Medical costs are rising with each passing day. A health insurance cover with adequate coverage will be extremely useful in difficult times. The Covid-19 pandemic is a classic case that has made us realize the priorities in life, along with focusing on important investments such as health insurance.
Health insurance is an absolute must as it provides coverage against heavy medical expenses that can arise due to sickness. Zeroing on the right insurance provider and insurance policy is not a simple task as there are so many options available to the consumers. Above all, there is a mounting confusion about the insurance coverage and premium payment.
Most insurance companies have individual, as well as, family health insurance plans. Family health insurance plan has become an absolute necessity in the current scenario where everyone is battling the Covid-19 pandemic. Though there are several factors that need to be considered when selecting a health insurance plan, a Health Insurance Premium Calculator can be useful in arriving at an estimated price of the health insurance plan that you can purchase.
Health Insurance Premium Calculator
Insurance companies are aware of the fact that every person has some unique requirements and it is important to have plans that cater to the entire customer spectrum. The premium being paid will vary depending on the plan-type and number of people covered in a health insurance plan.
A health insurance premium calculator is a simple online tool that aids in calculating the approximate health insurance premium, based on the needs. It will help you in choosing the best-suited policy based on the inputs that are keyed in the tool. Most insurance companies use age, pre-existing disease or individual as well as family history, etc. as the inputs for the calculator.
To get started with the health insurance premium calculator, the user is requested to enter the personal details, along with essential health-related information. Depending on the inputs provided by the user, the calculator provides an estimate of the premium that needs to be paid.
Here is a diagrammatic view of the working of health insurance premium calculator:
Advantages of using health insurance premium calculator
Before we deep-dive into the benefits of the health insurance premium calculator, it is necessary to understand the fundamentals behind creating such a calculator. First of all, jargons related to health insurance are not very easy to understand.
If you are in the market to buy the first health insurance plan, you would require a good amount of support to select the policy and choosing the right premium.
With the advent of the internet, there are so many platforms (insurance aggregators) that let you compare insurance offerings by different providers. This might lead to confusion whereas the health insurance premium calculator helps in making premium calculation a simple task!
Here are some of the key advantages of using a health insurance premium calculator:
- Getting an estimate of the premium before buying a policy
- Comparing different health insurance plans and choosing the one that suits your needs
- Accelerating the investment decision instead of visiting an agent
The health insurance premium calculator is even more relevant today when the COVID-19 pandemic is on the loose. It will help first-time buyers in choosing the right policy during these difficult times.
Importance of Coronavirus Health Cover
Just being worried is not a solution, it is important to put the money to good use by choosing an insurance plan that has Coronavirus Health Cover.
Hospitalization charges, treatment costs, and quarantine costs would be covered as a part of the cover. Existing policy owners can avail of the benefits of Coronavirus Health Cover by paying an additional premium as per the type of insurance policy and the coverage being offered.
The authorized Government hospitals are already overwhelmed with the rising number of Covid-19 cases. Hence, many people who show some symptoms turn to private hospitals for a test. However, a single Coronavirus test costs a whopping Rs. 4500. Since it is a viral disease, you would also want your family members to be tested. It would become a costly affair. The hospitalization charges are close to Rs. 10,000 for a single individual.
Coronavirus Health Cover eases the financial burden as it covers all the expenses related to medical tests, pre-and post-hospitalization costs, ambulance charges, consultation charges, and quarantine charges if the patient is seeking treatment at a hospital. As the cost of treatment is significantly high, it is recommended to have a suitable Coronavirus health cover so that you are financially secured during these testing times.
As per WHO (World Health Organization), people with low immunity levels and senior-citizens are more susceptible to catching the virus. Apart from looking after their health and immunity, it is necessary to protect the senior citizens in the family. Many insurance providers have family health insurance plans that can be used to extend coverage to their dependents. Royal Sundaram General Insurance has an attractive Lifeline Health Insurance Plan that covers applicant, spouse, and up to 4 children between 91 days to 25 years. The Family plus Health Insurance scheme is designed for large families and can cover up to 19 relationships.
With the outbreak of Coronavirus, health workers, nurses, sanitation staff, frontline workers, and more are at risk of catching the infection. The Government of India took an impressive step by providing these Covid-19 heroes with Rs. 50 Lakh health insurance per health worker for three months. Due to this step, people who did not have health insurance cover also became aware of its importance.
Coronavirus Health Cover is a must-have in these extra-ordinary times of Covid-19. Better Safe, Than Sorry….