EVP Operations, Meridian Benefits consulting, New York
Full Coverage, or what is known traditionally as Major Medical does not have a standard price. The cost depends greatly on a variety of factors.
How much competition is there in your area?
The more insurance carriers offering coverage the better. They will compete to keep costs down to attract membership.
How big is the population in your area?
The more people the better. Larger populations help spread the cost of coverage around to more payers. Then when there is a major medical expense there is a larger number of people whose premiums cover the cost to the insurer.
What state do you live in?
Every state has their own mandates on the amount of coverage you might have. Some set a high bar which means higher premiums, some stick with the bare minimum demanded by the Affordable Care Act which means lower premiums.
Also some states allow pricing based on age. Younger people are lower risk so their premiums are lower. Some mandate a flat rate regardless of age.
Exchange versus Commercial Insurance?
Commercial insurance (insurance from your employer), or buying directly from the insurance company as an individual, might be priced differently than buying from an exchange. Depending on your current financial state you may qualify for subsidies from the government which would lower the cost of the product even though it is the same as the product offered to an employer. An exchange navigator would be able to educate you on your specific circumstances.
Does your employer offer insurance?
Finally, the cost of insurance may be dictated by your employer. It depends on the plans they choose to offer as well as the amount they may choose to contribute to your purchase of the coverage. Some employer pay for the whole thing, some pay half, some may pay a flat amount, others offer it but don't pay anything.
I know that's not a clear cut answer but there is no standard price that one can look to. consult your employer, a broker, or an exchange navigator for expert advice.
That's a great question! The cost can vary widely, depending upon where your coverage is purchased. An employer based plan can vary in price depending upon what the employers contribution is; A private plan can vary widely based upon whom you purchase it from, or whether by going to the Affordable Care Act ( Obamacare) site, www.healthcare.gov you found that you qualified for aid in paying for your policy. Take a few minutes and shop around in your area to get a ballpark figure.Thanks for asking!
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How much competition is there in your area?
The more insurance carriers offering coverage the better. They will compete to keep costs down to attract membership.
How big is the population in your area?
The more people the better. Larger populations help spread the cost of coverage around to more payers. Then when there is a major medical expense there is a larger number of people whose premiums cover the cost to the insurer.
What state do you live in?
Every state has their own mandates on the amount of coverage you might have. Some set a high bar which means higher premiums, some stick with the bare minimum demanded by the Affordable Care Act which means lower premiums.
Also some states allow pricing based on age. Younger people are lower risk so their premiums are lower. Some mandate a flat rate regardless of age.
Exchange versus Commercial Insurance?
Commercial insurance (insurance from your employer), or buying directly from the insurance company as an individual, might be priced differently than buying from an exchange. Depending on your current financial state you may qualify for subsidies from the government which would lower the cost of the product even though it is the same as the product offered to an employer. An exchange navigator would be able to educate you on your specific circumstances.
Does your employer offer insurance?
Finally, the cost of insurance may be dictated by your employer. It depends on the plans they choose to offer as well as the amount they may choose to contribute to your purchase of the coverage. Some employer pay for the whole thing, some pay half, some may pay a flat amount, others offer it but don't pay anything.
I know that's not a clear cut answer but there is no standard price that one can look to. consult your employer, a broker, or an exchange navigator for expert advice.