How Much Does Health Insurance Cost?
Not all health insurance is equal. Well, not all health insurance costs are equal, at least. You’re going to find a wild different in the cost of health insurance from one individual to another. Health insurance companies assess health care costs against the risk a person’s going to need that insurance. Factors considered are age, gender, current health conditions, past health conditions, insurance rates in your state or country and the type of plan you are buying.
For instance, you might have a Preferred Provider Organization (PPO) plan or a Health Maintenance Organization (HMO) plan. So how much does health insurance cost and what are the determining factors of your health insurance premiums? Below are the most common factors, though there are many.
Past Health Conditions and Medical Insurance
If you have a history of health problems and a number of preexisting medical conditions, your health insurance is going to naturally be higher. Even more so, your current medical problems will cause your health insurance rates to spike. Buy health insurance before major medical concerns arise.
Gender and Health Insurance Prices
Oddly enough, women generally pay higher medical premiums than men. That might seem particularly odd, since women tend to live longer than men. This actually might be the reason. A longer life means more years of old age, so the time when a female is most likely to need medical attention is extended.
Age and Health Insurance Costs
Beyond the age of 50, health insurance premiums grow much larger. This is because this is when people takes more trips to health care providers and generally need more serious medical attention. This means the 50+ year old is likely to cost an insurance company a lot more than someone under 50. Therefore, you insurance premiums will be a lot higher.
How much does health insurance cost on a group plan?
Finally, if you work for a company with a group insurance plan, your insurance is likely to be much less expensive than a single-user insurance policy. That’s because a group plan assures the medical care providers more business, so they can plan on more business. It’s the same concept as Sam’s Warehouse. The group insurance plan is the bulk rate or wholesale of the American health insurance industry.
Remember that one of the big benefits of working for a company with at least 5 to 10 employees, and especially over 20 employees, is that you get group coverage. Group health insurance plans end up being cheaper and often cover more than contingencies. So consider that when considering your next job. Also, if you have just left work for a company and lost group health insurance coverage, learn about the COBRA Health Insurance Law. This law might allow you and your family to enjoy group coverage for the next 18 months. To read if you qualify, take a look at our article on what COBRA health coverage is.
This entry was posted on Friday, February 1st, 2013 at 5:49 am and is filed under Health. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.