Did you know there are five factors that can affect how much your health plan’s monthly premium under the health care law? However, individual states can limit how much these factors come into play.
These five factors are:
Age: Premiums can be up to 3 times higher for older people than for younger people.
Location: Where you live has a big effect on your premiums. Differences in competition, state and local rules, and cost of living are the reasons why.
Tobacco use: Insurers can charge tobacco users up to 50% more than those who don’t use tobacco.
Individual vs. family enrollment: Insurers can charge more for a plan that also covers a spouse and/or dependents.
Plan category: Bronze, Silver, Gold, Platinum, and Catastrophic. The categories are based on how you and the plan share costs. Bronze plans usually have lower monthly premiums and higher out-of-pocket costs when you get care. Platinum plans usually have the highest premiums and lowest out-of-pocket costs.
In addition, insurance companies may offer more benefits, which could also affect costs. Furthermore, insurance companies can not charge women and men different prices for the same plan, nor can they take your current medical history or health into account when, otherwise known as pre-existing conditions.
/wp-content/uploads/2019/10/ark-logo@2x.png00Rebecca Yates/wp-content/uploads/2019/10/ark-logo@2x.pngRebecca Yates2017-04-11 09:00:212018-07-12 07:49:21Five Factors that can Affect Your Premium
Understanding your deductible and out-of-pocket cost is important when choosing a health care plan. The deductible is the amount of money you need to pay towards your health care before your insurance kicks in and begins to cover costs. Deductibles can range from just a few hundred dollars to several thousand dollars. There are even some plans that have no deductible worked in. Once you reach your deductible amount for the year, your insurance plan will require you to pay a co-payment or cost share amount until you reach our out-of-pocket maximum. Once that is met, your insurance company should cover your services at 100 percent.
A higher deductible plan usually referred to as ‘consumer-directed’ plans, mean you are responsible for a greater amount of your initial health care costs, saving the insurance company money. The benefit to you comes in lower monthly premiums. If you have a qualified high-deductible plan, you are also eligible for a Health Savings Account. These [HSA] accounts are set up with pre-tax dollars and allow you to draw from them for medical expenses.
High deductible plans can be a good option for people who do not have young children and are in generally good health.
/wp-content/uploads/2019/10/ark-logo@2x.png00Rebecca Yates/wp-content/uploads/2019/10/ark-logo@2x.pngRebecca Yates2017-03-28 09:00:412017-12-13 13:49:37Should you choose a high or low deductible?
Millennials find themselves in the stage of life that may require them to purchase their own insurance. After having aged out of their parent’s insurance coverage, both car and health, coverage needs may not be as black and white as one might think.
While some millennials are deciding to put off getting married or purchasing a home, life insurance is important, no matter how old you are. For a millennial, it may also save you money on a policy in the long run, especially since you are younger and presumably in good health. It is especially important if you have children.
Life insurance can help your family cover unexpected costs in your absence. In addition, if you have children, a life insurance policy can support their education or childcare expenses. A whole life policy can accumulate a cash value, thus making those funds available for future use for things like a down payment on a house, or a child’s tuition for education.
Having a personal life insurance policy is not affected by job changes etc. They can provide reassurance in times of transition and allow you the peace of mind that your coverage is in place if it became necessary to use it.
/wp-content/uploads/2019/10/ark-logo@2x.png00Rebecca Yates/wp-content/uploads/2019/10/ark-logo@2x.pngRebecca Yates2017-03-21 09:00:352018-07-12 07:53:35Life Insurance Can Provide Stability for Millennials
Five Factors that can Affect Your Premium
/by Rebecca YatesDid you know there are five factors that can affect how much your health plan’s monthly premium under the health care law? However, individual states can limit how much these factors come into play.
These five factors are:
In addition, insurance companies may offer more benefits, which could also affect costs. Furthermore, insurance companies can not charge women and men different prices for the same plan, nor can they take your current medical history or health into account when, otherwise known as pre-existing conditions.
Should you choose a high or low deductible?
/by Rebecca YatesUnderstanding your deductible and out-of-pocket cost is important when choosing a health care plan. The deductible is the amount of money you need to pay towards your health care before your insurance kicks in and begins to cover costs. Deductibles can range from just a few hundred dollars to several thousand dollars. There are even some plans that have no deductible worked in. Once you reach your deductible amount for the year, your insurance plan will require you to pay a co-payment or cost share amount until you reach our out-of-pocket maximum. Once that is met, your insurance company should cover your services at 100 percent.
A higher deductible plan usually referred to as ‘consumer-directed’ plans, mean you are responsible for a greater amount of your initial health care costs, saving the insurance company money. The benefit to you comes in lower monthly premiums. If you have a qualified high-deductible plan, you are also eligible for a Health Savings Account. These [HSA] accounts are set up with pre-tax dollars and allow you to draw from them for medical expenses.
High deductible plans can be a good option for people who do not have young children and are in generally good health.
Life Insurance Can Provide Stability for Millennials
/by Rebecca YatesMillennials find themselves in the stage of life that may require them to purchase their own insurance. After having aged out of their parent’s insurance coverage, both car and health, coverage needs may not be as black and white as one might think.
While some millennials are deciding to put off getting married or purchasing a home, life insurance is important, no matter how old you are. For a millennial, it may also save you money on a policy in the long run, especially since you are younger and presumably in good health. It is especially important if you have children.
Life insurance can help your family cover unexpected costs in your absence. In addition, if you have children, a life insurance policy can support their education or childcare expenses. A whole life policy can accumulate a cash value, thus making those funds available for future use for things like a down payment on a house, or a child’s tuition for education.
Having a personal life insurance policy is not affected by job changes etc. They can provide reassurance in times of transition and allow you the peace of mind that your coverage is in place if it became necessary to use it.