How much does Health Insurance cost per month?
For several non insured citizens, the question how much does health insurance cost per month is a make or break decision. Health insurance is already considered to be a necessity especially that health care cost is continually increasing these days. It doesn’t matter if you have the cheapest plan coverage. It is always better to have one than none at all. There are several factors that may affect the cost of your health insurance every month. Health insurance plans are dependent on economic and political trends and as well as on the applicant’s personal preferences and current circumstances. Health insurance cost would also increase as advances in the medical technology are growing. Just as modern medicine is looking for ways to prolong an individual’s life span, the cost of health insurance will also increase to meet the consumers’ demands.
Here are other personal factors that can affect how much does health insurance cost per month:
- Age. Health premiums increases as you add years to your life.
- Medical History. A person’s past and current medical condition can also move the premium favors for or against you.
Gender. Woman oftentimes pay higher premiums than men. - Place of residence. Every state has its own health insurance laws especially when it comes to coverage and caps.
- Lifestyle choices. Smoking habits, alcohol consumption, obesity and the use of illicit drugs may affect the cost of the plan.
- Plan choices. Comprehensive health insurance plans will likely cost more compared to scheduled benefit plans. Health maintenance organizations, provider organizations and point of service plans have their respective plan options with corresponding costs.
Your insurance company has to review and evaluate all these factors before even giving you a quote.
Actual health insurance cost
In the year 2008, figures have shown that the average cost of health insurance is around $5,000 and a family of 4 would spend around $18,000 for every year. This estimated cost would cost around $400 to $500 per month. One way to decrease the cost for health insurance is to get a plan with high deductible, oftentimes called as ‘emergency insurance’. These kinds of plans will only cover if the deductible is exceeded so you’d have to pay the initial thousands for medical treatments and doctor visits. You may also opt for HMO plans which will let you see a primary physician first before even seeking consult from a specialist. HMOs are said to be 33% more affordable than PPO plans. If you do have an HMO plan, there are copayments that may range from $15 to $35 for clinic visits and prescription drugs.
The latest studies tell us that over 85 million Americans get their health plans through federal agencies such as Medicaid, Medicare, veteran’s benefits and the military. A total of 26.5 million Americans get their coverage directly from insurance companies.
Health insurance rates may now cost more than compact cars. You may want to grumble on that fact but health insurance still remains as one of the essential components of the modern life.
Filed Under Costs, Health | Leave a Comment
Tagged With
Comments
Leave a Reply