Newskritis.com-Health insurance rate quotes are available for the average individual looking for health insurance. Health insurance rate quotes vary depending on your family and your lifestyle. Health insurance rates are based on a number of factors including your medical history, your age and whether or not you smoke. This article will tell you how to get an affordable health insurance rate quote.
Under the new Affordable Care Act, most young people can be insured up to the full age of 27 without the aid of their parents. For this reason, it’s often best for young people to remain on their parents’ health insurance policies until they are of legal age to purchase their own. This will allow them to maintain their family coverage until such time as they are able to purchase their own health insurance policies. It is also important to remember that each state has different minimum health insurance requirements for children.
Health Insurance Rate
The cost of health insurance premiums varies greatly depending on your age, gender, health history and marital status. Insurance carriers use these factors to determine your premium. The more risky you are for the insurer, the higher your premium will be. Conversely, the younger and/or married you are the less risky you are and the lower your premium will be.
There are three levels of health insurance plans. Your basic policy is the lowest cost plan that is available to you. Your “bronze” or silver tier level policy provides coverage for a catastrophic accident, most serious hospital stays and most other pre-existing conditions. Your “catastrophic” or platinum tier health insurance plans provide coverage for a wide array of health conditions, as well as most catastrophic accidents and emergencies.
The next factor used by health insurance companies in determining your rate is your family size. Each insurer has a specific set of family size guidelines that they use in their calculations. Some insurers have tiered family size charts that provide an average cost for your entire family, while others base their costs on your family size in conjunction with your dependents. Be sure to get this information from the company that you choose.
Most insurers follow closely on the heels of state officials when it comes time to review rate hikes. State officials, acting on behalf of the insurance department, review and approve or disapprove rate hikes that have been passed by the insurers. This allows the department to implement rate hikes that are approved by all insurers.
If your state officials refuse to approve rate hikes, don’t assume that the cost containment measures being implemented by your carriers will be forthcoming. In fact, carriers often find cost containment harder to implement than many people realize. During the process of rate reviews, state officials often request financial information from carriers. Carriers turn over documentation that details how they service existing clients. The cost containment team at the carrier will go through this documentation and compile a report detailing everything they found to be concerning the costs of providing the services to each individual client.
If the department refuses to approve rate increases, then you’re out of luck. There is another way that you can ensure that you won’t be affected by the cost containment initiatives. Purchase a “master policy.” A master policy is designed to serve as a permanent policy that covers all of your healthcare needs. Rather than obtaining multiple individual policies that only cover specific conditions, you’ll instead be purchasing one master policy that will cover them all. Shop around for a master policy that has the lowest combined rate for all of your healthcare needs.