Life is full of surprises and accidents are around every corner. That’s why health insurance was made. Living life without a health insurance is a lot like walking on the wild side on a daily basis. It’s best to keep ourselves fully protected at all times with affordable New Jersey health insurance for individuals. If you’re wondering how exactly insurers come up with the prices for their insurance plans, it’s best to take a look at the following considerations.
- Age – Older people are more likely to require hospitalizations and doctor’s check-ups. This has been proven by many studies and researches conducted in recent years. Premiums can be as much as 3 times higher for older individuals than for younger persons.
- Location – Location plays a big role in the determination of a premium. Why? Depending on your location, you might be at risk of certain illness and disease. Your location can also present different laws, rules, and guidelines regarding the issuance of insurance. If the cost of living in your area is more expensive than others, than you might need to pay a higher premium.
- Tobacco Use – Cigarette smoking is one of the most common factors that contribute to the development of disease and sickness. If you’re seeking to get an affordable New Jersey health insurance for individuals, you might want to consider laying off of the cigarettes.
- Plan Category – Depending on the amount you’d be willing to pay, you can choose a plan category fit for your financial flexibility. Bronze plan holders will pay for a smaller monthly premium, but will ultimately have to pay for bigger shares when it comes to hospital bills. Platinum plan holders on the other hand can get as much as 90% of their hospital bills covered, only necessitating the payment of 10% of the fees.
If your insurer takes your gender and medical history into consideration, then you should probably look deeper into your provider as they might be violating some regulations. Insurers can’t take gender differences into consideration when calculating premiums. They also cannot base their prices on or refuse to issue insurance conditions you’ve had in the past.
It’s important to understand these factors in order to avail of an affordable New Jersey health insurance for individuals. Make sure you know all the considerations before signing a contract so you know you have the best deal for your money’s worth.