Finding Health Insurance Quotes - The Average Health Insurance Premiums
Health insurance is a necessity today. Medical expenses from a basic well-check for a child can cost several hundred dollars in out-of-pocket expenses. Unexpected accidents, serious illnesses and emergency or planned surgeries can create thousands of dollars in medical bills. Medical-related debt is one of the leading causes of bankruptcy in the U.S. Health insurance is designed to make receiving needed health care more affordable, reducing medical-related debt for an insured individual. However, many people wonder if the health insurance they are paying for is affordable.
Average Health Insurance Costs
Health insurance can vary significantly depending on factors like the gender, age and pre-existing conditions of the insured. However, in 2011, a survey by eHealth, Inc. revealed that the average premium was $183 per month. This cost was coupled with an average deductible of $2,935 per year for an individual. It should be noted that health insurance costs increased by almost 10 percent in the survey year.
How Health Insurance is Used
It is common for an insured individual to review the average cost of health insurance and compare the average against his or her own cost of insurance. However, it is important to note that each individual will use their insurance differently. Health insurance rates are a component of the deductible amount, the co-pay and the coverage limits. Some insured individuals may benefit from a policy that provides for a higher deductible and a lower co-pay, such as individuals who seek medical attention frequently. Others, such as those who rarely visit the doctor, may find a policy with a higher deductible and a higher co-pay alike to be a more affordable option. An individual should review how he or she uses insurance to determine which policy may be more affordable to him or her. Keep in mind that the total cost of healthcare involves out-of-pocket costs as well as the cost of insurance.
Getting Quotes
Individuals should take time to shop for health insurance quotes just as they would shop for life insurance quotes. When shopping for life insurance quotes, you simply need to determine the amount of coverage needed as well as the type of policy, such as a term life or universal life policy. When shopping for health insurance, there are more factors to consider as well as more options. It can take time to sort through the many options available and find an affordable policy best suited for how a specific individual uses insurance. However, in these options lies the ability to find the ideal policy that can provide suitable coverage and minimize costs.
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