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How To Use A Health Insurance Premium Calculator?

Team AckoJul 22, 2021

Imagine using a calculator for making calculations. A health insurance premium calculator is a similar tool. It is virtual and not a device you can buy from a store. This online tool is free to use and can be used as per your convenience.

How To Use A Health Insurance Premium Calculator?

An online health insurance premium calculator is mostly available on the insurance company’s or an aggregator’s website. You can simply visit any such website and calculate your approximate health insurance premium before buying the exact policy. This will help you get free health insurance quotes. You can then decide if you want to continue the purchase.

Benefits of Health Insurance premium calculator

#1 Hassle-free decision-making

The premium calculator will display multiple options that are best suited to your specific needs. This means you spend much less time on research. You can make a hassle-free decision without manually searching for a suitable medical insurance policy.

#2 Keeps you well within your budget

When you use an online health insurance premium calculator for selecting the right plan, you can select various coverages that are well within your budget. This way you do not go overboard while buying a health insurance plan. Also, you get to take a look at multiple suitable options.

#3 Selecting Add-ons is easy

You can take a look at the list of available add-ons and choose the one that suits you the best. You need not go on different websites to understand the meaning and coverage of these add-ons as it will be displayed on your screen while calculating the premium itself.

#4 Simplifies Health Insurance

The terms and conditions related to health insurance can be slightly difficult to understand when you are newly introduced to it. Using the premium calculator will help you to understand health insurance in a better manner as the meaning of the term may also be mentioned.

#5 Know the cost of your coverage

As mentioned earlier, you can understand the approximate cost of your health insurance policy before actually purchasing the plan. In case of insufficient funds, you already have an idea of the amount you need to spend on buying a medical insurance policy.

How to calculate health insurance premium?

It is easier to calculate health insurance premium with the help of a tool called online health insurance premium calculator. Here are the steps you can follow when using the calculator:

  1. Go online and visit your preferred insurance company’s website

  2. Search for health insurance. There may or may not be a separate page called as health insurance premium calculator

  3. If you find a page, go ahead and start adding the required details in the fields mentioned on this page. If you do not find a separate page, you will find a small widget asking for your details on the health insurance page.

  4. When you are done entering your details, various suitable plans will be displayed along with their quotes.

  5. You can proceed to buy the plan you like

  6. Make payment and your health insurance policy will be sent to your registered email ID soon

How to make a claim?

A policyholder can make a claim against the health insurance policy in case of a medical emergency. A claim is a request to the insurance company for approving and releasing the funds required for the proper medical treatment of a person. The following are the two ways in which you can raise a claim:

Cashless health insurance claim:

As the name suggests, a cashless health insurance claim can be made at the time of a medical emergency where the insurance company will approve and pay most of the hospital bills at the time of availing treatment.

Reimbursement health insurance:

A reimbursement claim can be raised after a policyholder pays the hospital bills and sends a reimbursement request to the insurance company. The insurer can then compensate the policyholder after the hospital bills are settled by him/her.

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