Since everyone is now required to have health insurance, the question on everyone’s mind is, “How Much Does it Cost?”  Well, it depends….  Not a very satisfying answer for sure.  

Why does 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.

Premium v. Out of Pocket Costs:  It is important to not only look at the cost of the insurance premiums each month but also the over all costs of care.  You might think that a $250/month premium is very expensive.  After all, that is $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 one hospital visit.

You Can Now Compare Prices:  One of the good things about ObamaCare is that for the first time you can compare the costs of the various health insurance that is being offered.  Prior to the health exchanges, there was no real way to know what the insurance plans cost and what was included.  You needed to be a Ph.D. 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.

We have a long way to go to fixing healthcare but being able to compare prices is a good start.

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To help you make sense of ObamaCare, check out HealthSpin’s Easy Healthcare: ObamaCare.

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