What Factors Shape Your Health Insurance Cost?

Healthcare facilities are costly and getting expensive day by day in the USA. Purchasing a healthcare plan is one of the smartest solutions to cope with the issue and have peace of mind. However, insurance premiums can also get costly sometimes if certain factors are ignored while purchasing healthcare plans. To make your health insurance policy affordable you need to take care of several factors that shape your health insurance costs. Some of the major factors that affect the premium of your plan are as follows:

Your Age When Purchasing a Healthcare Plan

Although your plan’s premium costs mostly depend on the coverage and services you get, and the providers you have chosen, however, your age also influences your plan costs. In case of the Medicare, when you apply for a healthcare insurance plan way before turning 65, you can get premium-free Part A (hospitalization). It is because you pay Medicare taxes during your employment age and thus you get a premium-free plan after 65. It means that you need to enroll yourself for Medicare services when you are younger and employed so that you can get an affordable healthcare plan later on.

Your Income

The premium you pay for Medicare Part B, the health insurance portion of Medicare, depends on your income. The Medicare Part B premiums are calculated based on your modified adjusted gross income, so you need to pay more if you are a higher-income beneficiary. Similarly, Part D (prescription drug coverage) premiums also change with changes in gross income. You can ask to adjust your premiums in case of a life-changing event such as a major financial disruption, change in marital status, etc.

The Number of benefits and Level of Cover

It is natural to expect higher premiums if you have more benefits in your healthcare plan. An insurance scheme that provides full treatment along with diagnosis coverage will be expensive compared with a policy that provides less protection. If you want coverage for additional services like dental, vision, and short-term medical products, then enrolling in Medicare Advantage Plan can help you get more coverage within your budget.

Your Location

It is unfortunately true that some Medicare payments and costs vary across states and regions in the USA. The same Medicare plan can have different prices for different states like FL, LA, AL, NC, SC, or TX. If you are moving shortly then make sure you consider the expected effect of this shifting on your plan costs.

Starke Financial Services provides various Life Insurance, Medicare, Obamacare to Dental, Vision and Short Term Medical Products and more.