individual health insurance cost

How Much Does Individual Health Insurance Cost Actually ?

We all agree that finding the best and affordable health insurance can be so time consuming and frustrating regardless you are unemployed, self-employed, or working under certain company. A cheap insurance does exist, but being qualified for those insurances is another problem. Even after you are qualified for such insurance, you need to make sure that the insurance plan will satisfy your need and help you cover the bill. Surely you don’t want to waste your money to pay Individual health insurance cost that only helps you a little.

In this article, every part of individual health insurance cost will be discussed. The discussion will begin from the real struggling of being uninsured. Later on, the article will spot on how the health insurance can help you and the last discussion will be on some techniques to find the best health insurance plan for your need.

Finding the Appropriate Individual Health Insurance Cost for You

First thing first, how does it feel to be uninsured? The answer is bad enough. Individual health insurance cost seems to really burden your bill. But let’s take a look on some risks that may affect you if you don’t enroll yourself to any health insurance.

According to data from WebMD, at the age of between 25 and 44 you will have about 1 in 5 chances to go to the ER and each time you are under ER treatment there will be a fantastic amount of bill that must be pay. The treatment cost is estimated around $1,450.

In addition, if you are bad luck enough to have a surgery, the cost can leap into the impressive level. For example, a broken arm surgery costs for more than $16,000 if you are not having any insurance. In fact, about one in four people with no insurance will run out all of their lifetime savings just to cover their medical bill. Hence, the medical bill still stands as the cause for most Americans bankruptcy.

Even worse, the recent laws from Affordable Care Act (ACA) strongly advices you to have individual health insurance. If you don’t, there will be a penalty tax that must be pay for going without any medical coverage. The penalty charges you about 2% from your total income. That’s why every Americans should consider of having medical insurance. But how do we find the affordable Individual Health Insurance cost?

Government policies forbid all insurance providers to charge differently for the same treatments. So, there is likely a flat individual health insurance cost in every provider. All you got to do is conducting research and compare health insurance plans provided in the market. In addition, you need to really understand your needs before choosing any insurance package.

Moreover, it is known that the cheaper individual health insurance cost, the less coverage they will offer. It is a common sense, though, and you have to be wise when deciding which plan you will pursue.

Some Important Tips to Find the Suitable Individual Health Insurance for You

  1. Examine Other Than ACA Insurance Providers

ACA is considered as the most convenient avenue for finding the affordable medical insurance. However, ACA is not the only one insurance provider out there. Other options are available and it cost you nothing to check on them.

The first way is directly purchase the plan through insurance company. This company provides a wider range of regulations and policies that can be examined through their website. The web let you to directly compare various insurance plans and read detailed information. Some of the companies even allow their web visitor to apply for a plan online. Surely you cannot directly compare insurance plans from one company with others. Website is more suitable for you who already know which company you favor.

In addition, the second way to find affordable individual health insurance cost is through agent. Agent will help their customers to figure out the most suitable insurance plans. Purchasing insurance through agent is a good choice if you are confused with so many insurance plans out there and you need expert advice to make the right decision.

However, there are two types of agent. The first one is the agent that offer insurance product from one company. The other one is the broker which will provide you many choices from several insurers.

  1. Examine Your Qualification

Make sure to examine every insurance plan qualification. By being qualified for the insurance, you will get the perks that will help you ease the medical bill. Medicare, Medicaid, and CHIP are some of the insurers that provide low individual health insurance cost which subsidized by the Federal.

However, each provider has their own segmentation. Medicare is targeted for people over 65 years old. Meanwhile, Medicaid is designed for those with a very low income. Lastly, CHIP works for children who can’t afford Medicaid and other insurances.

  1. Stay with Your Parent’s Usual Plan

ACA allows young adult under 26 years old to join their parents’ health insurance cost. The young adult can still follow their parents’ insurance even after they are married or being independent financially from their parents. However, the young adult has to make sure that the insurance plan offers in-network options.

Those are some tricks to get the cheap and suitable insurance for your medical bill. To give you clearer picture, Kaiser Family Foundation published an Employer Health Benefits Survey in 2016 about the insight of group and individual insurance cost. For a group-based insurance, the average cost may be around $1,511. Meanwhile, for an individual insurance cost is for $393 monthly. However, this is not a fixed price tag in the market and you still need to conduct a survey for your own.

In summary, individual health insurance is a good choice for the citizen. The individual health insurance is also considered as the fastest US health insurance growth. By a careful examinations and planning, surely you can keep your individual health insurance cost stay at the most affordable way.

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