Factors in the Cost of Health Insurance

One of the biggest problems facing our society today has to do with the cost of healthcare. Even though many people get health insurance through their employer, this is not the case for everyone. Therefore, it is important for everyone to understand some of the major factors that are going to influence the cost of health insurance. Particularly for those who are purchasing their own health insurance, such as on the marketplace, it is important to work with a group health insurance broker and understand how health insurance premiums are going to be determined.

The Individual’s Age Will Play a Role

For those who are looking to purchase health insurance for themselves, one of the most important factors is going to be their age. In general, if someone is older, they are more likely to develop health problems. On the other hand, if someone is younger, they are more likely to remain healthy. Therefore, individuals who are older are more likely to end up paying more for their health insurance when compared to someone who is younger. This is because individuals who are older are more likely to visit a doctor or go to the hospital, costing the health insurance company money.

The Past Medical History Will Also Play a Role

In addition, the health insurance company is going to take a look at someone’s pre-existing conditions. For example, individuals with a smoking history are more likely to end up paying more money for health insurance. The same can be said of individuals who might be overweight or obese. Furthermore, those who have chronic health conditions, even those that they might have had since birth, may end up paying more for health insurance as well due to these conditions.

Work with a Trained Health Insurance Professional

Even though health insurance can be expensive, there are ways to reduce the cost by working with a trained professional. By enlisting the help of a broker or a consultant, everyone is able to understand all of the options they have available to them when it comes to health insurance.