It is very important to understand your health insurance premiums, when it comes to paying for your health insurance.That also include how much you’re paying each month and their impact on your overall health care expenses.In the United States, Americans pay wildly different premiums—the money they shell out monthly or annually to pay for health insurance. Since the premiums of the insurance are determined by health conditions, gender or area and according to the Affordable Care Act. There are many factors that affect how much you pay for health insurance are not within your control.
What is Health Insurance Premium?
The regular fee paid to the insurance company or health plan to maintain coverage, is the health insurance premium.It is the amount of money you need to pay periodically to an insurer in order to avail the medical coverage as well as to ensure that the policy remains in force. Health insurance premium calculatorfacilitates you to calculate your the Mediclaim premium, based on your insurance needs.
Benefits of Health Insurance
- Alternative treatment Many health insurance companies cover alternative therapies like Ayurveda and homeopathy.
- Convalescence benefit This benefit is also known as recuperating/recovery benefit under which the insurance takes care of the ‘recovery expenses’ of the insured. Any supplementary costs that might arise due to an insured’s hospitalization, like the replacement of loss of income of the insured.
- Domiciliary treatment It covers the treatment that is taken at home under medical supervision. However, there is a limit on the amount and the number of days for which the benefit is provided.
- Expenses incurred in case of organ transplant Coverage of expenses before an organ transplant is considered to be one of the best health insurance benefits. Some insurers cover the entire cost, while many others have a cap on these expenses.
- The daily hospital cash allowance This is an additional financial cover that is offered, which includes the cost of food and travel. It could be up to INR 2,000 a day and can even go up to INR 4,000 a day.
- Attendant Allowance Health insurance also offers an attendant allowance to those adults who accompany the insured at a hospital. However, the insured must be a child, and the number of days for which an insurer will pay for the allowance is fixed.
- Dental treatment Many insurance companies also cover dental treatments once every few years. As the cost for dental treatment is high, we could avail of such advantages of a health policy.
- Free health check-up Many health insurance companies offer free health check-ups to policyholders after a certain number of claim free years. Moreover, they provide cashless check-up if the check-up takes place at an empanelled hospital.
- Weight loss / Bariatric Surgery Bariatric surgery is a life-saving technique for obese patients who are battling with medical conditions caused due to heavyweight. Several insurers cover a lot of insurers cover this surgery done for medical purposes.
- Additional coverage Last but not least, you also get a lot of other health insurance benefits in your policy. These include air ambulance coverage, vaccination expenses cover, coverage for day-care surgeries, and cover for health check-ups, to name a few.
How I can reduce my Health Insurance Premium?
You may have access to certain measures to reduce the monthly cost of your health insurance premium, depending on whether you access health insurance through an employer, a state or federal government or the private market
Enroll in your employer plan. It has been considered employee plan as group plan and this is often your most affordable option. When there’s an employer plan that’s offered, we usually recommend that employee go with that plan and split a percentage of the premium costs with you, which is a substantial benefit.
Consider health insurance subsidies. Anyone who accesshealth care coverage through their state insurance marketplace or HealthCare.gov and earn below certain income levels may be eligible for health insurance subsidies.
Research high-deductible health plans. Before selecting any health insurance plans, buy a high-deductible health plan, which often carries lower premiums.
How the premiums are determined?
- There are state and federal laws that affect what health insurance must cover and how much insurers can charge
- Either you get insurance through an employer or buy it on your own
- If you’re a low-wage or a high-wage worker that matters, because low-wage workers tend to pay more through employers, but may pay less through the exchanges due to subsidies
- The size of employer insurance is usually cheaper at bigger companies
- The state where you live also matter
- In which part of the state you live in a rural or urban part of that state premiums tend to be lower in urban areas
- In which county you live in some counties have only one plan