The price of health insurance has greatly increased in recent times. There were times when insurers priced health insurance based on a few factors. However, since the inception of the Affordable Care Act, the number of factors that impact the cost of health insurance has greatly increased.
Are you thinking of settling in the United States? Then, knowing the average cost of health insurance over there is a must. Across all metal tiers, it is said that the average cost of health insurance for people that are 40 years old is about $495 as of now, this means there is a 2% decrease compared to 2020.
According to research, the cost of health insurance varies according to several states and other factors also affect the pricing of health insurance. However, you could still check out some health insurance companies to know their various prices.
Collected.Reviews is that website that will give you undiluted customer reviews and feedback on health insurance companies and their pricing. Meanwhile, let’s take a look at some of the factors that affects the price of health insurance:
Let’s start with your state and federal law
The laws that govern several states is also a determinant of how much insurers will charge for the health insurance policy. For instance, if you live in urban areas, the health insurance cost is always lower, compared to the rural areas. And this is due to the laid down laws of the state. Therefore, the state you live in is a determining factor. So, before you purchase health insurance coverage for yourself, ensure to check with your state.
The plan you purchase
The prices of Health insurance varies according to the plan you choose. If you decide to subscribe to a premium plan, you tend to pay higher than the normal health insurance plan. You can also subscribe for platinum or just a few aspects of health insurance. It all boils down to how much you have to spare.
Buying in a group or individually
Due to the price of the health insurance policy, most people prefer to buy in a group because it is cheaper that way. Buying health insurance individually is always more expensive. Especially, if you have any history of health issues or you smoke tobacco which can affect your health.
The size of the employer and organization
It is common for most employers to add health insurance to their employees’ benefit. The bigger the size of the organization, the cheaper the price of the health insurance policy.
All these and many more factors contribute to the pricing of health insurance. Although the average cost of health insurance is about $495, people still get to pay more than the average cost depending on what they want. Some people pay up to $723, and some pay $282. However, you should note that the factors that affect the amount you pay for your health insurance are beyond your control. Hence, you need to put certain factors into consideration when obtaining your health insurance policy.