Medical Insurance Premium Calculator – Estimate Your Costs
:root {
–primary-color: #004a99;
–success-color: #28a745;
–background-color: #f8f9fa;
–text-color: #333;
–border-color: #ccc;
–card-background: #fff;
–shadow: 0 2px 5px rgba(0,0,0,0.1);
}
body {
font-family: 'Segoe UI', Tahoma, Geneva, Verdana, sans-serif;
background-color: var(–background-color);
color: var(–text-color);
line-height: 1.6;
margin: 0;
padding: 0;
}
.container {
max-width: 1000px;
margin: 20px auto;
padding: 20px;
background-color: var(–card-background);
border-radius: 8px;
box-shadow: var(–shadow);
}
h1, h2, h3 {
color: var(–primary-color);
text-align: center;
}
h1 {
margin-bottom: 10px;
}
.subtitle {
text-align: center;
color: #555;
font-size: 1.1em;
margin-bottom: 30px;
}
.calculator-section {
margin-bottom: 40px;
padding: 25px;
border: 1px solid var(–border-color);
border-radius: 8px;
background-color: var(–card-background);
box-shadow: var(–shadow);
}
.calculator-section h2 {
margin-top: 0;
margin-bottom: 20px;
text-align: left;
}
.input-group {
margin-bottom: 20px;
display: flex;
flex-direction: column;
}
.input-group label {
display: block;
margin-bottom: 8px;
font-weight: bold;
color: var(–primary-color);
}
.input-group input[type="number"],
.input-group select {
width: 100%;
padding: 10px;
border: 1px solid var(–border-color);
border-radius: 4px;
box-sizing: border-box;
font-size: 1em;
}
.input-group input[type="number"]:focus,
.input-group select:focus {
outline: none;
border-color: var(–primary-color);
box-shadow: 0 0 0 2px rgba(0, 74, 153, 0.2);
}
.input-group .helper-text {
font-size: 0.85em;
color: #666;
margin-top: 5px;
}
.error-message {
color: #dc3545;
font-size: 0.85em;
margin-top: 5px;
display: none; /* Hidden by default */
}
.error-message.visible {
display: block;
}
.button-group {
display: flex;
justify-content: space-between;
margin-top: 20px;
flex-wrap: wrap;
gap: 10px;
}
.button-group button {
padding: 12px 20px;
border: none;
border-radius: 5px;
cursor: pointer;
font-size: 1em;
font-weight: bold;
transition: background-color 0.3s ease;
}
.btn-calculate {
background-color: var(–primary-color);
color: white;
}
.btn-calculate:hover {
background-color: #003366;
}
.btn-reset {
background-color: #6c757d;
color: white;
}
.btn-reset:hover {
background-color: #5a6268;
}
.btn-copy {
background-color: var(–success-color);
color: white;
}
.btn-copy:hover {
background-color: #218838;
}
#results-container {
margin-top: 30px;
padding: 25px;
border: 1px solid var(–border-color);
border-radius: 8px;
background-color: var(–card-background);
box-shadow: var(–shadow);
text-align: center;
}
#results-container h2 {
margin-top: 0;
text-align: center;
}
#primary-result {
font-size: 2.5em;
font-weight: bold;
color: var(–success-color);
margin: 15px 0;
padding: 15px;
background-color: #e9f7ef;
border-radius: 5px;
display: inline-block;
}
.intermediate-results div, .key-assumptions div {
margin-bottom: 10px;
font-size: 1.1em;
}
.intermediate-results span, .key-assumptions span {
font-weight: bold;
color: var(–primary-color);
}
.formula-explanation {
font-size: 0.9em;
color: #555;
margin-top: 15px;
padding-top: 15px;
border-top: 1px dashed #ccc;
}
table {
width: 100%;
border-collapse: collapse;
margin-top: 20px;
}
th, td {
padding: 10px;
text-align: left;
border: 1px solid #ddd;
}
th {
