{"id":286,"date":"2018-12-13T11:05:18","date_gmt":"2018-12-13T11:05:18","guid":{"rendered":"http:\/\/www.personalfinanceafterfifty.com\/retirementfinancialmanagement\/?p=286"},"modified":"2018-12-13T11:05:18","modified_gmt":"2018-12-13T11:05:18","slug":"personal-finance-after-50-why-is-health-insurance-so-expensive","status":"publish","type":"post","link":"http:\/\/www.personalfinanceafterfifty.com\/retirementfinancialmanagement\/uncategorized\/personal-finance-after-50-why-is-health-insurance-so-expensive\/","title":{"rendered":"Personal Finance After 50 – Why Is Health Insurance So Expensive?"},"content":{"rendered":"

     Life is about experiencing every good bit of it throughout one\u2019s lifetime, be it a walk in the park or building memories of playing with your little ones. But these experiences can be truly rejoiced ,when one lives a healthy life without having to worry about any unforeseen medical issues. For this purpose, the health insurance companies have floated various plans which help safeguard you & your family against financial risks arising out of a medical emergency. These \u201cHealthcare Plans\u201d assure you that while you\u2019re unwell, they will take up all the hassles related to your treatment, so that you can stay worry free and focus only on your recovery.<\/span><\/p>\n

          Comprehensive Health Insurance Plan<\/strong><\/span> : –<\/span><\/p>\n

    A health insurance plan ,to meet everyone\u2019s(individual and family) needs, should cover : –<\/span><\/p>\n

  ___ In-patient Care<\/span><\/p>\n

  —    Pre and post-hospitalization<\/span><\/p>\n

  —    Room Rent And ICU cover<\/span><\/p>\n

  —   Daily Allowances<\/span><\/p>\n

  —   Ambulance cover<\/span><\/p>\n

  —   Organ Donor Cover<\/span><\/p>\n

  —   Lifelong Renewability<\/span><\/p>\n

  —   Annual Health Checkup<\/span><\/p>\n

  —   No-claim Bonus<\/span><\/p>\n

  —   Tax-benefit etc.<\/span><\/p>\n

         Average Cost Of Health Insurance<\/strong><\/span> : –<\/span><\/p>\n

    Health insurance premiums have risen dramatically over the past decade. There are a number of factors that impact your health insurance costs. One of the primary factors in your health insurance costs depends on where you live. It also depends on the metal tier of the plan like bronze, silver, gold etc., and the Plan type adopted by you.<\/span><\/p>\n

    \n
  1. Average Health Insurance Rates By State<\/span><\/strong> : –<\/span><\/li>\n<\/ol>\n

    State                      Monthly Premium     Annual Premium<\/strong><\/p>\n

    Florida                          $285                              $3,420<\/span><\/p>\n

    Illinois                           $244                               $2,928<\/span><\/p>\n

    New Jercy                     $307                            $3,684<\/span><\/p>\n

    Pennsylvania                $231                             $2,772<\/span><\/p>\n

      2  (B) Average Health Insurance Premiums By Metal Tier<\/strong> : –<\/span><\/p>\n

        The average rates paid for insurance plans are inversely related to the amount of coverage they provide.<\/span><\/p>\n

                 Type            Monthly Premium        Annual Premium<\/strong><\/span><\/p>\n

              Bronze                    $201                              $2,411<\/span><\/p>\n

              Silver                      $247                               $2,961<\/span><\/p>\n

              Gold                        $291                                 $3,487<\/span><\/p>\n

               Platinum                  $363                         $4,360<\/span><\/p>\n

         (C) Average Rate By Plan Types<\/strong> : –<\/span><\/p>\n

          The insurance premium also depends on the type of network, the plan use like HMOs tend to be most restrictive about which doctors you can see and what you must do to see them.<\/span><\/p>\n

                     Type      Monthly Rate          Annual Rate<\/strong><\/span><\/p>\n

                     HMO        $230                           $2,784<\/span><\/p>\n

                     POS         $244                              $2,928<\/span><\/p>\n

                     PPO         $251                              $3,019<\/span><\/p>\n

                     EPO         $254                             $3,056<\/span><\/p>\n

      How Much Does An American Family Pay For Health Insurance?<\/strong><\/span><\/span><\/p>\n

         According to eHealthinsurance, for unsubsidized customers in 2016, premiums for individual coverage averaged $321 per month, while premiums for family plans averaged $833 per month. The average annual deductibles for individual plans was $4,358 and for the average deductibles for family plans was $7,983.. Further every month, a family of four\u2019s health care costs are going up $100 a month, on average, for more than a decade.<\/span><\/p>\n

