How much does it cost to get health insurance for an individual?
The cost for your health insurance plan will depend on many factors, including your personal health, what you can afford to pay monthly, what you can afford to pay in the event of an accident or illness, and what type of coverage you want.
Until the year 2014 the status of your health will still be a defining factor in the type of coverage you get, and the cost of your health insurance. This is because people who aren't healthy cost more in terms of medical care, and health insurance companies adjust their own costs accordingly.
In 2014 laws will take effect that will prevent health insurance companies from basing your costs on the condition of your health.
But until then, you will find that your age, weight, and whether or not you smoke will have an impact on your health insurance coverage. If you are younger, within the healthy weight range for your height and gender, and don't smoke you'll pay a lot less than other people. Again, shop around since plans vary by provider.
If you are a woman you'll need to choose whether or not you want maternity coverage, which costs more.
From there you'll want to choose a plan that you can afford. This doesn't just mean premiums that you can pay every month, though that is important, you'll also have deductibles to take into account, co-pays, hospitalization costs, and perhaps a ceiling on your coverage.
A deductible is an amount of money that you have to pay out of your own pocket before your health insurance kicks in. If your deductible is $500 dollars, then you will have to pay that much before your coverage takes effect. In most cases, the higher your deductible is, the lower your monthly premiums will be. If you are healthy and won't need much medical care then this might be a good choice for you.
Also, be aware of what percentage of costs your medical plan covers when it does take effect, and in particular if you require expensive care like hospitalization. A plan that covers more, say 80% of costs, will cost more money on a monthly basis than one that covers less. Again, if you don't plan to get a lot of medical care then you can choose a plan that covers less and pay a lower premium. However, don't go so low that an accident or illness can cost you more money than you can hope to pay back.
Co-pays and out-of-pocket costs include prescription drug costs and the amount you'll be expected to pay for doctors visits. A co-pay can be as little as $0 dollars, and go up from there based on your plan. If you don't see the doctor for more than your yearly checkup, then it's okay to choose a plan with a higher co-pay. If you find that your out-of-pocket costs for prescription drugs is too much, you can either opt for a different plan, or try to rely on generic drugs that cost much less.
Finally, some health insurance plans have a cap, meaning they only pay a certain amount before the coverage stops. Be aware that health care today is very expensive. While a lower cap might save you money, an accident or illness can easily cost many thousands of dollars. The goal is to choose a plan that offers enough coverage but doesn't cost you more than you can pay monthly, and doesn't expect you to pay for things you won't use.
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