background-color: var(–primary-color);
color: white;
font-weight: bold;
}
tr:nth-child(even) {
background-color: #f2f2f2;
}
caption {
font-size: 1.1em;
font-weight: bold;
color: var(–primary-color);
margin-bottom: 10px;
caption-side: top;
text-align: left;
}
#chartContainer {
margin-top: 30px;
padding: 20px;
border: 1px solid var(–border-color);
border-radius: 8px;
background-color: var(–card-background);
box-shadow: var(–shadow);
text-align: center;
}
#chartContainer h2 {
margin-top: 0;
text-align: center;
}
canvas {
max-width: 100%;
height: auto;
}
.article-content {
margin-top: 40px;
padding: 25px;
border: 1px solid var(–border-color);
border-radius: 8px;
background-color: var(–card-background);
box-shadow: var(–shadow);
}
.article-content h2, .article-content h3 {
text-align: left;
margin-top: 25px;
margin-bottom: 15px;
color: var(–primary-color);
}
.article-content h2 {
border-bottom: 2px solid var(–primary-color);
padding-bottom: 5px;
}
.article-content p {
margin-bottom: 15px;
}
.article-content ul, .article-content ol {
margin-left: 20px;
margin-bottom: 15px;
}
.article-content li {
margin-bottom: 8px;
}
.article-content strong {
color: var(–primary-color);
}
.faq-item {
margin-bottom: 15px;
border-bottom: 1px dashed #eee;
padding-bottom: 10px;
}
.faq-item:last-child {
border-bottom: none;
}
.faq-item strong {
display: block;
margin-bottom: 5px;
color: var(–primary-color);
}
.internal-links-section ul {
list-style: none;
padding: 0;
}
.internal-links-section li {
margin-bottom: 15px;
}
.internal-links-section a {
color: var(–primary-color);
text-decoration: none;
font-weight: bold;
}
.internal-links-section a:hover {
text-decoration: underline;
}
.internal-links-section p {
font-size: 0.9em;
color: #555;
margin-top: 5px;
}
.highlight {
background-color: #fff3cd;
padding: 2px 5px;
border-radius: 3px;
}
.variable-table th, .variable-table td {
text-align: center;
}
.variable-table td:first-child {
text-align: left;
font-weight: bold;
}
Premium Breakdown by Factor
What is a Medical Insurance Premium?
A medical insurance premium is the amount of money you pay regularly (usually monthly) to an insurance company to maintain your health insurance coverage. Think of it as a subscription fee for your health protection. This payment ensures that when you need medical services, your insurance plan will help cover the costs according to the terms of your policy. Understanding your medical insurance premium is crucial for budgeting and making informed decisions about your healthcare.
Who should use a medical insurance premium calculator? Anyone looking to purchase new health insurance, renew an existing policy, or simply understand how different factors influence their healthcare costs should use this tool. It's particularly useful for individuals and families comparing different plans, assessing affordability, and planning their healthcare expenses. It helps demystify the often complex pricing structures of health insurance.
Common misconceptions about medical insurance premiums include believing they are fixed regardless of personal circumstances, or that the cheapest premium always offers the best value. In reality, premiums are highly personalized, and the "best" plan depends on individual needs, health status, and budget. This calculator aims to provide a more transparent view.
