For many non-insured people, the question of just how much does a health insurance policy cost today could make or break their decision to choose a plan. It must be emphasized that insurance is a necessity in our times especially using the rising costs of health care.
Even if you need to take the cheapest strategy with basic coverage, take it for indeed it is better to have health insurance to assist shoulder the costs of medical care than to have no protection at all. Besides, many factors will affect the price of your insurance plan such that you might be persuaded to believe that indeed the premiums you pay are worth it.
Factors Affecting Costs
Health insurance plans are not islands unto themselves. Just like other facets of modern life, it is dependent on varying degrees about the economic and political environment as well as on the applicant’s individual circumstances and preferences.
On one hand, economic and political factors include use of insurance plans amongst people and advances in medical science and medical technologies. As modern medicine finds newer and better ways to prolong the lives of people, insurance costs will rise to meet the consumer demand. And with the proposed health care reform, we may see a shift towards greater load on consumers of insurance plans.
On the other hand, personal circumstances will also affect the cost of the insurance policy. These personal factors will include:
- Age - As you age, your premiums will increase.
- Gender - Women can pay for higher premiums than their male counterparts
- Medical history - Your past and present health can either golf swing the favor of premiums for or against a person.
- Lifestyle choices — Alcohol consumption, smoking habits, use of street drugs and obesity will affect the expense of the plan
- Place of residence - Each state has its insurance laws especially where coverage and caps are worried
- Types of strategy preferred - Comprehensive plans are more expensive to cover than scheduled benefits plans. Fee-for-service plans, preferred provider organizations, point-of-service plans and wellness maintenance organizations all have their costs.
The insurance company will evaluate each one of these factors before offering you a quote.
Actual Costs
As can be anticipated, each individual’s insurance quotes will vary depending on the personal factors. If the 2008 figures for the united states is the basis, an average individual will spend around $5, 000 while an average group of four will spend up to $18, 000 on health insurance policies per annum.
Unfortunately, health insurance rates now cost a lot more than compact cars. However, you have to remember that a compact car will not provide financial protection in times of medical emergencies, unlike the health insurance policy.
It cannot be denied that health insurance costs are on the actual slight rise. You may grumble about it but the fact still remains that medical health insurance is an essential a part of modern life.