Health Insurance Premiums
Health Insurance premiums are the amount of money you pay for Medical Insurance. While getting your Health Insurance Quotes, you will see there are many factors that go into computing Health Insurance Premiums. One of the factors includes where you live. Your zip code is an integral component that makes up your health insurance premiums. Premiums can vary from zip code to zip code within the same state and even vary from different zip codes in the same city.
Another important factor that goes into the computation of Medical Insurance premiums is the fact of whether you use tobacco at all, in any form. People often assume that a tobacco user is someone who smokes cigarettes, but the question that health insurance carriers ask is, “Do you or have you used tobacco in any form in the last 12 months”. This includes, chewing tobacco, cigar and pipe smoking, and snuff. Tobacco users often pay, on average, 27% more on their health insurance premiums than a non-tobacco user.
Your body mass index (BMI) is another aspect that contributes to your Health Insurance Premiums. Your body mass index is computed using a combination of your height and weight. The higher your BMI, the higher your Health Insurance Premiums will be.
The largest influencing factor of Health Insurance Premiums is the individual’s age. Older adults are perceived of being higher health risks to insurance companies than younger adults or children. So you can count on your health insurance premiums keeping pace with your age.
Lastly, your gender also plays role in your Health Insurance Premiums. Females tend to pay slightly higher rates because women are subject to more wellness visits and see a doctor more often than males do. Not to mention, women bear children and men do not. If a woman is interested in having a baby, she definitely should be sure to include maternity coverage which would result in additional health insurance premiums.
Insurance Medics can make it easy to figure out what your health insurance premiums are with 24/7 online quotes and a friendly staff that can help you on the phone as well!
Latest News Article On Health Insurance Premiums:
Workers’ Share of Health Insurance Premiums Rises Sharply
From Health Day “The share of Health Insurance Premiums paid by workers at private-sector companies rose sharply between 2001 and 2009, says a U.S. government report.”
Health Day when on to report that the “average annual premium for workers with employee plus – one – coverage increased 121 percent, from $1,070 to $2363. The average annual contribution for workers with family coverage rose nearly 100 percent, from $1,741 to $3,474, while there was a 92 percent increase for employees with single coverage, from $498 to $957.
During that same time, the total average premium for employer-sponsored health plans rose more slowly, according to the latest News and Numbers from the Agency for Healthcare Research and Quality.”
Health premiums also “increased from $5,463 to $9,053 (66 percent) for an employee – plus – one plan, from $7,509 to $13,027 (73.5 percent) for a family plan, and from $2,889 to $4,669 (62 percent) for a single plan.”
First of all it’s important to remember that employer -sponsored health plans mean that your job has health insurance. You as a person do not. What this report is also saying is that the employee is paying a higher percentage of the health premiums while the employer is paying a smaller percentage than before.
The news doesn’t get better. In a report dated June 6, 2009 MarketWatch is reporting that a survey shows 30% of firms plan to cut health plans as reform starts. The study published in McKinsey Quarterly says that “30% of companies will “definitely or probably” stop offering employer-sponsored coverage. Employers are also saying that they would profit economically from dropping coverage even if they completely compensated employees for the change through other benefit offerings or higher salaries.”
As an employee this doesn’t necessarily have to be bad news for you. The individual market has been coming on strong in the last couple of years. Some predictions are saying that by the time health care reform kicks in 2014 some 78 million people will be dropped from their employer insurance and move, by necessity, to the individual market. Carriers like BlueShield/BlueCross of Florida have introduced health plans that have a $250.00 individual deductible. If that deductible is ever met, the plan pays 90% and the insured pays 10% with a maximum-out-of-pocket of $2500.00. It is a PPO plan with doctor visits, $0 co-pays for well-care visits, free labs, prescription coverage with a $10.00 co-pay for generics and a flat $150.00 fee for MRI’s and other “advanced imaging services”. Please give us a call at Insurance Medics if you are shopping around for individual health plans. We would be happy to provide you with any information you may need.