What Does Health Insurance Cost? Find Affordable Coverage
Health Insurance Cost
This article will focus on the costs and benefits of having an insurance policy for yourself or your family. There is a common misconception that health insurance is not worth the monthly costs. While insurance rates have risen over the last ten years, the benefit of having health insurance is far higher. According to recent research, the average monthly rate for individual coverage can range from $200 to $500. Family policies can range from $800 and higher. This may seem like a large amount of money but compared to what a surgery, a ride in a ambulance or a trip to the ER would cost, this monthly fee is minimal.
People are often curious about the terms of an insurance policy’s deductible. A low deductible plan will only make you pay for services up to a lower cost. If your deductible is $500, then you will pay your medical bills up to that amount. A high deductible plan means that you would pay more out of pocket before reaching a point where the insurance pays for the majority of the health care provided. Both of these types of plans allow for the money you pay out of pocket to go towards your deductible. If you do not have health insurance, then any money that you pay out of pocket before getting a plan will not go towards your deductible.
Here is an idea of what common medical procedures or medical visits would cost without health insurance coverage. From several studies it has been reported that the average x-ray could cost $200-$400. With insurance coverage, the cost is usually minimal or non-existent. This is the same cost as other medical services like a cat-scan. A common procedure of having tonsils removed can cost anywhere from $3,500-$8,000. For example, the average insurance plan, with a low deductible, will typically cover about 85% of the procedure. A high deductible plan could leave you paying more out of pocket for surgery. As you can see, there is no comparison between the monthly cost and out of pocket costs without health insurance.
Accidents and the Effect on Health Insurance Cost
Accidents happen all the time and health insurance is there to ensure that families are able to pay for necessary procedures and doctors visits. There is enough to worry about when health is on the line. Unfortunately, a lot of people wait to receive proper healthcare because they do not have enough money. Then, they end up paying more on expensive procedures and even regular doctors visits. Just think about the common accidents that occur in everyday life for families. These include broken arms, flu shots, physicals for school and sports, ER visits, prescriptions, or staying overnight at the hospital.
In conclusion, the above costs are much more manageable with health insurance coverage. Overall, make sure you focus on your plan’s coverage for the most common needed medical care services for you or your family. Any chronic illnesses or long term care should be considered when choosing your plan. In the end, this will guarantee that your deductible is reached and you are paying the minimum amount for your care.
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