed decision on how much you can afford. Knowing the premium payable could also help you choose the right policy. You would just have to key in some basic information. These would include the city you live in, your age, your income, and the details of your wards, among other things.
Simplicity of use
The online health insurance premium calculator needs you to feed basic data. That would include the insurance term, whether the mode of paying premium is monthly, quarterly, or yearly, and the like.
Here’s how to go about it:
Step 1: You are sure to find a calculator on the home page of almost all the insurers. You will also find it on the websites that run a comparison of the policies on the market.
Step 2: Key in the name of the city/town in which you currently live.
Step 3: Key in the number of individuals you would like to buy the insurance for.
Step 4: Input the number of children or adults you are planning to insure, separately.
Step 5: Input the age of the oldest member the insurance policy will cover.
Step 6: Type in your name, age, contact number, etc. and hit the ‘show me now’ tab that will pop up.
That’s all. The calculator will show you the policies relevant for you and the premium you will have to pay. Remember that an extra 18% Goods and Services Tax (GST) will apply to the premium now.
Why use a calculator before buying the policy
Health insurance calculators allow you to do the math yourself. This eliminates the need for advice or suggestion from the insurance agent. For a long time, people had to rely on the agent for the calculations. Calculating the premium was not a simple task either. There were several inclusions and exclusions in the policy that had to be carefully looked into. It was a very time-consuming affair, too. But, thanks to the online calculator, the task has become so much simpler now.
It is important to understand the health insurance policy you are about to buy. Although a higher coverage is desired, you have to ensure that you do not trouble yourself too much while paying the premiums. The calculator does this job for you wonderfully. It tells you exactly how much you need to pay in premium for getting your health cover. It helps you find the medical insurance policies that range from the extremely cheap and basic to the highly advanced and expensive ones. The calculator would take into account the risk factors involved in the policy and the kind of features you prefer.
When you know this beforehand, you can shop for health covers that cost you less and suit you the most.
Managing your finances becomes all the more easier if you get to know beforehand how much you need to set aside for a health insurance policy. Calculating the premium can be a complex exercise. That’s because various parameters are involved in determining the figure. The online health insurance calculator is a friend who can help you perform this task. It lets you choose the right product that is linked directly to your income level. Use the calculator before buying a policy and you will be glad you did it. The convenience and simplicity associated with using these have earned them a good name. They are now dubbed the ‘health and time saver’.