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How to calculate insurance premiums

What are insurance premiums?

First off, what is an insurance premium? An insurance premium is the total amount of money that an individual pays for their insurance policy. There are a few factors that insurance companies consider when calculating how much of an insurance premium your client will have to pay. Factors such as age, type of coverage, personal data, zip code, as well as other information, all play a role in determining your health insurance premium. Insurance companies offer individuals different methods of paying their insurance premium. Premiums can be paid in installments, monthly, annually, or semi-annually. The best way to ensure that your client is paying the lowest premium available you need to check their eligibility for subsidies and compare different plans to ensure the lowest quote available.  

Factors that are taken into consideration when calculating insurance premiums:

Age: This is looked at to determine how much medical care you will likely need. 

Type of coverage: Typically, the rule of thumb is the more comprehensive the policy, the more the premium will be.

Personal Information: insurance companies sometimes take a close look at things like your claim’s history, credit history, gender, marital status, lifestyle, family medical history, health, smoking status, hobbies, job, and where you live.

Health insurance premium calculator:

There are online automated premium and subsidy calculators that allow you to input your client’s personal information to generate an estimated premium amount as well as subsidy amounts. offers a calculator that will show you how much money you can save on healthcare costs depending on your age and income level. 

If you need assistance calculating insurance premiums for your clients or finding more affordable, lower premium plans, we can help! Contact a Claro Account Executive for assistance: 1-800-806-2527

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