For a particular health insurance plan, the cost of coverage is determined by certain factors that have been set by law like
- Age: The health care cost per person covered by a policy will be set according to their age, with rates increasing as the individual gets older. Children up to 14 will cost a flat rate to add to a health plan, but premiums typically increase annually beginning at age 15.
- Where you live: Health insurance companies determine the set of policies offered and the cost of coverage based on the state and county you live in. So a resident of Miami-Dade County in Florida may pay lower rates for the same policy than a resident of Jackson County.
- Smoking/tobacco use: If you smoke, you could pay up to 50% higher rates for health insurance, though the state determines the maximum increase.
- Number of people insured: The total cost of a health plan is set according to the number of people covered by it, as well as each person’s age and possibly their tobacco use. For example, a family of three, with two adults and a child, would pay a much higher monthly health insurance premium than an individual.
When comparing individual policies, look at what each policy covers in addition to monthly rates and fees. If all this sounds confusing, don’t worry; our team of experts is ready and waiting to partner with you in finding the right health insurance solution. We are here to help with all your questions and concerns so you can make an informed decision.