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A health calculator is easily available online and is a free-of-cost calculator that helps you estimate how much money you should save or invest in building a healthcare corpus. This amount, shown by the calculator, is how much you need to save each month from being able to accumulate a certain amount of funds for your healthcare expenses.
A lot of people choose to carry out this calculation manually, but this can lead to a loss of time and also lead to small or major errors in calculation. Hence, a healthcare cost calculator is a better way to compute your healthcare funds.
Why Should You Use a Healthcare Cost Calculator?
A healthcare cost calculator can serve different purposes. For instance, if you still do not have a health rider with your life insurance or a health insurance plan, you can calculate the total cost of your healthcare expenses and also set aside some funds to choose and purchase a medical insurance plan.
For those who already have health insurance, a healthcare cost calculator can help you understand how much money you need to save to build a healthcare corpus. This is because most medical insurance plans do not cover all risks, illnesses, and health conditions. For example, even something as minor as dental care and related surgeries may not be covered under your healthcare plan. But if you need regular check-ups or a dental procedure, the cost can be quite high.
Hence, basically, a health calculator not only helps you check what gaps need to be filled in your healthcare funds but also enables you to plan your health insurance, life insurance and health riders as per your needs.
How Does a Healthcare Cost Calculator Work?
A healthcare cost calculator uses the data you fill in on the calculator and then gives you an estimate of what the total amount of your healthcare fund should be. This will be based on the number of family members, your current healthcare savings, financial capacity, and many other factors.
The results or final outcome will be solely based on your input. For example, if you mention only 4 members of your family on the calculator instead of all 6, the online cost calculator can only show the amount that will suffice for 4 family members in case of a health emergency. Lastly, you can always adjust the amount you need for medical expenses by altering or changing the values on the calculator.
InstaProtect Solution comprises Tata AIA Life Insurance Sampoorna Raksha Supreme (Non-Linked, Non-Participating, Individual Life Insurance Plan) (UIN: 110N160V03) - Life Option (in case Return of Premium is No) or Life Plus Option (in case of Return of Premium is Yes), Tata AIA Vitality Protect (UIN: 110B046V01) - A Non-linked, Non-participating, Individual Health Rider; Tata AIA Vitality Health (UIN: 110B045V01) - A Non-linked, Non-participating, Individual Health Rider. Tata AIA Life Insurance Sampoorna Raksha Supreme is also available individually for sale.
The healthcare cost calculator can save you a pretty penny when you most need it, especially in case of a medical emergency. The best way to face a healthcare emergency is to prepare for it ahead of time and save enough funds for whatever the situation or health risk may be. This is how you can use the healthcare cost calculator available on the official Tata AIA Life Insurance website:
Navigate to Healthcare Cost Calculator
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Not many people keep aside some funds for their healthcare expenses, but if you plan to do so, a healthcare cost calculator can help you out. By using the calculator, you will know how much you need to save for any future unforeseen emergencies so that there are no last-minute issues when such a risk comes your way. Below are some benefits of using a healthcare cost calculator:
An online healthcare cost calculator can be easily available on your life insurance provider’s website and can be accessed for free without the need for any sign-in or credentials. You can use this online calculator anytime and from anywhere!
When you plan your medical expenses offline, you tend to make errors, which can lead to confusion and lead you to restart the process. A healthcare cost calculator based on an algorithm will give you better results.
Once your healthcare expenses have been planned, you can plan your other investments and savings without any worries. An online healthcare cost calculator plays an important role in helping you plan your finances.
You may need an advisor or agent to plan healthcare expenses which may incur a consultation fee. Even though the advice is important later on, you can avoid these costs at the initial stage by using a healthcare cost calculator.
Healthcare costs can be a chunk of your expenses when there is a healthcare emergency. Most people have life insurance with health riders or health insurance which can cover most of the medical expenses. However, knowing how much more expensive healthcare can be and being able to save that amount with the help of a healthcare cost calculator can be useful.
How to calculate healthcare costs?
Apart from medical treatments, healthcare also includes medical insurance. When calculating healthcare costs, consider the cost of the procedure or treatment, along with the cost of health check-ups, hospitalisation and accommodation, medication, consumables such as small medical equipment and post-hospitalisation care.
How to reduce healthcare costs?
You can use a healthcare calculator to calculate healthcare costs and know where you can save your medical expenses. In addition, if you have medical insurance or a life insurance policy with health riders, you can find out what treatments and procedures can be covered under your insurance policy.
