The cost of health insurance is determined by several factors. There is no single algorithm used to dictate policy premium prices. In general, the cost of your health insurance coverage will be based on:
- How old you are;
- Where you live;
- How much money you make;
- The status of your employment;
- The state of your health;
- How you get your insurance;
Ways to get health insurance:
Does your employer provide your health coverage?
This is the case for most people that have any health coverage at all. Health insurance coverage is always a primary enticement and bargaining chip in new employment negotiations. For companies that offer employee benefits to any degree, health insurance coverage is right up there in importance with 401K matching and profit sharing.
Does the government cover you?
If you have arrived at your retirement age, if you’re disabled, or if you have very limited income, then the government may provide Medicare or Medicaid for your health care needs.
Or do you have to provide your own health care insurance?
As more and more people move toward self-employment, and more and more companies do not offer employee benefits, there is an ever-increasing demand for health coverage that people can actually afford.
What should health insurance cost me?
It’s important to remember that there are more costs to maintaining health care coverage than just the policy premium payments. There are “out-of-pocket” expenses like deductibles, co-payments and coinsurance. That may come into effect if you ever actually need to file a claim. It’s true that plans that have lower premium prices also tend to have higher out-of-pocket expenses attached to them. You have to think about these things carefully when policy shopping – check out HBF to fine out more. In other words, don’t just look at the premium quotes you receive and choose the cheapest. You need to know exactly what coverage are included for a given premium price.
Mandatory health care insurance:
In the United States now, the new laws (Obamacare) state that every citizen of age must maintain health insurance coverage. If you do not do so, then you will be hit with heavy fines when you file your taxes. According to Forbes, the average cost of the Obamacare “Silver” plan is $328 every month. The fact is that millions of Americans will NEVER be able to pay that amount, or any similar amount.
I spent more than 20 years as a remodeling contractor in my younger days, and I never had health care for a single minute. I couldn’t afford it. In construction, there’s always a looming possibility of getting injured. So there were many times that I wanted to have coverage; felt that I needed it in case I was hurt and couldn’t support my family. Every 2 or 3 years, I would check, and it was always the same thing: too expensive for me!
Most people I know are trying hard to keep their electricity running, and have food on their tables. Making it a punishable offense to not have health insurance seems quite ridiculous to, let’s say, billions around the planet.