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Well, to start off, you are a year older each birthday and thus statistically more expensive to cover. Now, the increase for a 25 year old that turns 26 is relatively small. But, for a 55 year old, with growing health care needs that turns 56, the increase can be significantly higher. So, the older you are, [...]
With all the bad publicity the health insurance industry receives, it is easy to conclude that their unbounded greed is driving average Americans to the poor house with ever increasing premiums. But the truth is health insurance companies are are about as responsible for increased costs as is your neighborhood grocer when they raise the [...] Very competitive according a recent publication of The Henry J. Kaiser Family Foundation. One of the goals of the new Affordable Care Act (ACA) is that the proposed new health insurance exchanges will enhance competition among insurers to help moderate premiums for individuals. In 17 states a single health insurer dominates the market with more [...] When I first started out selling individual health insurance in 2002, most people would choose a $2500 deductible for their health insurance as representing the best combination of price and value. Many folks now are choosing $3500, $5000 or even higher deductibles. The deductible in health insurance is the amount you would have to pay [...] I have received quite a few calls this year from single men complaining about the large increases in premiums they have received from their health insurance companies. Some have said the cost has jumped from the mid $100’s to over $200! This is due to new federal and state requirements that insurance companies must include [...] It doesn’t make sense, does it? Logic tells us that buying in bulk is more cost-effective. So when you take the purchasing power of a group of people, you would expect to negotiate a better premium price per person for health insurance than that of an individual trying to purchase coverage. But health insurance doesn’t [...] Unfortunately, premiums for individuals go up every year due to the fact you are a year older and thus more expensive to cover. Additionally, it increases for something called “medical inflation.” This is higher than the general inflation trends because medical inflation covers all the expensive new procedures and prescriptions that come on line each [...] |
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