Cost of US health insurance
There are varying prices for health insurance in America for monthly or annual premiums, and the amount each person pays is determined by some factors. Simply put, there is no fixed price, but this piece will look into factors that will determine how much an average American will pay for health insurance. Insurers put their cost based on laws made by state or federal government, and these laws say what health insurance covers. The lifestyle a person has can impact on the cost he’ll have to pay for health insurance, for example, a tobacco smoker tends to pay 50 percent more for any premium subscribed for. Age is another factor that can have a say in the cost of a health insurance, and it’s known that old people pay more than young people for a particular plan. Working with a big employer can have an effect on the cost of your health insurance because it’s known that you pay less when working with a big employer.
You pay less because your employer shoulders a good percentage of your health insurance, but it’ll have an effect on salaries available for workers. In a release by the US health department, insurance plans for 2020 will come at lower percentages for those that want to subscribe, but it wasn’t clearly stated how much it will be. A study showed that the average monthly cost for one person is $490, although price can come down to $200 when subsidized, but to know the actual cost, it’s good to consult a licensed insurance agent. For families that are made up of 4 people, the average premium is $1, 200, although it doesn’t include families benefiting from government subsidies. Family prices will also depend on age, tobacco use, location, and other factors, so the figure given is just a calculated average.
Just like other types of insurance, health insurance has different plans that you can opt for depending on what you want the health insurance company to cater for. There are bronze, silver, gold, platinum, and catastrophic, so each plan will have its unique cost depending on what it covers. In populated areas, the cost of subscribing for a particular premium might be less than those that stay in less condensed areas due to competition from insurance companies. Less populated locations have few insurance companies located there, so they can choose to raise their price because there is limited competition. This means that a plan that costs a family$1200 in a populated area might cost another family $2000 in rural areas.
States try to regulate the cost of health insurance, yet these factors have huge roles to play in determining the final price you’ll pay for your health insurance plan. Health insurance is advised because you don’t know when a sickness that’ll cost lots of money will come your way. With an advanced health insurance plan, you don’t have to worry about any type of sickness because your insurance will take care of the bill that will be brought from the hospital.