Understanding Health Insurance Costs

Male Medicine Doctor Wearing Blue UniformWith the launch of Obamacare in late 2014, everyone is required to have health insurance whether through Obamacare or another provider. The enrollment period for most health plans begins in November. If you are planning to enroll or renew your health insurance, you may be wondering how much it will cost.

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.

Easy Healthcare: Set Two, by Lori-Ann Rickard - includes How to Choose Your Health Insurance, ObamaCare, and What You Need FirstTo 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!