Health Insurance Calculator - Online Advisor

Do you need health insurance? If yes, how much health insurance cover you should have? Check now. Get the right answer in less than 2 minutes online with our free health calculator.

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About Health Insurance & Calculator

Ailing health is a rising concern among many individuals in today’s generation. While deteriorating health and physical ailments were commonly associated with people in their late 40s or in their 50s and 60s, today, health afflictions have gripped the modern youth too. Increasing number of young adults in their 30s and early 40s are experiencing health ailments. What’s more, even children are not spared the clutches of chronic ailments most notable among which is diabetes. In such a depressing scenario a health insurance policy is the only way out of the financial mess made by our health ailments.

What is health insurance?

A health insurance policy is an insurance policy which has been specifically designed to cover hospitalization and other related expenses which are incurred in case of any medical contingency. The medical contingency, however, should be covered under the scope of the health insurance plan. These plans are issued for a period of one year after which they should be renewed to ensure a continued coverage.

Why health insurance?

While you must have understood how common health ailments have become, did you happen to notice the underlying effect of such ailments? Health ailments do give us mental and physical pain but about the financial aspect of such ailments? Are such financial aspects not a pain? Of course they are!

A health insurance policy is an insurance policy which has been specifically designed to cover hospitalization and other related expenses which are incurred in case of any medical contingency. The medical contingency, however, should be covered under the scope of the health insurance plan. These plans are issued for a period of one year after which they should be renewed to ensure a continued coverage.

If you look at the cost of treatments availed in a common hospital, you would be shocked by the staggering numbers. Even the simplest of treatments, like an appendectomy, goes on to cost tens of thousands of rupees burning a considerable hole in our pockets. What about other complex ailments, like cancer for example? If appendicitis costs tens of thousands, how much do you think cancer treatment costs? Tens of lakhs, isn’t it? Are you financially equipped to deal with the costs?

Medicine is making great progress. Where cancer was almost non-treatable a decade or so earlier, today there is a treatment for this dreaded ailment. Even medical procedures have become technologically advanced and efficient. A surgery can be completed with minimal invasion which eliminates the process of incision. All these developments have though modernized the face of medicine has also come with a price on its head. All these medical treatments and procedures are expensive. For a common man, bearing these costs are impossible. When a medical emergency occurs, such costs are inevitable and when we face such a cost, a financial crisis becomes inevitable.

Add to these medical costs, there is a concept of inflation too. In layman’s terms, inflation is the increase in the price of goods and services. Inflation is also something which cannot be avoided. Inflation is constant. The price of goods which is prevalent today would not remain the same ten years from now. Inflation affects the prices and the costs increase over time. The cost of medical treatments and expenses would also increase and this is called medical inflation.

Medical inflation increases medical costs manifold. If today the expenses are very high imagine what such expenses would result to in future. If today’s expenses burn a hole in our pockets the future inflated ones would be incendiary. What should be the answer?

A health insurance plan comes to our rescue. It saves us from inevitable medical expenses which burden us in a medical exigency. The plan covers the treatment costs and all other related expenses too thus providing an all-round financial protection

How much cover is required?

Given the high medical cost and the all-too present medical inflation, an optimal level of coverage is required. Having a little coverage is as good as having a little knowledge and we all know that it is dangerous. So, having a decent amount of cover for all your family members is a must. It is better to be prepared than facing the financial brunt of a medical bill.

How to calculate the cover required?

Since a decent cover is required, knowing the required amount of cover is also important. Do you know what amount of cover is optimal for you? Do you know how to calculate how to calculate the coverage level?

No? Relax! Our Health Insurance Calculator is designed to solve your calculation problem. The calculator allows you to calculate and identify the coverage required easily and that too instantly. Our health insurance calculator is designed along the lines of easy navigational pages. Each page requires some of your details which go into the calculation of the appropriate coverage level. Here’s how you can calculate the health insurance cover you should ideally have on yourself and your family members:

• Age and location – the first page you land on enquires about your age and your city of residence. Your age is a very important factor in ascertaining your present life stage and your ideal requirement. It also determines whether you are healthy or have ailments as older aged people tend to have one or more existing ailments.

• Your personal details – a health insurance plan is not only for the self but for your entire family members too. So, this next page enquires about your marital status to gauge if you need a plan only for yourself (if you are unmarried) or for your family (if married). Whatever be the case, married or unmarried, the calculator then asks whether you would like to include your family members in the coverage or just yourself. If family members are to be included, the number of members whom you wish to include is also enquired about. One more detail is required in this personal section which is your gross monthly income. The monthly income is required to gauge the affordability of the premium which would be charged for availing the ideal coverage level.

• Financial details – the last section asks whether you already have a health insurance plan or not. Any existing coverage lowers the gap in the ideal level of coverage required. You are also asked about the level of any existing coverage. Ailments which are already afflicted with are also inquired about. These are called pre-existing illness and are required to be disclosed as health plans have a waiting period for these illnesses. The last question in this segment asks whether you have been hospitalized in the last year for a major illness or treatment and if yes, what the medical expense of such hospitalization was.

