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.

◊

Trying to figure out health insurance? Get my book Choose Your Best Health Insurance for detailed assistance on how to decide which insurance plan is right for you and your family.

The post How Much Health Insurance Costs appeared first on MyHealthSpin.

With the launch of Obamacare in late 2014, everyone is required to have health insurance whether through Obamacare or another provider.

Unfortunately, there isn’t an easy answer, but there are a few things you may want to know as you price plans.

1. Costs vary.
Why? Because costs are determined by your current health, age and income. Young and healthy individuals will pay less than those who are middle aged or older and have some health issues.

2. What should you look for?
Consider premium vs. out-of-pocket costs. It is important to look not only at the cost of the monthly insurance premiums but also the overall costs of care. A $250 per month premium may seem expensive—that’s $3,000 per year! However, if you get sick or break a bone, your out-of-pocket costs for not having insurance could exceed the $3,000 cost with a single hospital visit.

3. What can you do?
Compare prices. One of the good things that came from Obamacare is the ability to compare the costs of health insurance plans. Prior to this change, it was tough to decipher exactly what insurance plans cost and what was included. Now, all plans must include the same basic services and the prices for the various plans are listed on the health exchange, which makes comparing them much easier.

Health insurance costs have become a lot clearer in the past year. Consider your family’s needs, then compare plans, and remember: the monthly fee may make you grumble, it could also save you money down the road if a health issue creeps up on you.

To help you prepare for health insurance enrollment, check out MyHealthSpin’s Easy Healthcare: Book Set Two which includes three of my ebooks: What You Need First, Choose Your Health Insurance, and Obamacare.

Empower yourself with the knowledge to Spin Your Healthcare Your Way!

The post Understanding Health Insurance Costs appeared first on MyHealthSpin.