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Medical insurance premium is the sum paid by an insured to medical insurance company for a particular time span. In old days, medical insurance premium was computed by an agent on behalf of the Company but in modern day (today), a premium comparative chart is included by various sites. It gives direct description of the premium associated with different insurance products. On other hand, some insurance sites offer an option of premium calculator, which assists customers to compute their premium themselves.

One of such site is HDFC Ergo Health Insurance Ltd. (formerly Apollo Munich Health Insurance), the tie up between the Apollo Group of Hospitals, Asia's largest healthcare group and Munich Health, newest business segment of Germany based Munich Re. This online means of calculating premium has proved to be beneficial for both the company and its customers.

The medical insurance premium depends upon the plan selected, coverage limit, the clients' health and the candidate's age.

Each product is intelligently thought and designed. The below mentioned points are kept in mind while designing an algorithm for premium calculation so that it may become the choice of millions:

  • Cost of advertising
  • Cost of selling
  • Cost of services rendered by healthcare practitioners
  • Investment of premium amount
  • Administration of insurance programs
  • Margin in profit

Therefore, it is suggested to compare quotes to comprehend about facilities and benefits offered under different policies by different health insurance companies before reaching to a final conclusion.

It has been noticed that the premium paid for individual plans is higher than family health insurance plan and group insurance plan. So, take care of your needs, compare insurance quotes, compute the premium amount and understand the reimbursement process and tax implications before making your final choice.

The amount of medical insurance premium may vary state-wise, depending upon the rules and regulations of the company.

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