All these information are then collated to produce your result.

Why should you use this health insurance calculator?

If you get to know the exact health insurance coverage requirement, is there a reason not to use the calculator? Since the importance of a health cover is felt more commonly nowadays, the prevalence of a health insurance policy is high. However, though people have a health insurance plan, they seldom have the optimal level of health insurance required to completely protect them from any financial adversity caused by a medical emergency.

Underinsurance is a very common denominator among most individuals today. Though they understand that a health insurance policy is required, they fail to understand the importance of a sufficient level of coverage. It is only after a claim when they bear the extra costs from their pockets that they realize the hazards of underinsurance and take steps to rectify it. Would you like to be the victim of underinsurance too?

The calculator calculates the ideal amount of coverage required and presents a realistic figure to help you understand your health insurance needs. Any existing cover is taken into consideration while calculating the coverage shortfall. Then the calculator helps you to shortlist health insurance plans which can be invested in to meet the existing shortfall. Top-up and super top-up plans are shown which allow you to increase your coverage level at very low premiums. The list of such plans and their comparative features and prices can be seen using our calculator. If you wish, you can also buy the top-up or super top-up plan online thus saving you unnecessary hassles of buying a health plan.

To conclude, our calculator is the perfect tool to assess your health insurance needs. The coverage you require, are you fully insured if you already have a health insurance plan, what to do if you are uninsured, the affordability of premium incidence and other insights are depicted in our calculation results. A complete analysis of your requirements and needs is done easily and quickly. Our calculator comes with a mediclaim premium calculator facility which calculates and provides a platform to buy the suitable health insurance plans. Thus, the calculator helps in completing the entire health insurance planning process- straight from the requirement and to the ways to fulfill them and also enabling a health insurance premium calculator online along the way.

Health Insurance: What is a Health Insurance Policy?

In simple terms a Health Insurance policy is an insurance policy that ensures that the expenses related to your families medical & hospital expenses are coved. In short the insurance companies pays your hospital & medical expenses upto the sum assured you have taken. A health insurance policy is a contract between an insurance company and the policy holder and clearly states what covered in the policy & agreed by both the insurance company and policy holder.

Health Insurance: Why do you need a health insurance policy?

Health insurance plans covers an individual against expenses incurred towards availing health care or medical expenses or hospital treatment in the event of a medical emergency as per the agreed terms in the health insurance policy document.

If you have a Health Insurance policy, you have an access to the best health care & medical treatment without worrying about the cost of treatment. With a Mediclaim policy you are financially protected against any medical emergency and are assured that the best doctors & medical practitioner are available at your disposal. No-body knows the future and in case of a medical emergency, a health insurance plan guarantees a policyholder a peace of mind.

Health Insurance: Why it is important to buy?

The cost of medical treatment or hospitalization has been rising at an alarming rate each year & as per the trend health care costs will keep rising in the future as well. With Health insurance cover you can safely sail over the critical period and avoid this medical emergency turning into a financial disaster. The insurance companies pay for the medical or hospital expenses as per the policy & you do not have to dig into your personal savings.

Few more benefits of a Health Insurance Policy are :-

- Plans are available for every income group & the premiums are affordable.
- Claims processing have become faster & Cashless claim settlement are possible.
- More than 24 insurance companies offer Health Plan. You can compare & choose the best.
- Tax benefits are available for premiums paid towards health insurance policy.

Health Insurance Policy : Tax benefits explained in detail

Buying a health insurance can help you to save tax U/S 80D of the Income Tax Act 1961. The exemption limits are as follows:

a) Tax deduction of Rs.15000 is available from taxable income for health insurance premiums paid for self & dependents family members.
b) For all senior citizens who are more than 60 years of age, Rs. 20,000 is available for deduction from taxable income.
c) If an individual pays the premium for his parents health insurance policy, he can claim an additional tax benefit upto Rs.15,000.
d) If your parents are above 60 years of age (senior citizens), if you are paying the insurance premium then you can get an additional up to Rs.20,000.

*Tax benefits are subject to changes as per tax laws.

About Health Insurance Calculator

We get 100's of inquiry every day from customers asking for the right advise related to health insurance. They want to know how much health insurance they should have, should they buy individual policy or go for a family floater policy. What should they do in case they want to cover their dependent parents in the policy and many more questions related to health insurance. Based on the questions we received from our customers, we developed a simple online advisor tool or health calculator to answer the most basic questions related to health insurance. Our health calculator will try and answer the below questions.

Health Insurance Calculator: What questions does it answer?

Answer 1: Do you need Health Insurance?

Answer 2: How much health insurance cover your should have?

Answer 3: Which type of Policy - Individual or Family Floater?

Answer 4: Can you afford the policy premiums?

Answer 5: Your current Health Insurance status

Answer 6: What should you do for your dependent parents?

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