If you have decided to invest in a health insurance policy, you have made a very wise decision. It is one of the very few investments that adds value to our lives by protecting us against exorbitant hospital bills at the time of hospitalization and protects one’s savings from being wiped out. No one can doubt the importance of health insurance given the current situation where medical inflation is constantly on the rise making it harder than ever to access quality healthcare. The health insurance premium calculator plays a big role in helping you choose a policy that fits right within your budget while offering the most comprehensive possible under the policy.
What is a health insurance premium calculator?
A health insurance premium calculator is essentially an estimator that lets you determine how premium you would need to pay for a particular coverage amount. It factors in everything from your income, health condition, etc. before giving you an estimated figure on the premiums you would have to pay. So, if you are unsure about how much premium you would need to pay for a coverage of ₹10 lakhs, for e.g., then using a health insurance premium calculator is the ideal way to find out the charges. Moreover, it helps you get your ideal coverage so that you don’t end up being underinsured.
Now that you are aware about the basic role that it plays in helping you choose an insurance policy, let’s look at a few of the other reasons you need to use a health insurance premium calculator before choosing a policy for yourself or your loved ones!
- Saves Time and is Cost-Effective
Imagine the time it would take to go through individual policies, figure out the premiums for each one of them, and even then, there could be confusion regarding the coverage amount. Should you go for a higher amount? Is the premium to high on the coverage being offered? Can you get a better plan for the same price? Questions like these are bound to cross one’s mind. The most cost-effective and time saving option would be to use a health insurance premium calculator as it would give you the exact results you are seeking without you having to spend hours sifting through various plans and their associated charges.
- Save on Premium Amount
You can use the calculator to significantly dial down on the premium you would need to pay. These is possible because a health insurance premium calculator lets you compare health insurance plans based on features, cost, benefits, and add-ons, etc. And also allows you to remove any feature that you don’t deem necessary for yourself under the policy to significantly lower down the premiums helping you save money on coverage. Therefore, you not only save time, but also don’t have to make do with feature, and perks you don’t think you actually need.
- Compare Across Insurance Service Providers
Visiting the official websites of each and every insurance service provider is mostly a futile exercise, since there are so many insurance companies in the market today, it’s almost impossible to seek out your ideal insurance policy. By allowing you to compare health insurance plans across insurance service providers; the health insurance premium calculator helps you quickly compare quotes and dial down to your preferred policy in record time.
Always use this handy calculator when looking for a health insurance policy to save on time and money. Moreover, apart these, it’s also important that when you do choose a policy, look for an insurance service provider’s health insurance claim settlement ratio. It’s an indicator of the service provider’s standing in the market as far as honoring claims go. So, unless a service provider has an impeccable record of honoring claims, it’s good to avoid buying a policy from that particular insurance company, or else you may end up losing precious during a hospitalization event awaiting approval.
Max life insurance is one of the few companies that have a stellar health insurance claim settlement ratio, which helps the insured save on precious time that’s wasted on paperwork, and other such things to get admission approvals. What good is a policy that comes with higher coverage, and lower premiums if your claims aren’t honored. So, check out Max Life Insurance if you want a health policy that’s always ready to help you get access to the best in medical care without all the hassles of running from pillar to post waiting for approvals!