Medical Insurance Premium Calculator Formula and Mathematical Explanation
The calculation for a medical insurance premium involves several variables that adjust a base rate to reflect individual and plan-specific characteristics. Our calculator uses a simplified, yet representative, formula:
Estimated Premium = (Base Premium * Age Adjustment * Coverage Factor * Family Factor * Health Condition Factor) * Location Factor
Variable Explanations
Let's break down each component:
Variables Used in Calculation
| Variable |
Meaning |
Unit |
Typical Range |
| Base Premium |
The foundational cost of insurance before individual adjustments. |
Currency (e.g., USD) |
$50 – $200 |
| Age |
The age of the primary policyholder. |
Years |
18 – 80+ |
| Age Adjustment |
A multiplier reflecting how age impacts risk. Older individuals typically have higher premiums. |
Multiplier (e.g., 1.0 – 2.5) |
1.0 (young adult) to 2.5 (senior) |
| Coverage Level |
The tier of benefits offered (e.g., Bronze, Silver, Gold). Higher levels mean higher premiums. |
Index (1-4) |
1 (Basic) to 4 (Premium) |
| Coverage Factor |
A multiplier derived from the selected coverage level. |
Multiplier (e.g., 1.0 – 3.0) |
1.0 (Bronze) to 3.0 (Platinum) |
| Number of Family Members |
The total count of individuals covered under the policy. |
Count |
1 – 10+ |
| Family Factor |
A multiplier based on the number of people insured. More members generally increase the premium. |
Multiplier (e.g., 1.0 – 4.0) |
1.0 (single) to 4.0 (large family) |
| Number of Health Conditions |
The count of pre-existing medical conditions. |
Count |
0 – 5+ |
| Health Condition Factor |
A multiplier reflecting the increased risk associated with pre-existing conditions. |
Multiplier (e.g., 1.0 – 2.0) |
1.0 (no conditions) to 2.0 (multiple conditions) |
| Location Factor |
A regional adjustment based on healthcare costs and utilization in a specific area. |
Multiplier (e.g., 0.8 – 1.5) |
0.8 (low cost area) to 1.5 (high cost area) |
Practical Examples (Real-World Use Cases)
Let's see how the medical insurance premium calculator works with realistic scenarios:
Example 1: Young Professional
Inputs:
- Age: 30
- Coverage Level: Silver (Standard)
- Number of Family Members: 1
- Number of Pre-existing Health Conditions: 0
- Location Factor: 1.0 (Average Cost Area)
Calculation Steps (Illustrative):
- Base Premium: $100
- Age Adjustment (for age 30): 1.2
- Coverage Factor (Silver): 1.8
- Family Factor (1 member): 1.0
- Health Condition Factor (0 conditions): 1.0
- Location Factor: 1.0
Calculation: ($100 * 1.2 * 1.8 * 1.0 * 1.0) * 1.0 = $216
Output: Estimated Monthly Premium: $216
Interpretation: A young, healthy individual seeking standard coverage in an average cost area can expect a moderate premium. This plan likely offers a good balance of cost and benefits.
Example 2: Family with Health Concerns
Inputs:
- Age: 45
- Coverage Level: Gold (Comprehensive)
- Number of Family Members: 4 (2 adults, 2 children)
- Number of Pre-existing Health Conditions: 2
- Location Factor: 1.2 (Higher Cost Area)
Calculation Steps (Illustrative):
- Base Premium: $150
- Age Adjustment (for age 45): 1.6
- Coverage Factor (Gold): 2.5
- Family Factor (4 members): 2.8
- Health Condition Factor (2 conditions): 1.5
- Location Factor: 1.2
Calculation: ($150 * 1.6 * 2.5 * 2.8 * 1.5) * 1.2 = $1134
Output: Estimated Monthly Premium: $1134
Interpretation: A family with multiple members and pre-existing conditions, opting for comprehensive coverage in a high-cost area, will face a significantly higher premium. This reflects the increased risk and benefit scope for the insurer.
How to Use This Medical Insurance Premium Calculator
Using our medical insurance premium calculator is straightforward. Follow these steps:
- Enter Your Age: Input your current age accurately. Age is a primary factor in risk assessment.
- Select Coverage Level: Choose the plan tier (Bronze, Silver, Gold, Platinum) that best matches your needs for benefits versus cost.
- Specify Family Members: Enter the total number of individuals who will be covered under the policy.
- Indicate Health Conditions: Honestly report the number of diagnosed pre-existing conditions. This significantly impacts risk.
