Medical Insurance Quote
Getting a medical insurance quote is one way to control costs that are rising faster than the rate of inflation. Figures from 2007 reveal $2.3 trillion was spent on health care in the last year alone. Estimated costs by 2010 are expected to be in the $3 trillion range. By getting a few quotes before you choose a medical insurance plan, you’ll be better able to predict and manage your costs. Here are some facts you should know.
Facts To Know For Your Medical Insurance Quote
The average annual premium for medical insurance coverage for a family of four is about $15,000 (this figure represents average group health insurance premiums – individual health insurance is much less expensive). This is more than the $10,712 minimum wage employees make! Any quote provided on medical insurance is going to depend on several factors.
You should keep in mind when shopping for medical insurance that a quote is only an estimate of what you can expect to pay. After you have actually sat down with a representative of the insurance company and officially fill everything out, your rates may be higher.
The state you live in and the respected cost of living in the area.
What kind and how much coverage you need. Higher deductible medical insurance cost less but you will be paying more out of pocket directly for care when you need it instead of into insurance premiums. Each additional rider that you add for things like maternity care and long term care in the event of cancer is going to add to your premium.
How many people in your family you are insuring. That $15,000 is for a family of four. If you are only purchasing medical insurance for yourself that number will be much lower, if you have more than four people in your family, your premium is going to be higher.
If you have had previous medical insurance and your health and personal habits. Some insurance companies will over look a pre-existing condition if you have had continuous medical coverage. On the other hand you can expect higher rates if you are obese or a regular drinker or smoker.
Ways To Lower Your Individual Medical Insurance Premiums
Health savings accounts. These let you use pre-tax money in a special savings account for medical expenses. Some examples of allowable costs depending on your insurance company are insurance premiums, co-pays, prescription and over the counter medications and medical supplies such as hearing aides or glasses. In some cases if you have to travel an extensive distance to see a specialist you may be able to use some of your health savings account funds to cover transportation costs.
If you and your family are relatively healthy and don’t visit the doctor often consider getting a high deductible plan as opposed to a co-pay plan. A higher deductible can save you a couple hundred dollars or more each year on your monthly premium.
Collective family deductible plans can save you a couple thousand dollars over individual deductible plans.
Re-evaluate your health insurance coverage annually. Your medical needs will change over time and you want to make sure you are paying for the coverage you need and you are not paying for coverage you no longer need. If you think that you may need additional riders to cover things such as maternity care, find out if you have to buy them up front or if they can be added later. Health insurance companies are not going to allow you to add these riders once you become pregnant or sick.
What if you have a pre-existing condition? Make sure you find new coverage before cancelling the old policy. The longer the amount of time between canceling one policy and starting another the harder it will be to find coverage.
If you have a condition that’s been treated in the last 10 years, that can be considered as pre-existing. Be sure to check. There can be a lengthy amount of time that you have to wait before your new health insurance company will cover you. Most likely that will cause much larger out of pocket costs than paying a high premium to keep your current policy.
Compare Individual Medical Insurance Quotes Now!
Use our free tool at the top of the page to get started obtaining medical insurance quotes from multiple companies. Get your health insurance quote comparison now!