In India, the cost of getting medical treatment is rising at a steady pace, especially in private hospitals. Moreover, healthcare costs in metro cities are even higher, and the risk of ailments due to lifestyle, environment, and hereditary factors is also surprisingly high. Hence, one can never go wrong with investing in a health insurance policy.
A family medical insurance plan is the ideal choice for your family as it is more affordable and convenient to manage if we compare it with individual health cover.
A policyholder has to pay a specified amount known as the premium regularly to the insurer. This premium cost is calculated after several factors are taken into account, such as sum insured, health conditions, lifestyle, age of the eldest member, etc. Knowing the premium amount will give you an idea of the cost of your family medical insurance plan.
Here’s a guide.
The Cost of Family Medical Insurance Policy
The premium of your Family Medical Insurance will depend upon various factors that include:
- Age: The premium rises with age. If the family members are young, the premium cost is more affordable than a health cover for a family with older members.
- Lifestyle: Insurers also consider lifestyle habits, such as tobacco consumption, which lead to a higher premium.
- Family medical history: It is a crucial factor that can affect the premium rate.
- Health condition: The premium cost will be higher if one has a pre-existing ailment.
- Body Mass Index (BMI): BMI is another factor an insurer considers. The premium rates will be higher if a person suffers from obesity, where the BMI is above the normal limit.
- Amount of coverage: The premium will also depend on the sum insured one has selected.
Additionally, there are other factors, and an insurer adheres to the underwriting process for deciding the premium one has to pay.
As an example, a family comprising of a person (age below 30 years), spouse (age below 30 years), and kid (one year) has opted for a sum insured of Rs 5 Lakh. The premium may start from Rs 1,150 per month, and the amount may differ depending on the various factors discussed above.
Calculate the Cost Using Online Health Premium Calculator
Leading health insurers, for example, Care Health Insurance (formerly Religare Health Insurance), offer family health insurance plans with numerous benefits, thus enabling a person to stay financially secure against the rising medical expenses.
If you want to know how much your health cover will cost, there is an easy step to follow. Use an online health premium calculator, a tool to help you get an estimate of the premium cost for your policy. All you need to do is enter a few details, such as the number of insured members and the date of birth of eldest family member. The premium calculator simplifies the process of calculating the premium and helps people decide the best health cover for their family members.
Conclusion
By understanding the factors that affect the premium and using a premium calculator, one gets an idea of the cost of family medical insurance. Investing early increases the chances of getting a policy for an affordable premium. Besides, one can opt for a higher deductible and longer policy tenure to get discounts on the premium costs.
