One of the main reasons why people do not have health insurance is because they cannot afford to pay for it. We all know how important it is to have good health. Unfortunately, the price of health care can take priority over treatment. How much should your health insurance cost? This depends on a number of factors.
How much should your health insurance cost? Most people just want a straight answer to this question, giving them an exact dollar amount. The only way you are going to get information that specific is if you talk to an insurance agent. They can calculate precisely what your premiums will cost, and let you know what your deductible or co-pay would be. This will be based, in part, on your specific health issues and history.
Speaking more generally, however, there are two things that play a big part in how much your health insurance will cost you. One of those things is the cost of premiums. The other thing is the amount a person is going to have to pay for out of pocket, (in co-pays, deductibles, and other expenses).
The monthly bill that you pay in order to keep your health insurance is called a premium. Those who get their health insurance through their jobs will enjoy having their employer pay about 2 / 3 of their premiums for them. People who have individual health insurance policies will be paying the entire cost of their premiums on their own. The amount of your premium depends on how much of a deductible you have, what your health history is like, and where you live.
A co-pay is the amount you have to pay out of pocket at the time that you visit the doctor. It is usually around $20.00, but it could be slightly more or less for some people. A deductible is the amount of money that you have to pay out of pocket before your health insurance is going to kick in and cover the costs of your health care. The amount of your deductible can be anywhere from $200.00 to $2,500 or more.
It’s a good idea to shop around for health insurance. One insurance company could, potentially, give you a better deal than another one will. If you cannot afford the cost of the premium offered by one company, it is worth it to start asking around.
Another way to reduce the cost of your health insurance would be to change the cost of your deductible. Those who are mostly healthy, who do not expect to require many doctor visits, could choose a higher deductible, in exchange for a lower monthly premium. This will not work as well for people who have chronic illnesses, and who will need frequent visits to a doctor’s office, a hospital, or Emergency Room.
Image by Adria Richards on Flickr