This can help reduce some of the healthcare costs. It is also important to visit a network hospital that is covered under your medical insurance to avail of the cashless benefits.
How do I prepare for a medical emergency?
In case of a medical emergency, immediately get in touch with the nearest hospital for accommodation. Prepare for the situation by gathering a few essential items in a small bag for the patient, along with their medical documents and health insurance. While people tend to panic in these situations, try to stay calm and keep in touch with the hospital so that they can help you with admitting the patient at the earliest.
What factors affect healthcare costs?
One of the main factors that affect healthcare costs is inflation. Among the other factors is the choice of medical facility or hospital where the treatment is due, the nature of the ailment/condition, the type of procedure or surgery to be undertaken, the medical attention required, the post-treatment recovery period and procedures, if any, and more.
What is the significance of financial planning for healthcare expenditure?
Financial planning plays a major role in planning your healthcare expenditure. After receiving your monthly salary and setting aside some amount for your household expenses, utility bills, essential needs, and investments, you can save some of the remaining money to create a medical emergency fund.
Keep adding a fixed amount to this fund each month so that you have a ready financial resource for healthcare expenditures in case the need arises. A healthcare calculator can help you decide how much you need to save for medical and healthcare funds. Accordingly, you can contribute a fixed amount every month, so there are no last-minute hassles.
What are riders in a life insurance policy?
In a life insurance policy, riders^ are optional benefits that you can add to your base life insurance plan for an additional but nominal premium cost. These riders cover a range of risks and uncertain events such as critical illnesses, hospitalisation, terminal illnesses, accidental death, disability and so on.
The rider sum assured is fixed, and when any of the above events occur, as covered under the riders, a certain percentage of the sum assured, or the lump sum will be paid out to you or your family so that the related expenses can be taken care of.
Can riders in life insurance plans pay for healthcare costs?
You can add one or more suitable health riders^, such as a critical illness benefit or a comprehensive health or protection rider, to your life insurance plan. When the event or the risk covered under these riders occurs, you will be able to receive a percentage of the rider sum assured to cover the healthcare costs ranging from diagnosis to the treatment of the illness/ailment/condition.
Are life insurance riders necessary?
Life insurance riders^, however, cover specific risks or unforeseen events such as critical illnesses, accidental death and disability, major illnesses, severe injuries, hospitalisation and more. The rider/riders pay out the benefit on the occurrence of any of these events covered under the rider.
Is it good to add a rider to a term insurance policy?
A term insurance policy offers extensive coverage against the untimely demise of the policyholder, and a predetermined sum assured is paid out to the insured’s family. Therefore, adding a rider to your term plan can be beneficial so that other uncertain risks and events such as hospitalisation, critical and terminal illnesses, accidental death and disability, etc.
InstaProtect Solution comprises of Tata AIA Life Insurance Sampoorna Raksha Supreme (Non-Linked, Non-Participating, Individual Life Insurance Plan) (UIN: 110N160V03), Tata AIA Vitality Protect (UIN: 110B046V01) - A Non-linked, Non-participating, Individual Health Rider; Tata AIA Vitality Health (UIN: 110B045V01) - A Non-linked, Non-participating, Individual Health Rider. Tata AIA Life Insurance Sampoorna Raksha Supreme is also available individually for sale.
#Criticare Plus (CP), Accidental Death (AD) and Accidental Total and Permanent Disability (ATPD) are benefit options available under Tata AIA Vitality Protect and HospiCare (HC) is available under Tata AIA Vitality Health
%Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfillment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implication mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.
^Riders are not mandatory and are available for a nominal extra cost. For more details on benefits, premiums and exclusions under the Rider, please contact Tata AIA Life's Insurance Advisor/Intermediary/ branch.
The solution will be underwritten by Tata AIA Life Insurance Company Limited. Additional Requirements may be called at underwriters’ discretion. Insurance cover is available under this solution.
The solution is not a guaranteed issuance plan, and it will be subject to company’s underwriting and acceptance. In case of sub-standard lives extra premiums will be charged as per our underwriting guidelines.
Buying a life Insurance policy/rider is a long-term commitment. An early termination of the policy/ benefit option under a rider usually involves high costs and the surrender value payable may be less than all the premiums paid.
Please make your own independent decision after consulting your financial or other professional advisor.
Insurance cover is available under the product.
The products are underwritten by Tata AIA Life Insurance Company Ltd.
The plans are not a guaranteed issuance plan and it will be subject to Company’s underwriting and acceptance.
For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale.