A health insurance premium calculator speeds up the process of choosing the best health insurance policy. This tool helps individuals estimate the premium amount based on several factors (such as age, medical history, family members, gender, location, and coverage amount). Additionally, using Star Health Insurance Premium Chart benefits in comparing different available plans effectively. A health insurance premium calculator is also known as a mediclaim premium calculator.

What is the Health Insurance Premium Calculator?

Health Insurance Premium Calculator is a convenient and easy online tool that helps you estimate the cost of your health plan. In simple terms, the health insurance premium calculator provides individuals with an accurate premium quotation for their policy. Individuals must fill in the required details like age, pre-existing conditions, family members to be insured, sum insured, policy tenure, coverage preferences, gender, lifestyle habits, and coverage requirements to quickly determine their premium amount. For people looking for a basic plan using a 10 lakh health insurance premium calculator enhances the process of estimating premiums. It is always recommended to use a health insurance calculator tool before selecting a policy as it is a time-saving and effective tool.

Ways to Use a Health Insurance Premium Calculator

Calculating your health insurance premium is a simple and easy process.  Follow these steps to calculate your health insurance premium:

• Provide Personal Details: Enter your age, gender, medical history, and location, along with the details of your family for whom you want to buy the policy.
• Choose Coverage Type: Select the plan you are looking for, such as individual, family floater plan, or senior citizen plan.
• Determine the sum Insured: Use a 10 lakh health insurance premium calculator to evaluate higher coverage prices. For instance, using a 10 lakh health insurance premium calculator helps you to see the price differences based on your specific needs.
• Compare Different Plans: Make sure to check the review premiums side-by-side using a Star Health Insurance premium chart. Tools like the Star Health Insurance premium chart help you make easy comparisons of the policies.
• Get an Instant Premium Estimate: Click on the calculate button and get an immediate premium estimate.
• Finalise and proceed: After getting the policy premium, proceed to purchase or additionally customise it if required.

Information required for the premium calculation

Benefits of Using a Health Insurance Premium Calculator

A Health Insurance Premium Calculator offers several benefits. It provides accurate premium estimations, simplifies plan comparisons, is convenient to use, saves time, and more. Listed below are some of its major benefits:

• Financial planning and budgeting: With a health insurance premium calculator, you can get an accurate insurance premium amount to be paid.
• Compare and Select the Best Insurance Plan: When individuals use a health insurance premium calculator, they can easily select and compare policies that suit their needs and budget.
• Affordable Premium:  The health insurance premium calculator helps you select an affordable policy that completes the requirements of the health insurance you want.
• Tax Advantages: Section 80D of the Income Tax Act offers tax benefits on your income when you invest in a health insurance plan. With an insurance premium calculator, you can opt for the insurance options providing you with the maximum tax exemptions.
• Customisation Benefit: Health insurance premium differs, and having a tool that provides customised premium estimates can help you budget for this expense. That is where the premium calculator's customisation feature comes in handy.
• Flexibility: Health insurance premium calculator is flexible. Individuals can easily adjust the age, family members to be insured, policy tenure, and coverage level to know how different parameters affect the premium amount.
• Reduces Calculation Error: The health insurance premium calculator ensures proper calculation of an exact premium amount depending on the coverage and personal particulars you have selected.
• Quick and Convenient: One can get an estimate of the selected policy in seconds without visiting an insurance office.

Factors Affecting Health Insurance Premium

• Age: Age is a factor in deciding your insurance premium amount. With age, the risk of illness also increases. Older individuals usually pay higher premiums. The younger you are, the less your health insurance premium tends to be. 
• Medical History: Pre-existing diseases can also increase costs. Many insurers require a medical history before providing you with a premium quote.
• Lifestyle Behavior: Lifestyle-related habits are taken into consideration. Smokers or drinkers are at higher risk of several diseases compared to non-smokers. The health insurance premium for smokers is usually high.
• Pre-existing Health Conditions: Individuals with pre-existing health conditions, such as hypertension, diabetes, high blood pressure, or other chronic diseases, may have to pay higher premiums.
• Occupation:  People in high-risk professions such as mining, logging, roofing, firefighting, police service, aircraft piloting, steel workers, etc, may have higher health insurance premium as the risk of injury is higher.
• Coverage Period: Coverage for a longer tenure has a higher premium, but it is an affordable alternative compared to the average premium of renewing the policy yearly.
• Coverage Amount: A 10 lakh health insurance premium calculator will show a different amount compared to a basic coverage plan.
• Optional riders: Add-ons provide you with coverage related to medical conditions but require you to pay additional premiums.
• Type of Plan:  The plan you select (individual, group, or family floater plan) also affects the premium. Family floater plans come with lower premiums compared to individual policies.

Summing Up

Many people face challenges when comparing and deciding on the right mediclaim policy. A health insurance premium calculator helps determine the premium amount they need to pay to their insurance company. It provides clarity on how numerous factors, such as age, health, and lifestyle, affect the premium amount. Additionally, the health insurance premium calculator lets you see how premiums for the same coverage differ between insurers, allowing you to make an informed and wise choice. It is one of the smartest tools one can use before purchasing a policy.