One who understands health insurance plans would define health insurance as a policy or plan that provides coverage for you in terms of medical expenditure when untoward incidents such as accidents happen.
However, it is a well-known fact that healthcare insurance policies do not come cheap.
Premiums are normally expensive, and many struggle to pay their premiums when they take up these healthcare insurance policies.
Taking a deeper look at this issue, are the premiums really that expensive? What are the average figures that we are looking at currently if one wants to purchase such policies? Before we look at the figures, it must be highlighted that the premium one pays to health insurance companies depends on several factors such as type of insurance, the age of the applicant, the health condition of the applicant, the length of the policy as well as several other factors.
One must understand that there are two main types of medical insurance plans out there today, the group insurance as well as the individual health insurance.
Both plans have their own advantages as well as disadvantages, and premiums for both plans differ greatly as well.
If we look at the average premium amount that an employer pays for each employee under the group healthcare insurance plan, the figure hovers around the $4,800 a year mark.
That means approximately $400 a month for each employee, and if the family is covered as well, the average premium could go up to $18,000 a year.
There is also the Consolidated Omnibus Budget Reconciliation Act (COBRA) option for employers that are cash-strapped due to the global economic crisis.
With this option, employers pay up to $350 per month for full medical coverage for their employees, slightly lower than existing plans.
Determining an average for individual health insurance plans would prove almost impossible, as they take into account several different factors before summing up the premiums.
Individuals are free to choose what is required, and premiums could be as low as $200 per month to as high as a few thousand dollars per month, depending on what is covered.
Take note that premiums would be much higher if applicants suffer from health complications.
To get the exact picture of how much a policy would cost you, it is recommended that you visit one of the many health insurance companies that are available near you today.
These companies would be able to give you an exact figure of how much the premiums would be, in accordance to your needs.
However, it is a well-known fact that healthcare insurance policies do not come cheap.
Premiums are normally expensive, and many struggle to pay their premiums when they take up these healthcare insurance policies.
Taking a deeper look at this issue, are the premiums really that expensive? What are the average figures that we are looking at currently if one wants to purchase such policies? Before we look at the figures, it must be highlighted that the premium one pays to health insurance companies depends on several factors such as type of insurance, the age of the applicant, the health condition of the applicant, the length of the policy as well as several other factors.
One must understand that there are two main types of medical insurance plans out there today, the group insurance as well as the individual health insurance.
Both plans have their own advantages as well as disadvantages, and premiums for both plans differ greatly as well.
If we look at the average premium amount that an employer pays for each employee under the group healthcare insurance plan, the figure hovers around the $4,800 a year mark.
That means approximately $400 a month for each employee, and if the family is covered as well, the average premium could go up to $18,000 a year.
There is also the Consolidated Omnibus Budget Reconciliation Act (COBRA) option for employers that are cash-strapped due to the global economic crisis.
With this option, employers pay up to $350 per month for full medical coverage for their employees, slightly lower than existing plans.
Determining an average for individual health insurance plans would prove almost impossible, as they take into account several different factors before summing up the premiums.
Individuals are free to choose what is required, and premiums could be as low as $200 per month to as high as a few thousand dollars per month, depending on what is covered.
Take note that premiums would be much higher if applicants suffer from health complications.
To get the exact picture of how much a policy would cost you, it is recommended that you visit one of the many health insurance companies that are available near you today.
These companies would be able to give you an exact figure of how much the premiums would be, in accordance to your needs.
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