There are many factors that can contribute to the cost of your insurance. First, there is the type of plan that you choose. A more basic plan that covers only emergency or sickness will cost less on your monthly premiums, but will most likely not cover wellness visits. A more comprehensive plan that covers various wellness visits and tests will be more expensive on your monthly premium, but may save you money in the long run due finding health problems before a catastrophic illness.
Other contributing factors are age, lifestyle and previous medical conditions. A person who is in decent health at average height and weight will pay less than someone who is overweight, uses tobacco and has a preexisting medical condition.
Options that you choose for your medical plan can also raise or lower your premium. Going with a low annual deductible will cause your monthly premium be higher versus going with a higher deductible. If you are relatively healthy and are comfortable with having a higher out-of-pocket cost will save on the premium. Of course, if you do end up needing to go to the doctor or having a test done, you may end up paying more due to the deductible. Also, having a doctor visit copay option on your plan may make going to the doctor easier to pay, but that option will add to your premium.
Health insurance can be a confusing thing to purchase. By doing your research and contacting an agent, it can be a little less confusing and help save you and your family from a financial crisis.
Regional Marketing Director, Capital Choice Financial Group,
It truly depends on the deductibles and coinsurance chosen along with any additional coverage like accident, critical illness, or dental. Higher out of pocket costs will lower premium while lower deductibles and coinsurance will raise premiums. Typically on an ACA plan, the average policy for a family of 3 that I have written has been in the $400 dollar range which included some bells and whistles. For a no obligation quote please contact me @ 843-450-9879 or visit my website @ www.hinchfinanicalgroup.com.
Producer, Mesa Best Agency, New Jersey and Georgia
As an Insurance Broker, I want to think it depends on your age and what type of Heath plan you want. Example high deductible or a low deductible Health Plan. My best suggest is to look at what is your cost for any medication you may be on. Find out does your doctor / doctorsHealth plan. The way you will leverage your time and your money.
CEO, RLI - Ruth Ladas Insurance, LLC, Fort Myers, Florida
Florida participates in Obamacare Health Insurance Marketplace. Under that system, here's what drives the price: # of people in household and their age, total income of those people, and the county they live in. It's best to have an agent run the numbers for you. They can guide you to coverage and plans that meet your needs. If your family is lower income, you may find that the cost is ZERO!
Cost of health insurance is driven by many things.
Age of the three people: Age plays a big role in the cost of health insurance. Although this has been smoothed out a bit due to the ACA there is still a big price difference based on age of the consumer
Benefit levels: A high deductible plan is going to have a lower premium than a copay plan. The size of deductibles, amount of up front coverage, copay levels and many other factors will drive the price of insurance benefits.
ACA plans: ACA plans "Obama Care" premiums are determined by income level. The lower the income, the higher the subsidy will be toward the premium. This can lower the cost tremendously and even lower it to no cost per month if the income is low enough. Every additional family member increase the amount of family income that can be made and still receive a subsidy. Be careful however, if someone understates their income, they will be subject to paying it back when they do their taxes the following year. Someone could be receiving a $600 a month subsidy based on an income of $18,000 a year and then have to give all of it back when they do their tax return and it shows they really made $48,000.
Senior Commercial and Annuity Specialist, Freedom Brokers, Marion, Carbondale, Harrisburg IL
Sometimes, an easy question requires a long answer. This is a long answer, simplified as best I can. The best way to answer is to give you the variables of what affects your pricing.
For group plans, it depends on the type of policy your company purchases, the deductibles you have, and the general health of the company and it's dependents. Groups with a high exposure to poor health will pay more than those who have generally healthy work and family groups. Not all are blessed with great health.
For individual plans. the variables are age, your choice of smoking or non smoking, low or high deductible, the company from which your purchase your plan, the percentage of coverage after the deductible you are willing to pay, and the metal (bronze, silver or gold).
In Summary, it makes sense that, generally speaking, a 60 year old has a greater need for healthcare coverage than most 19 years old. The insurance company pays the bills, so knowing that, will charge a 60 year old more than a 19 year old and spread the risk. There are no simple answers, but good to know what affects your costs. In the long run, however, you are in charge of your own health. Take care of your precious health, cause you only get one body and one life.
Hope that helps.
Insurance Concierge, M&G Insurance, Lake Oswego Oregon
How about an example. In Oregon, let's take a family of 3 on a middle of the road Silver plan. Ages 45, 45 and 13, non-smokers in the Portland Metro area.
