Health insurance has become an invaluable asset in today’s world, where medical costs are steadily rising. A mediclaim policy protects against expensive medical treatments that could otherwise burn a hole in your pockets. While having a mediclaim policy cannot be overstated, picking the right one catered to your needs is equally vital. This is where a health insurance premium calculator comes into the picture.
In this article, we’ll discuss mediclaim policies, their benefits, and how a premium calculator can help you make informed decisions.
What is a Mediclaim Policy?
A mediclaim policy is an agreement between an insurance provider and an individual to cover medical and surgical expenses incurred due to illness, disease, injury or accidents. Mediclaim protects you and your family from unexpected medical costs like hospitalisation bills, medication, diagnostic tests, etc.
What is Covered in a Mediclaim Insurance Policy?
While coverage may differ slightly across insurance providers, there are certain basic expenses covered under a mediclaim policy:
1. Hospitalisation Expenses
This includes room rent, nursing charges, medical practitioner’s fees, anesthesia, blood, oxygen, and operation theatre charges, among other things.
2. Pre and Post-Hospitalisation Expenses
Diagnostic tests, medication, and doctor consultations directly related to hospitalisation are covered under this head.
3. Ambulance Charges
Mediclaim pays for ambulance expenses incurred to shift the patient to the hospital in case of an emergency or life-threatening condition.
4. Domiciliary Hospitalisation
If the insured requires medical treatment at home that would otherwise require hospitalisation, costs are covered under the domiciliary clause.
5. Organ Donor Expenses
If the insured is an organ donor, mediclaim pays for medical expenses incurred for organ harvesting.
An Overview of Health Insurance Premium Calculator
A health insurance premium calculator is an online tool that helps estimate the approximate premium payable for a mediclaim policy based on inputs provided like age, location, lifestyle habits, sum insured and riders.
How to Effectively Use a Health Insurance Premium Calculator
- Visit a reputable health insurance website. Most major insurers have user-friendly websites with sections for premium calculators.
- Enter your personal details into the calculator. This usually includes information like age, gender, location, lifestyle factors, and number of people to be covered.
- Specify the amount of coverage you need. Higher coverage amounts usually result in a higher monthly premium. Make sure to select adequate coverage for your medical requirements.
- Add any extra coverage benefits if required. Extras like maternity, dental, critical illness etc. may impact your total premium amount.
- Review the final premium amount calculated. This will be an estimate but allows you to evaluate if the projected premium fits your budget.
- Use the calculators from multiple insurers to compare premium rates. Make sure to compare coverage levels, benefits offerings, exclusions, etc. to find the optimal plan.
- Carefully read the fine print to understand total out-of-pocket costs for hospitalisation, tests, deductibles, etc. These factors also impact the total insurance outlay.
Benefits of Health Insurance Premium Calculator
1. Easy Planning for Your Budget
A premium calculator gives you a fair idea of how much you need to set aside from your income for health insurance premiums. This allows you to plan your finances better.
2. Compare and Choose the Best
You can derive premium estimates from different insurance providers using the premium calculator. You can identify the best Mediclaim policy that is well-suited for your budget and needs by comparing it.
3. Tailored to Your Needs
Based on your lifestyle habits, pre-existing conditions, age, etc., you can personalise coverage with add-ons and arrive at customised premium rates.
4. Save Time and Effort
Manually going through various mediclaim plans and calculating premiums takes up a lot of precious time and mental bandwidth. A premium calculator simplifies this process.
5. Avoid Hidden Costs
At times, insurers levy hidden charges, which may bloat up the total premium payable. Using a premium calculator helps avoid nasty surprises.
Conclusion
Rising costs make mediclaim policies crucial, but finding the right one is tough. Premium calculator provides custom estimates to enable smart decisions that secure your family’s health and wealth.