       Why Health Insurance Is So Expensive ?<\/strong><\/span><\/span><\/p>\n

      The U.S. is famous for over-spending on health care. The nation spent 17.8 percent of its GDP on healthcare in 2016, whereas, the average spending of 11 high-income countries like Canada, Germany, The U.K. and France etc. was only 11.5 percent. Percapita, the U.S. spent $9,403, which is nearly double what the others spent. In the U.S.the drugs are more expensive; Doctors get paid more; Hospital services and Diagnostic tests cost more. And a lot more money goes to planning, regulating and managing medical services and other Administrative charges.<\/span><\/p>\n

         As far as the Quality of Health care is concerned, the U.S. fared comfortably to other countries. Long wait times for treatment are not as much an issue for Americans as they are elsewhere. In treating heart attacks and strokes, the U.S. actually had the Best record of any other country. <\/span><\/p>\n

         Further, Americans also had the lowest rate of coverage. About 10 percent of the population did not have health insurance in 2016. In other countries, nearly everyone was covered. However, the percentage of population with health insurance has increased since the Affordable Care Act (ACA) was passed.<\/span><\/p>\n

            Affordable Care Act (ACA)<\/strong><\/span> : –<\/span><\/p>\n

        The Affordable Care Act , also known as \u201cObamacare\u201d has helped millions of people get health care coverage. Before the ACA, health insurance was -unaffordable and unavailable for many. Now, with Obamacare, if you meet certain qualifications, the Government will help pay for your monthly premiums and out-of-pocket cost. And for those who have pre-existing medical conditions, you can no longer be denied coverage under Obamacare.<\/span><\/p>\n

            Finding The Proper Health Insurance Plan<\/strong><\/span> : –<\/span><\/p>\n

         Finding the right Health Insurance plan can be difficult. Each plan has its pros and cons , especially considering how costs can vary depending on the plan\u2019s monthly premiums, deductibles and copays. But with Obamacare Plans.com, it is easy to compare your options and decide. Whether you prefer to lower your premiums with a Bronze or Silver plans, or need to lower your out-of-pocket cost with a Gold or Platinum plan- you can choose a plan, depending on your eligibility and qualifications; some plans can be as low as $50 per month.<\/span><\/p>\n

             CONCLUSION:<\/strong><\/span> –<\/span><\/p>\n

       Health Insurance coverage in the United States is now generally mandatory, and if you don\u2019t have it, you can face hefty tax fines. The Affordable Care act(ACA) and Health Care and Education Reconciliation Act enacted by President Obama, in March 2010 have enacted comprehensive health care reforms in the United States. Medicare, the Government ran health insurance plan for the elderly, is a multi part major medical plan. Supplemental Insurance policies, known as Medigap Coverage, would help you paying for the costs that Medicare doesn\u2019t pay.<\/span><\/p>\n

     <\/p>\n","protected":false},"excerpt":{"rendered":"

         Life is about experiencing every good bit of it throughout one\u2019s lifetime, be it a walk in the park or building memories of playing with your little ones. But these experiences can be truly rejoiced ,when one lives a healthy life without having to worry about any unforeseen medical issues. For this purpose, the health … <\/p>\n

    Continue reading “Personal Finance After 50 – Why Is Health Insurance So Expensive?”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-286","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","_links":{"self":[{"href":"http:\/\/www.personalfinanceafterfifty.com\/retirementfinancialmanagement\/wp-json\/wp\/v2\/posts\/286","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.personalfinanceafterfifty.com\/retirementfinancialmanagement\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.personalfinanceafterfifty.com\/retirementfinancialmanagement\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.personalfinanceafterfifty.com\/retirementfinancialmanagement\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.personalfinanceafterfifty.com\/retirementfinancialmanagement\/wp-json\/wp\/v2\/comments?post=286"}],"version-history":[{"count":3,"href":"http:\/\/www.personalfinanceafterfifty.com\/retirementfinancialmanagement\/wp-json\/wp\/v2\/posts\/286\/revisions"}],"predecessor-version":[{"id":318,"href":"http:\/\/www.personalfinanceafterfifty.com\/retirementfinancialmanagement\/wp-json\/wp\/v2\/posts\/286\/revisions\/318"}],"wp:attachment":[{"href":"http:\/\/www.personalfinanceafterfifty.com\/retirementfinancialmanagement\/wp-json\/wp\/v2\/media?parent=286"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.personalfinanceafterfifty.com\/retirementfinancialmanagement\/wp-json\/wp\/v2\/categories?post=286"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.personalfinanceafterfifty.com\/retirementfinancialmanagement\/wp-json\/wp\/v2\/tags?post=286"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}