If they paid full price for the least expensive plan (still great coverage):
$661 on their "limited" network and $781 on their full network
Let's say they qualify for a tax credit (premium reduction) due to income level of $75,000:
$539 on their "limited" network and $659 on their full network
Let's say they qualify for a tax credit (premium reduction) due to income level of $60,000
$427 on their "limited" network and $525 on their full network...this also moves their child into the "free" Healthy Kids" insurance program
Let's say they qualify for a tax credit (premium reduction) due to income level of $40,000
$161 on their "limited" network and $259 on their full network...this also moves their child into the "free" Healthy Kids" insurance program
Let's say they qualify for a tax credit (premium reduction) due to income level of $25,000
They all end up on Oregon Health Plan (free insurance)
Medicare Insurance, Colorado Medicare Choices, Colorado Springs, Colorado
As most have answer your family income, family size, state and county all factor in to the cost of the health plan premiums. If you are in a state that has its own exchange then you use that one instead of the federal exchange. There are also Tax-Exempt plans in most states that can be very competitive. If this is of an interest to you please do not hesitate to reach out to me.
Owner /Agent, Guardian Senior Protection, Dallas Fort Worth Texas
Lots of variables would need to be determined before giving you an accurate assessment! Is it major medical? Is it catastrophic? Does it have a high deductible? If a prospect was willing to go with a fairly high deductible that intern would decrease the premium. Which company? All companies have different premium rate and underwriting guidelines so the price is going to vary from company to company, so in order to answer this correctly you would need to narrow down the criteria. Also would there be a prescription drug plan involved dental and vision? So again more questions would need to be answered.
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Other contributing factors are age, lifestyle and previous medical conditions. A person who is in decent health at average height and weight will pay less than someone who is overweight, uses tobacco and has a preexisting medical condition.
Options that you choose for your medical plan can also raise or lower your premium. Going with a low annual deductible will cause your monthly premium be higher versus going with a higher deductible. If you are relatively healthy and are comfortable with having a higher out-of-pocket cost will save on the premium. Of course, if you do end up needing to go to the doctor or having a test done, you may end up paying more due to the deductible. Also, having a doctor visit copay option on your plan may make going to the doctor easier to pay, but that option will add to your premium.
Health insurance can be a confusing thing to purchase. By doing your research and contacting an agent, it can be a little less confusing and help save you and your family from a financial crisis.
Omeca Best, 866-491-1491
Age of the three people: Age plays a big role in the cost of health insurance. Although this has been smoothed out a bit due to the ACA there is still a big price difference based on age of the consumer
Benefit levels: A high deductible plan is going to have a lower premium than a copay plan. The size of deductibles, amount of up front coverage, copay levels and many other factors will drive the price of insurance benefits.
ACA plans: ACA plans "Obama Care" premiums are determined by income level. The lower the income, the higher the subsidy will be toward the premium. This can lower the cost tremendously and even lower it to no cost per month if the income is low enough. Every additional family member increase the amount of family income that can be made and still receive a subsidy. Be careful however, if someone understates their income, they will be subject to paying it back when they do their taxes the following year. Someone could be receiving a $600 a month subsidy based on an income of $18,000 a year and then have to give all of it back when they do their tax return and it shows they really made $48,000.
For group plans, it depends on the type of policy your company purchases, the deductibles you have, and the general health of the company and it's dependents. Groups with a high exposure to poor health will pay more than those who have generally healthy work and family groups. Not all are blessed with great health.
For individual plans. the variables are age, your choice of smoking or non smoking, low or high deductible, the company from which your purchase your plan, the percentage of coverage after the deductible you are willing to pay, and the metal (bronze, silver or gold).
In Summary, it makes sense that, generally speaking, a 60 year old has a greater need for healthcare coverage than most 19 years old. The insurance company pays the bills, so knowing that, will charge a 60 year old more than a 19 year old and spread the risk. There are no simple answers, but good to know what affects your costs. In the long run, however, you are in charge of your own health. Take care of your precious health, cause you only get one body and one life.
Hope that helps.
If they paid full price for the least expensive plan (still great coverage):
$661 on their "limited" network and $781 on their full network
Let's say they qualify for a tax credit (premium reduction) due to income level of $75,000:
$539 on their "limited" network and $659 on their full network
Let's say they qualify for a tax credit (premium reduction) due to income level of $60,000
$427 on their "limited" network and $525 on their full network...this also moves their child into the "free" Healthy Kids" insurance program
Let's say they qualify for a tax credit (premium reduction) due to income level of $40,000
$161 on their "limited" network and $259 on their full network...this also moves their child into the "free" Healthy Kids" insurance program
Let's say they qualify for a tax credit (premium reduction) due to income level of $25,000
They all end up on Oregon Health Plan (free insurance)