Today, nearly 30 million people under the age of 65 are uninsured. As with many things in life, it’s likely due to a lack of understanding. When you understand the ins and outs of getting insurance, you will have no problem getting medical care when you need it.
There are some core pieces of information that you’ll need to know first.
What are health insurance premiums? What should you know about the cost of your health insurance? We’re happy to explain. Keep reading to learn more about your medical care.
What Are Health Insurance Premiums?
Your health insurance premium is the price that you pay each month to keep your health insurance policy active. These premiums are due every month and in the same amount.
You find out your premium amount at the beginning of the year when your application is accepted for the policy of your choosing, and from there, you’re responsible for maintaining your coverage.
Types of Health Insurance Coverage
As you explore health insurance premiums, you must also learn a bit about the different types of health insurance coverage available to you.
Examples of health insurance policies include:
- Health maintenance organization (HMO)
- Health savings account (HSA) policies
- Preferred provider organization (PPO) health insurance policies
- Exclusive provider organization (EPO)
- Medicare and Medicaid plans
Knowing what kind of plan you’re searching for will help you figure out which type of coverage is best for you and your family, and how much you can expect to pay in premiums.
You should also learn more about short-term health insurance and other options.
Things That Affect the Cost of Medical Care
So, what affects the healthcare coverage that you receive? Understanding this will help you factor in your policy details during your application. Some factors that will determine your premiums and total healthcare costs include:
- Age
- Number of people on the policy
- Previous health issues
- Geographical location
- The nature of the policy and deductibles
Set up the most affordable plan for you so that you’re able to keep your policy current and active without any lapses.
How to Buy Health Insurance
So, how can you find a health insurance policy once you’re ready to make a purchase? Start by enrolling via your state’s Affordable Care Act (ACA) portal once open enrollment begins.
The federal period for open enrollment begins Nov. 1. You’ll need to enroll in a plan by Dec. 31 to be covered on Jan. 1 of the following year. Some states allow you to enroll as late as Jan. 31 to get coverage that starts Feb. 1.
Lock in your health insurance premiums and plan details so that you make sure you have medical coverage when it matters the most.
Health Insurance 101
So, what are health insurance premiums? Now that you have a better understanding, these tips will assist you when you’re shopping for the right health insurance coverage.
Take heed to these tips and check out our other articles if you’d like to learn more about health insurance and taking care of your well-being.