How Much Does Health Insurance Cost?

Health insurance is a must-have in life. Unfortunately, though, every country is different in terms of the health care it provides to its citizens. And in many cases, health insurance can be quite expensive, considering it's supposed to help you reduce the amount you pay for prescriptions and medical treatments.

If you are looking at ways you can cut costs, guarantee you'll be covered during sickness, and enjoy a good life, then you should seriously look into having health insurance. This guide will break down how much you can generally expect to pay for health insurance.

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What Is Health Insurance?

Health insurance refers to a type of insurance coverage that pays for surgical and medical expenses incurred by the person insured. Once a person gets health insurance, they are eligible to be compensated for costs incurred from injury, illness, or even pay the care provider directly.

In most countries, such as the United States, it is a standard requirement for every citizen to have health insurance. It is believed that this is the only way they can guarantee citizens' good health and well being.

How Much Does Health Insurance Cost?

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The Average Cost of Health Insurance Worldwide

Generally speaking, health insurance costs will vary depending on which package you choose to go for. If you live in the UK and decide to go for the premium package, be ready to part with £1,435 per year for your health insurance.

On the other hand, Ireland has many options, and if you are lucky enough, you might part with as low as €430 annually. In Canada, the starting point of an individual aged 21 years would be $200 per month. And in India, if you want to get health insurance covering your whole family, you might have to pay between Rs 10,000 and Rs 17,000 annually.

Health Insurance Cost Breakdown

If you compare plans in the market place, there are four categories, including Silver, Gold, Platinum, and Bronze. Typically, Gold and Premium pay more of your health care total costs, whereas Bronze and Silver pay less.

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Looking at premiums, this is how it works: the average premium usually increases slowly in increments. For instance, when an individual is between 21 and 24 years of age, the premium might be consistent at say, $200, and then it will shoot up when they turn 25 to $201. At 30 years, it has gone up to an average premium of $227. Prices are determined by an individual’s age and the associated regular medical procedures that are often required or recommended when you turn that age.

Factors Affecting the Cost of Health Insurance

Several factors affect the cost of health insurance and the monthly premium. Such factors include age, location, tobacco use, specific plan category, plus whether the plan will cover dependents. Other factors include gender, as studies shows that women are likely to see a doctor more frequently compared to men.

Additionally, pre-existing family medical conditions, family history, profession, zip code, marital status, and whether you were previously insured or not can affect your costs. For instance, if you are buying insurance for the first time, most insurance companies will be inclined to charge you highly.

Conclusion

Having health insurance can be a great life decision, especially if you have chronic conditions or long-term medical treatments. But, you also have to be careful in selecting a particular category and package. With that in mind, if you want health insurance either for you alone or your whole family, be ready to part with between $200 to $500 per month.

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