- Input Location Factor: Use the provided estimate or consult local resources for a factor reflecting your area's healthcare costs.
- Click 'Calculate Premium': The tool will instantly provide an estimated monthly premium.
How to read results: The main result is your estimated monthly premium. The intermediate values show how each factor contributes to the final cost. A higher number for a factor generally means a higher premium.
Decision-making guidance: Use the results to compare different scenarios. If the estimated premium is too high, consider adjusting the coverage level, reviewing family members, or exploring plans in different locations. This calculator helps you understand trade-offs and find a balance between cost and adequate protection.
Key Factors That Affect Medical Insurance Premium Results
Several elements significantly influence your medical insurance premium. Understanding these can help you anticipate costs and make informed choices:
- Age: As individuals age, the likelihood of developing health issues increases, leading insurers to charge higher premiums. Younger individuals generally pay less.
- Coverage Level & Benefits: Plans with lower deductibles, copayments, and coinsurance, and those offering a wider network of providers or more comprehensive services (like dental or vision), will naturally have higher premiums. This is the coverage factor.
- Number of People Covered: Insuring more individuals, especially those with higher healthcare needs or different age groups, increases the overall risk pool for the insurer, thus raising the premium. This relates to the family factor.
- Health Status & Pre-existing Conditions: Individuals with chronic illnesses or multiple diagnosed conditions often face higher premiums because they are statistically more likely to incur significant medical expenses. This is captured by the health condition factor.
- Geographic Location: Healthcare costs vary dramatically by region. Areas with higher medical service costs, more specialized facilities, or higher population density often result in higher premiums. This is the location factor.
- Tobacco Use: Many insurers charge higher premiums for tobacco users due to the increased health risks associated with smoking and vaping.
- Plan Type: Different plan structures (HMO, PPO, EPO) have varying costs. HMOs often have lower premiums but restrict provider choice, while PPOs offer more flexibility at a higher cost.
- Deductibles and Out-of-Pocket Maximums: Plans with lower deductibles and out-of-pocket maximums (meaning you pay less when you need care) typically have higher monthly premiums. Conversely, high-deductible plans usually have lower premiums.
Frequently Asked Questions (FAQ)
Q1: Is the calculated premium guaranteed?
A: No, this calculator provides an *estimate*. Actual premiums can vary based on the insurer's specific underwriting process, detailed health assessments, and final plan enrollment details.
Q2: Does the calculator account for subsidies?
A: This basic calculator does not factor in government subsidies (like those available through the ACA Marketplace) which can significantly reduce the out-of-pocket premium for eligible individuals.
Q3: How do pre-existing conditions affect premiums?
A: In many markets (like under the ACA in the US), insurers cannot deny coverage or charge more based on pre-existing conditions for individual and small group plans. However, this calculator uses a simplified model where conditions *can* influence the estimated premium, reflecting broader insurance principles or specific market variations.
Q4: What is the difference between Bronze, Silver, Gold, and Platinum plans?
A: These tiers represent different levels of cost-sharing. Bronze has the lowest premium but highest out-of-pocket costs. Platinum has the highest premium but lowest out-of-pocket costs. Silver and Gold fall in between.
Q5: Can I get a quote for a specific insurance provider?
A: This calculator provides a general estimate. For exact quotes, you need to visit the websites of specific insurance companies or work with a licensed insurance broker.
Q6: How often should I update my information in the calculator?
A: Update your information whenever your circumstances change (e.g., age increase, change in family size, new health diagnosis) or when you are comparing plans during open enrollment periods.
Q7: What does the 'Location Factor' represent?
A: It's a simplified multiplier representing how healthcare costs in your specific geographic area compare to a national average. Urban areas or regions with higher costs of living and medical services typically have higher factors.
Q8: Does this calculator include dental or vision insurance?
A: This calculator focuses on general medical insurance premiums. Dental and vision coverage are often offered as separate add-ons or riders, which may have their own distinct pricing structures.
