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Health Insurance Prices

Many people are concerned about health insurance prices. They find that the prices they are paying for health insurance continues to rise and that it is becoming more difficult to find the coverage they need at a price they can afford. There are a number of factors that have an effect on the health insurance prices that consumers pay.

Finding cheap health insurance is not an impossible task. Read through this article to find out how health insurance prices are determined and then use our free quote comparison tool at the top of the page to compare quotes and find the best health insurance prices.

Health Insurance Prices: Insurance Companies Set Rates

When an insurance company needs to determine the price it will charge for health insurance coverage, it has to consider the amount of money it will need to pay out in claims. The company will base its level of premiums on:

  1. The Cost of Services in a Specific Area

  2. Projections on the Level of Services Needed by Individuals the Company has Insured

The cost of paying claims for a specific geographic region will vary, depending on local pricing, the policies of doctors and hospitals offering services, and the level of discounts the insurance company been able to negotiate with healthcare providers. After the company has calculated a figure for projected costs, the company makes adjustments for the cost of services that a particular group will need.

In this case, the "group" you belong to may be determined by your age, gender, and medical history. If you are considered to be a greater risk to the insurer, because the insurer feels that you will require more services than the average person, then you will have to pay higher prices for your health insurance coverage.

Health Insurance Prices: Underwriting

A number of health insurance companies use the process of underwriting to determine prices. The underwriter needs to analyzes several risk factors, including the applicant's medical history, to determine the level of risk each applicant poses to the insurer in terms of potential insurance claims. The insurer wants to make sure they charge a fair price for coverage and have enough financial resources to pay out on claims their clients make.

Health Insurance Prices: Aging Population Affects What Consumers Pay

Another factor that affects how much the public is paying for health insurance is the fact that the cost of medical care in a person’s lifetime is also rising. A higher life expectancy in developed nations means that more seniors are requiring medical care, as opposed to places where the majority of the population is younger. New technology is a wonderful thing and has improved the quality of life for many people, but it has come at a price - higher prices for medical insurance!

Health Insurance Prices: How Consumers Can Get Better Rates

Even though you can't stop yourself from getting older, there are some things you can do to avoid paying more than you have to for health insurance. Take charge of your health by making the following changes to your lifestyle:

  1. Quit Smoking

  2. Start Exercising Regularly

  3. Follow a Healthy Diet

  4. Drink Only in Moderation

  5. Don't Use Drugs

When you apply for your health insurance coverage, you will likely be asked to complete a health questionnaire or a medical history form. Be honest about your own medical history and as well as that of your family. If you lie during the application process and the insurance company finds out, you will be denied coverage.

You also need to be honest about any habits you have that may affect your health. For example, if you are still smoking (even a few cigarettes per day), you need to classify yourself as a smoker.  Once you have been able to quit smoking successfully, then you can notify your insurer to ask for a better rate on your premiums.

Looking after your own health is an investment in yourself and is always a savvy move. If you take the steps or make the changes necessary to get healthy (and stay that way), you will be paying less in fees to visit a doctor, which means you will save on the cost of your healthcare.

However, some people would argue that a healthier population wouldn't have a great effect on the cost of health insurance at all, since a good portion of the money collected in premiums is paid out to compensate company executives or goes into the company coffers as profit.

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Are you ready to learn more about health insurance prices?

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