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Planning to get health insurance? Premium Calculator is here to help

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Published on Sept 15, 2020. EST READ TIME: 5 MIN   

Getting a health insurance plan that provides wider health coverage so as to reduce your burden during medical emergencies has become non-negotiable. At the same time, you also have to make sure that the premiums charged are within your budget. So, before you make the call, you can use an amazing tool called the health insurance premium calculator that will help you estimate the amount of annual premium. This way, you can compare plans offered by different insurers and make an informed choice. Read on to understand how to use the calculator, its benefits, and ultimately, how to make a claim. 

How to solve insurance complexities with a premium calculator?

‘He who has health, has hope; and he who has hope, has everything’, goes the old saying by Thomas Carlyle.But only hoping isn’t enough when you are living amid a pandemic. You must be prepared to tackle eventualities. Courtesy the coronavirus outbreak, everyone has realised the utmost importance of having health insurance. But merely takingcomprehensive health insurance with a wide coverage isn’t the solution. You have to make sure that it fits your annual budget. In order to decide better, you can use a health insurance premium calculator to figure out the sum you would need to shell out to get the insurance that fulfils your medical requirements.

How to use a Health Insurance Premium Calculator?

Gettinga health insurance policy online is a growing trend because it is hassle-free and with the health insurance premium calculator, calculating the premium payable is also fairly simple. Follow the steps mentioned below and get the premium amount in just a few minutes!

1. Visit the website of the insurance provider and click on the Health option

2. Fill the required details such as name, age, gender, city, pin code, members to be insured, mobile number, and e-mail ID

3. Choose the Plan Type – Individual or Family Floater

4. Click on the ‘Get Quote’ option

5. You will be redirected to the sum insured page where you will find various plans along with their features such as coverage, add-ons and the corresponding premiums

6. Once you choose the suitable plan, you will get the tentative premium amount that must be paid to purchase the insurance cover

Benefits of health insurance premium calculator

• It will help you make an informed choice as you will be able to compare the different plans prior to buying one

• You don’t have to spend days mulling over it. You can easily zero in on one plan using the calculator without any insurance agent influencing your decision.

• Your chances of picking the plan with minimum premium while getting maximum benefits increases

• If the premium fits your budget, you can plan your finances easily. If it doesn’t, you can lower the sum assured or make other adjustments to bring down the premium.

• It is free of cost

How to make a claim?

One of the features that makes a health insurance plan great is how quick and smooth is the claim process. Here are some simple steps to file a claim:

• Be well-aware of the exclusions mentioned in your policy to avoid claim rejection

• Inform the insurer as soon as possible and initiate the claim process. After they ascertain that your reason for hospitalisation is covered by your plan, you should start getting cashless treatment.

• Keep all medical bills, from the consultation phase to receipts after discharge, with you as you will need to get them reimbursed

• File the claim within a week of discharge from the hospital

• You can download the claim form from the official website of the insurer. While filing it, you need to submit all the required documents like receipts, bills, discharge summaries, investigation reports, etc. Keep a copy of all the documents as they might get misplaced or lost.

• Now, find out from the insurer to which Third Party Administrator the claim documents have to be sent

• Review everything attached in the mail and send. You should be reimbursed in a few days.

Conclusion

At a time when the cost of advanced medical facilities is skyrocketing and different insurance providers are offering beneficial policies, merely taking a health cover is not enough. Picking the right one is more important. Before you get a health insurance policy online, use a health insurance premium calculator to ensure that you can easily afford the premiums of the plan you are selecting.  

This  blog is written by Dr. Kavita Ganesh 
Asst. Vice President, Health & Accident Product Underwriting

About The Expert :   Dr. Kavita Ganesh holds over 15 years of work experience in health insurance industry. She highly recommends buying health insurance for securing finances in case of a medical emergency. Looking at the current pandemic situation, she enforces the idea of having a higher sum insured for covering the entire family.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.