How much health insurance will cost you depends on your age, the condition of your health (how healthy or unhealthy you are), where in the country you live, your income, and your job status.

There are many ways that you can get health insurance, and these too can determine how much you will pay. These include:

 

Health insurance provided by an employer. Most large and midsize companies in the U.S. provide health insurance as an employee benefit. The majority of Americans who have health insurance get it from the company they work for.

Health insurance that you purchase on your own. If you are self-employed or work for a small company that does not provide health insurance, you will need to buy insurance.

Health insurance provided by the government. If you are 65 or older, disabled, or have little or no income, you may qualify for health insurance paid for by the government, such as Medicare and Medicaid.

 

What Do Health Insurance Costs Include?

There are many things that determine how much your health insurance will cost you each month.

Premiums
A premium is a monthly fee that is paid to an insurance company or health plan to provide health coverage, including paying for health-related services such as doctor visits, hospitalizations, and medications.

If you have job-related insurance, your employer pays the monthly premium. Most likely, your company will require that you pay some portion of the monthly premium, which will be deducted from your paycheck. If you are self-employed or buy your own health insurance, you pay the entire monthly premium.

Whether you get health insurance at work or buy your own insurance, your premium may be higher or lower depending on what type of insurance plan you choose. Plans that have high out-of-pocket costs (deductibles, coinsurance, and copayments) most often have lower premiums and plans with low out-of-pocket costs have higher premiums. Also, a health plan (such as an HMO) that requires you to use a network of doctors and hospitals usually has a lower premium. You also will pay more for health insurance that covers members of your family.

If you buy private insurance for yourself (or other family members), your premiums will be higher the older you are, if you are self-employed in a "dangerous" job (such as a flight instructor), or have a chronic health condition (such as type 2 diabetes or high blood pressure)

Out-of-Pocket Expenses
Out-of-pocket expenses are what you pay for health-related services above and beyond your monthly premium. Depending on your health plan, these expenses may include an annual deductable, co-insurance, and copayments for doctor visits and prescription drugs.

Deductible: A deductible is the amount you must pay out-of-pocket each year for health-related expenses before your insurance policy begins to pay. Deductibles are common in PPOs for health care services received outside the PPO network. If you have Medicare, you will most likely have to pay a deductible for medical services and a separate deductible for medications under Medicare Part D.

Coinsurance: Some health insurance requires that you pay a percentage of the cost of covered health-related services after you have met your annual deductible. This is known as coinsurance and most often is about 20% of what your health plan approves.

For example, Mr. Jones has a family health plan with a $500 annual deductible and 20% coinsurance. In February, his wife and two children got checkups. Mr. Jones paid the physician for these services, which cost $510. In March, one of the children got sick and the cost of the office visit was $50. Since the annual deductible was met, the health plan paid the doctor $40 (80%) and Mr. Jones paid the doctor $10 (20%).

Copayment: A copayment is a flat fee, or a set amount that you may have to pay for a specific health-related service. Copayments are very common in managed care plans (such as HMOs and PPOs) and in drug plans such as Medicare Part D.

For example, typical copayments are $20 for a doctor visit, $50 for an emergency room visit, and $10 to $40 for a prescription medication (depending if your prescription is for a generic drug or a brand-name drug).

Cosmo can help you find the right health insurance plan that fits your needs, because at Cosmo we know it’s YOUR family, YOUR budget and YOUR insurance. Call us at 732-363-3888 to get a free health insurance quote today!

 

Cosmo Insurance Agency is an independent insurance agency serving surrounding communities in New Jersey. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating the latest in technology-based tools and laws on healthcare, employee benefits, life insurance and finance, we keep our clients up-to-date with the plans that encompass all of their needs, whether it is individual or group insurance. 

CONTACT COSMO

GET A HEALTH INSURANCE QUOTE NOW

LEARN MORE ABOUT HEALTH INSURANCE

Source: https://www.verywellhealth.com/cost-of-health-insurance-1738623

Posted 3:00 PM

Share |


No Comments


Post a Comment
Name
Required
E-Mail
Required (Not Displayed)
Comment
Required


All comments are moderated and stripped of HTML.
Submission Validation
Required
CAPTCHA
Change the CAPTCHA codeSpeak the CAPTCHA code
 
Enter the Validation Code from above.
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015


View Mobile Version
Facebook
Twitter
LinkedIn
Blog
Google+
© Copyright. All rights reserved.
Powered by Insurance Website Builder