Health insurance is vitally important in today’s world. Heath care is so expensive that one serious illness or injury could severely damage your financial well-being. Health insurance protects both your health and your financial future. Premiums can be high, however, and it is important to understand all the different variables and options.
Health insurance premiums can vary widely by state. Often, the states with the highest premiums require insurance companies to cover more people with pre-existing conditions. The state’s cost of living and overall cost of health services are factors in premium prices as well.
Within each state, insurance companies must file their premium rates with the Department of Insurance. No matter if you buy your health insurance plan from an online broker, your local insurance agent or from the insurance company itself, the monthly premium will always be exactly the same for the same plan.
In your state, you can find different insurance companies, plans and premiums. Each insurance company offers a variety of plans providing different levels of coverage, deductible amounts and policy limits. Pricing can vary based on your age and health, whether or not you’re buying a group or individual policy, or if you need a single person or family plan. Premiums differ for managed care plans, preferred provider organizations and traditional coverage. Your premiums can vary based on whether you’re a smoker or have other high-risk habits. If you can afford to pay a higher deductible, high-deductible plans, combined with tax-deductible health savings accounts, usually have the lowest monthly premiums.
The best way to determine what the best plan and premium is for you is to get quotes online. Your insurance agent will have information about options available in your state to help you choose the plan and premium that best fits your life and your budget.