Choosing the right health insurance plan can be a daunting task, especially when it comes to balancing good coverage with an affordable premium. This is where a Health Insurance Calculator comes in handy. It allows you to estimate your premium based on various factors like age, coverage, pre-existing diseases, etc., making it easier to find a plan that fits your budget and healthcare needs.

In this article, we’ll explore how a health insurance calculator works, the benefits of using one, and why it’s an essential tool for anyone considering health insurance in 2024.

What is a Health Insurance Premium Calculator?

A health insurance premium calculator is an online tool that helps you estimate the premium you'll need to pay for a specific health insurance plan. By adding details such as your age, cover amount, pre-existing diseases, etc., you can quickly get an estimate of how much your health insurance will cost annually or monthly. It eliminates the guesswork, providing a clear picture of how much you’ll need to spend to secure good health insurance coverage for yourself and your family.

Pro tip: The health insurance market can be a labyrinth. Instead of spending hours navigating through the hundreds of policies out there, why not book a 30-minute call with our expert IRDAI-certified advisors? We don’t spam or pressure you to buy. Just honest insurance advice.

What are the Advantages of Using a Health Insurance Premium Calculator?

Using a health insurance calculator has several benefits. Here are some that are the most useful!

  1. Instant Premium Results: Get an estimate of your premium instantly without waiting for a quote from an insurance provider.
  2. Customisation of Health Insurance Policy: You can adjust factors such as coverage amount, family size, and add-ons to see how different options impact your premium.
  3. Informed Decision-Making: It allows you to make an informed decision by comparing premiums from various insurers and plans.
  4. Saves Time: Instead of manually calculating or getting in touch with multiple agents, the calculator offers quick insights, saving you valuable time.
  5. Transparency: Understand how specific factors like age or pre-existing conditions influence your premium, leading to a more transparent buying process.

How to Use a Health Insurance Premium Calculator?

Using the health insurance calculator is pretty straightforward:

  1. Enter Personal Details: Age, number of family members (if you’re purchasing a family floater), any pre-existing conditions, etc.
  2. Choose Coverage Amount: Select the sum insured you think will be adequate for your healthcare needs. Ideally, this should be at least ₹10 lakhs. But if you need help choosing the right cover amount, you can always book a call with one of our advisors at Ditto Insurance.
  3. Choose Add-ons: Opt for add-ons that will benefit you. Here is a more comprehensive list of what add-ons to pick and what not to pick.
  4. Get a Premium Estimate: The calculator will provide a monthly or yearly premium estimate based on your input.
  5. Compare it with other policies: This is probably the most important part of choosing a plan. Review the premium and compare it with other policies. Check which features are essential and which are not, given your health condition. Here is a free Health Insurance Policy Comparison Tool where you just have to pick the policies you want to compare.
CTA

How are your Health Insurance Premiums calculated?

Here are the main factors that affect your health insurance premium:

  1. Age: As you get older, your health risks increase, which is why insurance providers charge higher premiums for older individuals.
  2. Sum Insured: Higher coverage means a higher premium as more financial protection is provided.
  3. Pre-existing Conditions: If you have a history of illnesses like diabetes or hypertension, your premium may be higher to account for the increased risk. The insurer may impose a loading charge, given the higher chance of hospitalisation.
  4. Policy Type: The type of coverage you choose affects the premium, whether you're buying an individual policy, a family floater, or a top-up policy.
  5. Add-ons: Features like critical illness cover or maternity benefits can increase your premium but provide additional protection.
  6. Lifestyle Habits: Heavy smokers or drinkers and those with risky lifestyles may have to pay higher premiums.

What is the Ideal Coverage For Health Insurance Plans?

As a general guideline, we at Ditto Insurance recommend a cover amount of ₹ 10 lakh for individuals and higher for families, depending on the above factors. Always ensure the coverage amount is sufficient to cover major medical expenses and potential future black-swan events.

What are the Tips To Choose the Best Health Insurance Plans in 2024?

Here are some important tips for choosing a good health insurance plan:

  1. No co-payment, room rent limits, and disease-wise sub-limits.
  2. A Low pre-existing disease waiting period (PED WP) and specific illness waiting period (SI WP).
  3. A good restoration bonus, pre- and post-hospitalisation cover, network hospital list, and no-claim bonus are also added advantages.
  4. Apart from these features in the policy, you should also consider some metrics that assess the insurer’s performance. These include the Incurred Claim Ratio (ICR) and the Claim Settlement Ratio (CSR).

What are the Best Health Insurance Plans in 2024?

Now that we have understood what to look for in a good health insurance plan, here are some of the top ones in 2024:

Top Health Insurance Pan Waiting Periods Other features Insurer Metrics
Aditya Birla Activ One Max PED WP: 3 years (add-ons can reduce it)
SI WP: 2 years		 Pre & post hospitalisation cover: 90 & 180 days
Restoration: 100% of base SI, unlimited times
Loyalty/ RenewalBonus: 100% pa, up to 500%		 Network Hospitals: 11k+
CSR: 95%
ICR: 61%
HDFC ERGO Optima Secure PED WP: 3 years
SI WP: 2 years		 Pre & post hospitalisation cover: 60 & 180 days
Restoration: 100% of base SI, once a year(add-on can make it unlimited)
Loyalty/ Renewal Bonus: 50% pa, up to 100%		 Network Hospitals: 13k +
CSR: 98%
ICR: 85%
Care Supreme PED WP: 4 years (add-ons can reduce it)
SI WP: 2 years		 Pre & post hospitalisation cover: 60 & 180 days
Restoration: Up to Base SI, unlimited times
Loyalty/ Renewal Bonus: 50% pa, up to 100% (add-on can increase it to 100% pa, up to 500%)		 Network Hospitals: 16k+
CSR: 90%
ICR: 58%

How to Reduce Your Health Insurance Premium?

While several factors influence health insurance premiums, there are ways to reduce your premium without compromising on coverage:

  1. Buy Early: Purchasing health insurance at a younger age can lock in a lower premium for the duration of your policy. While premiums do increase when you enter the next age bracket, the comparative increase in premiums would likely be much lower.
  2. Family Floater Plans: If you’re looking to cover your family, a family floater plan is often cheaper than purchasing individual policies for each member. However, do keep in mind that in a family floater,  the coverage is shared by the members of the policy. On the other hand, an individual plan is separate for each member.
  3. No-Claim Bonus: Make sure to choose a policy that offers a no-claim bonus. Every year you don’t make a claim, your sum insured increases without a corresponding increase in premium. While this does not reduce your premium per se, you will be getting higher coverage for the same premium.
  4. Avoid Unnecessary Add-ons: While add-ons offer more coverage, they can also increase your premium. Only opt for add-ons that are necessary, given your situation.

Why Talk to Ditto for Your Health Insurance?

At Ditto, we’ve assisted over 3,00,000 customers with choosing the right insurance policy. Why customers like Gurpreet below love us:

✅No-Spam & No Salesmen

✅Rated 4.9/5 on Google Reviews by 5,000+ to 9000+ happy customers

✅Backed by Zerodha

✅100% Free Consultation

You can book a FREE consultation. Slots are running out, so make sure you book a call now!

Conclusion

A health insurance calculator is an invaluable tool for anyone looking to buy or upgrade their health insurance plan in 2024. It provides transparency, saves time, and helps you find the best plan by accurately estimating your premiums.

Whether you’re a first-time buyer or renewing your policy, using this calculator allows you to make an informed decision, ensuring that your health and finances are well-protected!