How To Understand Health Insurance Quotes

insurance policy form on desk in office showing risk concept

Getting an idea of how much health insurance will cost depends on a number of factors. In the beginning, it will be a good idea to obtain several quotes and visually compare the benefits and costs of each health care policy you are considering. One of the best solutions for reviewing insurance quotes is using an online health insurance rate comparison tool.

How Health Insurance Quotes Work

The Internet is an excellent source for obtaining a health insurance quote. Each site allows shoppers to enter key statistical information such as age, occupation, gender, and smoking history. Once this information is typed into the system, the site will calculate a range of what you can expect to pay for a range of health insurance policies. The next step will be to review details, differentiate between features, and ultimately decide which policy will be the best fit for coverage requirements.

What Conditions Influence Plan Costs

A variety of factors play into a health insurance quote including:

  • Patient location
  • Age and family size
  • Tobacco use
  • Out-of-pocket expenses

Under the current health reform, there are no exclusions or penalties for pre-existing medical conditions or previous health conditions.

How to Find the Best Insurance Quote

Finding the best insurance quote can be accomplished through reviewing premiums, required deductibles, co-pay amounts and details such as co-insurance. A premium amount is the dollar figure that will need to be paid for health insurance, typically monthly, in order to enjoy active insurance coverage. A deductible is the amount of money that you will owe for services before a health insurance plan will begin to pay. A co-payment is what a patient will pay at the time of an office visit, and the amount will then be applied to services rendered. Finally, co-insurance is an amount of money that a patient will pay in part, towards allowable covered health services.

Understanding health insurance quotes and how to interpret the coverage you will be paying for can be accomplished by knowing what the above terms mean in relationship to out-of-pocket costs. Health insurance expenses are greater than a monthly premium invoice, but when carefully selected, they can cover many unexpected, expensive health care situations. Selecting the correct health insurance will adequately and affordably cover basic services, emergency care, routine physicals, and even preventative care.

Photo: Depositphotos/©gunnar3000

Posted on June 4, 2018

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