Health insurance costs are important to many people because, after all, you have to fit it in your budget. Unfortunately, I can’t give you a clear dollar amount due to the range of plans — and therefore, prices — offered. Here is what I can tell you.
Insurance costs vary.
Costs are determined by your current health, age and income. If you are young and healthy, you will pay less than someone who is middle aged and has some health issues.
Check the premium costs vs. out-of-pocket costs.
It is important to not only look at the cost of the insurance premiums each month but also the overall costs of care. A $250 per month premium may sound expensive; it totals $3,000 per year. However, if you get sick or break a bone, your out-of-pocket costs associated with the plan or cash fees and penalties for not having insurance could exceed $3,000 cost with one hospital visit.
Compare prices.
The Affordable Care Act made it possible to compare the costs of the various health insurance plans being offered. Prior to the health exchanges, there was no easy way to know what the insurance plans cost and what was included. You had to be a PhD in healthcare in order to compare the various plans. Now, all the plans have to include the same basic services, and the prices for the various plans are listed on the health exchange.
Although, I can’t quote you an exact dollar amount, this information should make it easier for you to assess insurance costs to determine which plan is right for you and your family.
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