If you are facing the need to secure an individual health insurance policy, be prepared for some sticker shock. You are about to find the answer to the question, “How much does health insurance cost?” As you evaluate different options, it won’t take long to realize that certain factors will influence that cost.
Part of the cost will be based on where you live. Providers look at the average cost of medical care in the area and factor that into the premium. If you happen to live in a city where health care is more affordable, there is a good chance your monthly premium will be a little lower.
Your Medical History
Whatever ailment or conditions you’ve experienced in the past help providers assess the degree of risk involved with extending coverage. If you’ve never had a serious illness, are currently in good health, and do not have an ongoing health issue, your premium will be less. Expect to pay more if you have any type of chronic condition.
Deductibles and Co-Pays
If you opt for a plan that comes with higher deductibles and co-pays, it is possible to lock in a policy with decent benefits at a lower rate. Remember to keep enough cash in an interest bearing account to cover those annual deductibles and co-pays.
Your age will also have some influence when you approach an agent and ask how much health insurance will cost. After the age of 50, expect periodic increases in the premium, even if you are in very good health. Older patients are considered to be more of a risk to ensure, and the provider will cover that risk by increasing the cost of the policy.