One thing that is certain in this world of increased health care costs is the need to find the lowest priced premiums possible. There are several factors that go into determining how much does health insurance cost. There are employer-sponsored plans, individual policies, government provided coverage and supplemental insurance. The premiums that go into each of these differing types of coverage can make a difference in how much does health insurance cost.
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One of the things that goes into deciding how much does health insurance cost is how much coverage is desired. Most people only require medical coverage that is required by law or a medical plan that their employer has purchased for them. In the case of an individual plan the monthly premium can be very affordable. The deductible amount will need to be paid before the insurance company begins to pay any money. The monthly premium will be determined by the cost of living in the area where you reside at the time.
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If you are not insured through an employer plan or have no medical coverage then the monthly cost of a policy will be more than if you were to purchase an individual health insurance policy. The monthly cost of a policy is figured by the age at which the person becomes eligible for coverage and how much coverage is desired. For example, a twenty-year-old man who has no chronic health problems would likely need less coverage than a fifty-year-old man who is a heavy smoker, has high blood pressure, and has a tendency to get sick a lot. More insurance will mean a lower monthly premium for the individual.
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The insurer pays the rest. The cost of a policy will be based on how much the insurer pays out in claims. Insurance companies bill clients based on the amount they pay out versus how much they pay in premiums. The insurer pays the medical expenses of every claim up to a maximum amount it pays out in claims. The cost of coverage is usually determined by the age of the applicant as well as their sex and height and weight. There are some policies available that provide no medical coverage and only require the insured to pay a co-pay.
The two main types of health insurance plans are either health care insurance plans that are sold as a group or as an individual health care plan. There are also high-risk policies that individuals can buy to protect themselves from out-of-pocket expenses in the case of an emergency. The most expensive premiums are for the best coverage plans. These usually come with a significant deductible and offer no out-of-pocket costs. The insured is responsible for the entire cost of care after the deductible has been met.
There are three different levels of premiums for health insurance. The lowest level of premiums is provided through the silver tier plans. These plans cover catastrophic illness for an affordable monthly premium but have very limited benefits. When an accident occurs the covered party must pay the entire expense out-of-pocket.
The highest level of premium is provided through the platinum plans. These plans are typically purchased by those who want the most comprehensive coverage available. The coverage provided through the platinum plans is almost limitless. This includes catastrophic illnesses, but the plan will not cover regular dental care or routine medical procedures. Once the insured has reached the annual deductible, they can choose to out-of-pocket the remaining balance for their specific needs.
In order to get the most affordable rate, there are several things to consider. Many people are unaware that if they are within a certain age range they can be eligible for more affordable plans than the bronze tier plans offer. As an example, the younger the individual is the more likely they will be able to get into the bronze plans because they will be considered a low risk applicant. However, if the individual is older they may find that they are still eligible for the more expensive platinum plans because they would have been offered a higher deductible.
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