Health insurance, an ideal tool, has brought much relief to people seeking quality medical treatment. It has been observed that people face a lot of problems during medical emergencies. Physical injuries and the related physical problems are obvious. Besides this, the problem of affordability of medical expenses is one of the major problems that the family has to face. Not everyone is able to afford the rising medical costs. On the other hand, one cannot leave his/her loved one without quality healthcare, which becomes a must for survival. Thus, they look for various alternative means to raise money. The options that a person opts for at the time of medical emergency are believed to engender financial stress.
Looking into the gravity of the above stated problem, one should buy health or medical insurance that would offer financial assistance at the time of medical contingencies. One can stay at peace of mind with these products. There is no need for family members to run around for the arrangement of funds at the last hour. Instead, they should know how to file a claim or seek medical treatment under the facility of cashless hospitalization. To avail all these benefits, the person would have to buy health or medical insurance policy by paying a small amount, known as a premium. This amount is to be paid at the time of policy issuance and then, every year at the time of renewal. Once paid, the insured can seek benefits during the risk period.
Health insurance premium for different products is different. It may also vary from insurer to insurer. Every insurer has different ways of calculating the premium. Broadly speaking, the premium amount depends upon a person’s health status, age, occupation, lifestyle and the coverage limit. In some cases, it may vary from one state to another.
The premium amount is very easily affordable, as one has to pay just a few hundreds or thousands of rupees to seek health cover worth lakhs. If calculated, it shows that it is just few rupees per day, which can easily be adjusted in one’s budget. One of the good aspects of these products is that there are health insurance products for people of all income groups.
Though every insurer uses its own ways to calculate the premium, to maintain transparency with clients, insurance providers have brought premium rate charts, which give an idea of the amount to be paid for the same. These charts directly show the amount to be paid for a particular coverage amount. One can easily see the variation in premium with age.
To make it more user-friendly, providers have launched ‘Online Premium Calculator’ to help people in calculating the premium on their own. One has to just fill in the basic details, like age, number of dependents (in case of family coverage), the sum insured required etc and the calculator calculates the amount of premium the applicant is supposed to pay. There are many benefits to this calculator. A person can sit at his/her convenience and know about the premiums of various products. It is very helpful in short listing products on the basis of their price. There is no need for a person to call an agent to known about the same.
So, calculate your premium yourself before buying a plan.