How Much Does Catastrophic Health Insurance Cost?
You want health insurance that can protect you against a catastrophic event such as an accident or prolonged illness. Right? You want a safety net. So you have landed on this site hoping to get a feel of how much catastrophic health insurance costs.
I can not tell you how much your plan might cost. Why? I do not know your personal information that insurance companies use to determine premiums. Premiums or rates are the amount you pay the insurance company so that they will insure you.
What I can tell you is the risk factors insurance companies use to determine rates for individuals. I can also pass on to you a few good tips for getting the best rates. Finally, I will give you the best tip of all for finding the best price. Lets begin.
Health Insurance Risk Factors
Insurance Companies are in the business (which means making money) of insuring you, your home, car, and life. Insurance companies have pre determined risk factors they consider. They price your premiums based on the “risk” you have for needing medical services in the future. Here are some of the more obvious factors:
Current health status
Age
Lifestyle and Habits
Where you live
The process of deciding how much risk you have is called medical underwriting. It’s important to remember that each company has a different set of rules they use for underwriting. What one company considers high-risk might only be a moderate risk for another company. That can mean a big difference in your premium rates. So it pays to compare health plans options from several companies.
Tips for Getting the Best Rate
1. Current Health Status – If your health is good, get coverage now to keep your rates low. Companies reward healthy individuals with lower rates. It is easier to get coverage and lower rates while you are healthy than when you have a medical issue. Also, in most states, individual health insurance policies are “guaranteed renewable”. This means that once a policy has been issued, the policyholder can keep it forever — regardless of medical conditions — as long as the required premiums are paid.
2. Age – The cost of insurance premiums go higher and higher as we age because the probability of getting sick or injured increases as we get older. So consider buying insurance before your next birthday.
3. Lifestyle – Make changes in your life now that will improve your chances of living a longer and more active life. Insurance companies reward wellness. You know what you need to do and not do, but here is the current list:
Get eight hours of sleep per night.
Eat breakfast every morning.
Loose weight.
Exercise more.
Don’t smoke.
Drink alcoholic beverages in moderation.
Take vitamins and supplements as your doctor recommends.
4. Where you Live – Yes, I realize we have to work and support ourselves where the jobs are; but when possible, seek out communities and locations in the U.S. that promote healthy and active living.
5. Pay your premiums annually and on time.
6. Choose a higher deductible. The larger your deductible is, the more money you can save on your premiums. For more information on insurance premiums and deductibles, see….
7. See if you qualify for group health insurance through your employer, professional or religious group you belong to.
8. Get a Health Savings Account (HSA) to cover medical expenses while affording you tax saving advantages
The Best Tip For Getting the Lowest Rate
The key to finding the best deals is to make as many insurance price comparisons as you possible can. Take the time and shop around. Health insurance rates can vary by hundreds of dollars from one company to the next. You can call local insurance agencies, visit insurance company websites or go online to insurance comparison sites.
At insurance comparison sites, you simply have to enter your information on the online forms. After you have completed the short online questionnaire, they will match you with local agents in your area who can provide quotes, answers to any questions you may have about coverage, and assist you in every step of the buying process.
You can get multiple quotes in minutes. It’s fast, free and you are under no obligation to buy.
Quotes available in all 50 states:
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