The answer to this question is quite tricky as the average cost of [health insurance depends on a number of factors including age, location, and nature of the plan as well. But there are also many ways by which you can make your health premium costs down. But before going into further details. It is very important to know about the factors that affect health insurance costs. So, let’s have a look.
What is Health Insurance?
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Health insurance is an insurance agreement that covers the entire or an aspect of the danger of an individual bringing about clinical costs, spreading the danger over various people. By assessing the general risk of health and health framework costs, an insurer can build up a normal fund structure, for example, a month to month charge or finance charge, and provides cash to fulfill the cost on health-care as indicated in the insurance agreement. The advantage is directed by a focal association, for example, an administration office, personal business, or nonprofit entities.
Health insurance
It is a type of insurance coverage that pays the medical expenses of an insured person."***
Types of Health insurance
- There are many types of health insurance. It is very important to choose the right one. The task for choosing Private health insurance for you is somewhat frustrating but it completely depends on your needs and requirements. Basically, it is divided into two vast categories that is
- Traditional
- Managed care
These categories include four basic subtypes or plans.
- PPO (Preferred Provider Organization)
- Traditional plans ( Free for Service plans)
- POS (Point of Service Plans)
- HMOs ( Health Maintenance Organizations)
These insurance companies also provide Private Health Insurance.
It is the health insurance coverage that private entities provide. The federal government and state are not involved in this insurance.
Health insurance rates by plan types for 40 year old
| Plan Type | Annual rate | Monthly Rate |
|---|---|---|
| PPO | $561 | $6,732 |
| POS | $508 | $6,093 |
| HMOs | $479 | $5,742 |
| EPO | $492 | $5,899 |
What is the difference between Public Health Insurance and Private Health Insurance?
The eligibility criteria for both are different. Stage and source of income matters in public Health Insurance while there is no search criteria in achieving Private Health Insurance
An insured person copays a fixed amount of monthly premium to health care cost provider company.
Catastrophic Health Insurance.
It falls under the category of the Affordable Care Act. Catastrophic plans help to protect you in an emergency situation. Which is the major medical insurance for the person who is terminally ill? It involves low premium and high deductible. To apply for this plan you should be under 30, but if you are above 30 and want to apply for this plan then you should qualify hardship exemption.
Family and Medical Leave Act
It gives 12 weeks of unpaid job-protected leave to eligible employers. More than 59 % of the American bank workers get benefits from this policy. During this time period of 12 weeks, employees can get recovery from serial ailment, can care for their deceased family members and Newborn child.
**Benefits of Family and Medical Leave Insurance
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Family and medical leave insurance expands work power cooperation.
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Family and medical leave insurance expands worker maintenance.
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Family and medical leave insurance has restricted or positive effects on business activities.
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Family and medical leave insurance builds lifetime income and retirement security among laborers, particularly ladies.
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Family and medical leave insurance builds the utilization of leave among working dads.
Factors that affect Health Insurance cost
Your age
As you get more seasoned, you’ll probably observe your insurance expenses begin to climb. More seasoned individuals regularly pay expenses that are multiple times higher than those charged to more youthful individuals.
Despite the fact that it may appear to be unjustifiable, charging more seasoned individuals a higher premium bodes well from a financial angle. More seasoned individuals will in general utilize more health care administrations than more youthful individuals, as there’s an expanded possibility of building up a constant condition as you age. Obviously, in case you’re a healthy 60-year-old who just ever needs to see your primary care physician for your yearly registration, it’s normal to feel disappointed about paying $700 or so every month.
Your Location
Your location also affects your health premium costs. If a person is living in San Francisco or New York he will pay more Health Insurance cost as compared to a person living in other countries. The principles of your state or district also influenced your health premium costs.
Monthly health insurance premium by states
| State/ location | 2019 | 2020 |
|---|---|---|
| United States | $477 | $462 |
| New York | $569 | $610 |
| California | $435 | $430 |
More people more higher premium
The more individuals your health insurance plan covers, the higher your charges are.
You likewise don’t really need to have every individual buy their own arrangement. You and your mate will likely pay less in general on the off chance that you buy a family plan rather than singular plans.
On the type of plan you choose
Basically, there are four health insurance plans.
Bronze plan
it comes with a lower monthly premium and high deductibles of over 6,000$.
Silver plans
These are cost-effective and provide a slightly high monthly premium and low out of pocket expenses.
Gold plan
it is best for chronic conditions it offers high monthly premium and very low out of pocket expenses.
Platinum plans
If your medical expenses are above then the average then this plan is best. It offers high monthly premiums and low deductibles.
Frequently asked questions
What is Individual Health Insurance Cost?
| Plan | You pay | Insurance plan pay | Premium | Out of pocket cost |
|---|---|---|---|---|
| Bronze | 40% | 60% | Lowest | Highest |
| Silver | 30% | 70% | Low | High |
| Gold | 20% | 80% | High | Low |
| Platinum | 10% | 90% | Highest | Lowest |
Factors that do not affect health premium costs
- Sex
- Your Health.
Which state has the highest and lowest Health Care cost?
Highest health care cost
North Carolina, Florida, New York, Arizona Oklahoma, Mississippi.
Lowest health care cost
- Hawaii
- Utah
- Arkansas
Which is the Best Health Insurance company?
[healthcare](https://howtodiscuss.com/t/medicare/12848) in the United States with 70 million membership is considered as the best overall Health Insurance company. It has a worldwide network and its online services are excellent.
Conclusion
Everybody in this world is sincere about his or her health. Health Insurance is the best way to safeguard your medical expenses. There are various companies providing Health Insurance services. Health Insurance cost depends on the number of factors including health and age of the individual, and requirements of individual.