Related Tools and Internal Resources
var basePremiumRate = 100; // Base rate for calculation
var ageFactors = {
18: 1.0, 19: 1.05, 20: 1.1, 21: 1.15, 22: 1.2, 23: 1.25, 24: 1.3, 25: 1.35, 26: 1.4, 27: 1.45, 28: 1.5, 29: 1.55, 30: 1.6,
31: 1.65, 32: 1.7, 33: 1.75, 34: 1.8, 35: 1.85, 36: 1.9, 37: 1.95, 38: 2.0, 39: 2.05, 40: 2.1, 41: 2.15, 42: 2.2, 43: 2.25, 44: 2.3, 45: 2.35,
46: 2.4, 47: 2.45, 48: 2.5, 49: 2.55, 50: 2.6, 51: 2.65, 52: 2.7, 53: 2.75, 54: 2.8, 55: 2.85, 56: 2.9, 57: 2.95, 58: 3.0, 59: 3.05,
60: 3.1, 61: 3.15, 62: 3.2, 63: 3.25, 64: 3.3, 65: 3.35, 66: 3.4, 67: 3.45, 68: 3.5, 69: 3.55, 70: 3.6, 71: 3.65, 72: 3.7, 73: 3.75, 74: 3.8,
75: 3.85, 76: 3.9, 77: 3.95, 78: 4.0, 79: 4.05, 80: 4.1
};
var coverageFactors = {
1: 1.0, // Bronze
2: 1.8, // Silver
3: 2.5, // Gold
4: 3.2 // Platinum
};
var conditionFactors = {
0: 1.0,
1: 1.2,
2: 1.5,
3: 1.8,
4: 2.0,
5: 2.2
};
function getAgeFactor(age) {
age = parseInt(age);
if (isNaN(age) || age 80) return ageFactors[80]; // Cap at max defined age
return ageFactors[age] || 1.0; // Default to 1.0 if age not found
}
function getCoverageFactor(level) {
return coverageFactors[level] || 1.0;
}
function getConditionFactor(conditions) {
conditions = parseInt(conditions);
if (isNaN(conditions)) return 1.0;
if (conditions >= 5) return conditionFactors[5]; // Cap at max defined conditions
return conditionFactors[conditions] || 1.0;
}
function calculatePremium() {
var age = document.getElementById("age").value;
var coverageLevel = document.getElementById("coverageLevel").value;
var familyMembers = document.getElementById("familyMembers").value;
var healthConditions = document.getElementById("healthConditions").value;
var locationFactor = document.getElementById("locationFactor").value;
var errors = false;
// — Input Validation —
if (age === "" || isNaN(age) || parseInt(age) 80) {
document.getElementById("age-error").innerText = "Please enter a valid age between 18 and 80.";
document.getElementById("age-error").classList.add("visible");
errors = true;
} else {
document.getElementById("age-error").innerText = "";
document.getElementById("age-error").classList.remove("visible");
}
if (familyMembers === "" || isNaN(familyMembers) || parseInt(familyMembers) < 1) {
document.getElementById("familyMembers-error").innerText = "Please enter at least 1 family member.";
document.getElementById("familyMembers-error").classList.add("visible");
errors = true;
} else {
document.getElementById("familyMembers-error").innerText = "";
document.getElementById("familyMembers-error").classList.remove("visible");
}
if (healthConditions === "" || isNaN(healthConditions) || parseInt(healthConditions) < 0) {
document.getElementById("healthConditions-error").innerText = "Please enter a valid number of conditions (0 or more).";
document.getElementById("healthConditions-error").classList.add("visible");
errors = true;
} else {
document.getElementById("healthConditions-error").innerText = "";
document.getElementById("healthConditions-error").classList.remove("visible");
}
if (locationFactor === "" || isNaN(locationFactor) || parseFloat(locationFactor) <= 0) {
document.getElementById("locationFactor-error").innerText = "Please enter a valid location factor (e.g., 1.0).";
document.getElementById("locationFactor-error").classList.add("visible");
errors = true;
} else {
document.getElementById("locationFactor-error").innerText = "";
document.getElementById("locationFactor-error").classList.remove("visible");
}
if (errors) {
resetResults();
return;
}
// — Calculations —
var ageFactor = getAgeFactor(age);
var coverageFactor = getCoverageFactor(coverageLevel);
var familyFactor = 1.0 + (parseInt(familyMembers) – 1) * 0.4; // Example: 1 member = 1.0, 2 members = 1.4, 3 = 1.8 etc.
