What Is a Family Health Insurance Premium Calculator?

Posted on: Nov 9, 2023 | | Written by:

What Is a Family Health Insurance Premium Calculator?

Published on November 06, 2023. EST READ TIME: 3 minutes

Blame it on environmental factors or bad lifestyle habits, almost every family these days is struggling with one or more health issues. Modern day illnesses are also manifesting in various ways, and healthcare expenses are going through the roof. Even a small medical procedure can leave a dent in your pocket if you are not prepared for it or don’t have surplus savings. This is what makes it important to invest in a good health insurance policy and stay covered against such uncertainties.

If you are looking to cover yourself and your loved ones under health insurance, a family floater is an ideal option. This healthcare plan can cover you and your immediate family members and ensure financial assistance during medical emergencies. With most insurance companies offering healthcare plans online, you can easily buy one from the comfort of your home and with minimum documentation. You can also use the family health insurance premium calculator to calculate and compare health insurance premiums online and choose the right sum insured accordingly.

What Is A Premium Calculator?

The health insurance premium calculator is a free and significant tool that can help you calculate premiums online. Most insurance companies in India have premium calculators on their official websites. All you must do is fill in the required details, such as your age, location, number of people to be insured, coverage amount, policy type, policy tenure, add-on covers, medical history, etc., to get an estimate of the premium amount.

If you are buying health insurance online, you can shortlist a few policies and use the online health insurance premium calculator. This can help you choose a health plan that best matches your requirements and pocket.

Using A Family Health Insurance Calculator

The health insurance plans for family premium calculator can help you determine the premium of different health insurance policies in no time. This online calculator comes in handy when comparing multiple healthcare plans online. You can check which family health insurance policy will offer the required coverage and ensure the best value for your money.

Factors Affecting Premium Of Your Policy

When you go for a family floater policy there are a lot of factors that can affect the calculated premium of the policy, like, age of the members, number of members included in the policy, previous medical history of the family members, existing health condition of the members and more. The premium is always calculated taking in account the age and health parameters of the eldest member of the family. So, if you have a senior citizen included in the floater your premium can be increased significantly as there could be a potential health risk or hospitalisations could need wider coverage.

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

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