3 Interesting Health Insurance Facts That You Should Consider Before Making a Purchase

Portrait of senior doctor with approved table.Have you ever wondered how much you would have to pay for medical treatment if you were diagnosed with a chronic disease? Every single year, millions of American men and women are forced to cope with sky-high expenses triggered by life-threatening health conditions or more or less severe injuries. This is the main reason why it is advisable to keep risks at bay by investing in a great health insurance policy.

Uninsured people are exposed to major dangers: most of them do not get the kind of medical attention that they need when they need it the most or are forced to borrow money from relatives and friends and get mired in massive debt. These are horrible scenarios that you should factor in, since illnesses and injuries can change your life for the worst in the blink of an eye. Below you will find a few useful health coverage facts that could help you get the policy that you require and deserve fast and with minimal effort.

First Fact: There Are Different Methods to Get Health Coverage

You can get the kind of health coverage that you need and want from your employer, public programs or individual coverage. Individual coverage is highly recommended, especially if you are not satisfied with the policy ensured by the company that you work for. Many workers are not aware of the fact that starting next year, the healthcare law will oblige large employers (with more than 50 full-time employees) to offer provide minimum essential health coverage to their full-time staff members.

Obviously, some business owners will comply with this new rule, while others will choose to avoid this hassle by paying a so-called penalty tax. If your employer does not offer you the chance to profit from minimum coverage, you could always go for an individual policy. To spot the most advantageous offer, all you have to do is analyze the numbers provided by Insurance Quote Depot and compare health insurance rates by zip code with just a few clicks.

Second Fact: Pricing Is Influenced by 4 Essential Factors

Worried that you may end up paying a fortune on an individual policy? Now you can estimate costs triggered by your insurance policy by using online calculators. Moreover, you should know that expenses associated with health coverage can vary a great deal, based on 4 important factors: age, rating area, number of family members and tobacco usage.

Let’s start with the beginning: age is definitely a factor that is taken into consideration by insurers. On average, older people pay up to 4 times more than younger ones and this fact has a perfectly logical explanation: older beneficiaries are more likely to get diagnosed with a chronic illness or suffer certain injuries that would require days of hospitalization and special medical treatment.

Moreover, individuals who live in so-called high-cost health regions (like Miami or Boston, for instance) will inevitably spend more money on their policy than men and women who live in small towns or other low-cost health regions. Furthermore, according to Forbes, tobacco users will be forced to pay 1.5 times more than people who do not use tobacco. This is a very controversial pricing factor that is considered discriminatory by a large segment of public.

As a matter of fact, this is the main reason why several states have reached the conclusion that tobacco usage will not influence the health insurance premiums calculation. Even so, you should know that smoking and various other vices that you may have could deteriorate your general state of health and make you cope with higher out-of-pocket expenses to get the medical treatment that you may require at some point.

Third Fact: Health Insurance Is Much More affordable Than You May Think

Most people who have limited financial possibilities are often intimidated by health insurance policies. They tend to think that this type of coverage would inevitably force them to handle sky-high expenses. In reality, this is a false assumption. First of all, potential life-changing health concerns, like cancer for instance, usually trigger considerable expenses estimated at no less than 1 million dollars. Even less serious problems like a broken ankle requires medical treatment worth 10,000 dollars. Without a proper insurance policy, how could you possibly face these enormous bills? The good news is that if you count on a reduced monthly income you may well benefit from financial support to pay for your health insurance.

According to a chart introduced by the Henry J. Kaiser Family Foundation, 67% of the overall American population will qualify for Medicaid or premium tax credits. Of course, the amount of money that you’ll have to take out of your own pockets depends a great deal on the type of coverage that you have. Group coverage is more expensive, but some employees don’t realize this fact because the employer supports the biggest percentage of its overall costs. Moreover, in most cases group coverage also comes with several extremely attractive benefits, like superior prescription coverage or maternity coverage, which come in handy is you take prescription drugs regularly or if you are expecting. In states in which minimal coverage is required, you may have to spend a lot more money on premiums to get your hands on better health coverage.

The most important thing that you should know is that the most convenient policies have to be purchased not when you’re terribly ill, but when you are still young and perfectly healthy. To minimize risks and protect the welfare of your entire family, choose to invest in a more than satisfactory health policy in your price range. To spot the best deals, compare health insurance quotes by zip code. If things get too confusing, or if you can’t decide how much money you should spend on your health insurance policy, don’t hesitate to consult a lawyer or an insurance agent before making a final call. This is the best way to avoid unpleasant surprises and misguided purchases.

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