var conditionFactor = getConditionFactor(healthConditions);
var locFactor = parseFloat(locationFactor);
var basePremium = basePremiumRate;
var intermediatePremium = basePremium * ageFactor * coverageFactor * familyFactor * conditionFactor;
var finalPremium = intermediatePremium * locFactor;
// — Display Results —
document.getElementById("primary-result").innerText = "$" + finalPremium.toFixed(2);
document.getElementById("base-premium").getElementsByTagName("span")[0].innerText = "$" + basePremium.toFixed(2);
document.getElementById("age-adjustment").getElementsByTagName("span")[0].innerText = ageFactor.toFixed(2) + "x";
document.getElementById("coverage-factor").getElementsByTagName("span")[0].innerText = coverageFactor.toFixed(2) + "x";
document.getElementById("family-factor").getElementsByTagName("span")[0].innerText = familyFactor.toFixed(2) + "x";
document.getElementById("condition-factor").getElementsByTagName("span")[0].innerText = conditionFactor.toFixed(2) + "x";
// — Update Chart —
updateChart(basePremium, ageFactor, coverageFactor, familyFactor, conditionFactor, locFactor);
}
function resetResults() {
document.getElementById("primary-result").innerText = "–";
document.getElementById("base-premium").getElementsByTagName("span")[0].innerText = "–";
document.getElementById("age-adjustment").getElementsByTagName("span")[0].innerText = "–";
document.getElementById("coverage-factor").getElementsByTagName("span")[0].innerText = "–";
document.getElementById("family-factor").getElementsByTagName("span")[0].innerText = "–";
document.getElementById("condition-factor").getElementsByTagName("span")[0].innerText = "–";
if (window.premiumChartInstance) {
window.premiumChartInstance.destroy();
}
var ctx = document.getElementById("premiumChart").getContext("2d");
ctx.clearRect(0, 0, ctx.canvas.width, ctx.canvas.height);
}
function resetCalculator() {
document.getElementById("age").value = "35";
document.getElementById("coverageLevel").value = "2"; // Silver
document.getElementById("familyMembers").value = "1";
document.getElementById("healthConditions").value = "0";
document.getElementById("locationFactor").value = "1.0";
// Clear errors
var errorElements = document.querySelectorAll('.error-message');
for (var i = 0; i < errorElements.length; i++) {
errorElements[i].innerText = "";
errorElements[i].classList.remove("visible");
}
calculatePremium(); // Recalculate with defaults
}
function copyResults() {
var primaryResult = document.getElementById("primary-result").innerText;
var basePremium = document.getElementById("base-premium").getElementsByTagName("span")[0].innerText;
var ageAdjustment = document.getElementById("age-adjustment").getElementsByTagName("span")[0].innerText;
var coverageFactor = document.getElementById("coverage-factor").getElementsByTagName("span")[0].innerText;
var familyFactor = document.getElementById("family-factor").getElementsByTagName("span")[0].innerText;
var conditionFactor = document.getElementById("condition-factor").getElementsByTagName("span")[0].innerText;
var locationFactorInput = document.getElementById("locationFactor").value;
var assumptions = "Key Assumptions:\n";
assumptions += "- Location Factor: " + locationFactorInput + "\n";
assumptions += "- Base Premium Rate: $" + basePremiumRate + "\n";
assumptions += "- Age: " + document.getElementById("age").value + "\n";
assumptions += "- Coverage Level: " + document.getElementById("coverageLevel").options[document.getElementById("coverageLevel").selectedIndex].text + "\n";
assumptions += "- Family Members: " + document.getElementById("familyMembers").value + "\n";
assumptions += "- Health Conditions: " + document.getElementById("healthConditions").value + "\n";
var textToCopy = "— Medical Insurance Premium Estimate —\n\n";
textToCopy += "Estimated Monthly Premium: " + primaryResult + "\n\n";
textToCopy += "Breakdown:\n";
textToCopy += "- Base Premium: " + basePremium + "\n";
textToCopy += "- Age Adjustment: " + ageAdjustment + "\n";
textToCopy += "- Coverage Factor: " + coverageFactor + "\n";
textToCopy += "- Family Factor: " + familyFactor + "\n";
textToCopy += "- Health Condition Factor: " + conditionFactor + "\n\n";
textToCopy += assumptions;
navigator.clipboard.writeText(textToCopy).then(function() {
// Optional: Show a confirmation message
var btnCopy = document.querySelector('.btn-copy');
var originalText = btnCopy.innerText;
btnCopy.innerText = 'Copied!';
setTimeout(function() {
btnCopy.innerText = originalText;
}, 2000);
}).catch(function(err) {
console.error('Failed to copy text: ', err);
// Optional: Show an error message
});
}
var premiumChartInstance = null;
function updateChart(base, ageAdj, covFactor, famFactor, condFactor, locFactor) {
var ctx = document.getElementById("premiumChart").getContext("2d");
// Destroy previous chart instance if it exists
if (premiumChartInstance) {
premiumChartInstance.destroy();
}
// Calculate the contribution of each factor to the final premium
var basePremiumValue = base;
var ageContribution = basePremiumValue * ageAdj;
var coverageContribution = ageContribution * covFactor;
var familyContribution = coverageContribution * famFactor;
var conditionContribution = familyContribution * condFactor;
var finalPremiumValue = conditionContribution * locFactor;
// For chart display, let's show the *impact* of each factor relative to the base
// Or, more simply, show the cumulative premium at each stage.
var chartData = {
labels: ["Base Premium", "After Age Adj.", "After Coverage", "After Family", "After Conditions", "Final Premium"],
datasets: [{
label: 'Premium Value ($)',
data: [
base,
base * ageAdj,
base * ageAdj * covFactor,
base * ageAdj * covFactor * famFactor,
base * ageAdj * covFactor * famFactor * condFactor,
finalPremiumValue
],
backgroundColor: [
'rgba(0, 74, 153, 0.6)', // Base
'rgba(40, 167, 69, 0.6)', // Age
'rgba(255, 193, 7, 0.6)', // Coverage
'rgba(108, 117, 125, 0.6)', // Family
'rgba(220, 53, 69, 0.6)', // Conditions
'rgba(0, 123, 255, 0.8)' // Final
],
borderColor: [
'rgba(0, 74, 153, 1)',
'rgba(40, 167, 69, 1)',
'rgba(255, 193, 7, 1)',
'rgba(108, 117, 125, 1)',
'rgba(220, 53, 69, 1)',
'rgba(0, 123, 255, 1)'
],
borderWidth: 1
}]
};
premiumChartInstance = new Chart(ctx, {
type: 'bar',
data: chartData,
options: {
responsive: true,
maintainAspectRatio: false,
scales: {
y: {
beginAtZero: true,
title: {
display: true,
text: 'Estimated Premium ($)'
}
}
},
plugins: {
legend: {
display: false // Hide legend as labels are on the bars
},
title: {
display: true,
text: 'Premium Build-up by Factor'
}
}
}
});
}
// Initial calculation on page load
document.addEventListener('DOMContentLoaded', function() {
resetCalculator(); // Set default values and calculate
});