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How Are Health Insurance Rates Calculated?

The rates you pay for health insurance are decided by a number of factors, including your health, age, marital standing, your height and weight, preexisting conditions at the time of application and the kind of plan you select, to name just a few. Some principles apply when setting medical insurance rates, the majority are primarily based on risk, though insurers place more or less emphasis on each factor depending on underwriting guidelines. More fit folk pay less for health insurance, as you could imagine, as do married people and those that are height / weight proportionate. Non smokers and those with low risk occupations also pay less.

But it’s more complex than that. A big factor which has an effect on what you pay is the sort of medical plan you select which should be based primarily on both how much you can afford and the plan that best fits your needs.

Indemnity Plan

An indemnity plan lets you pick any doctor you want and to see specialists without getting approval from a “primary care physician” .You have the liberty to pick when and where to find medical help. Traditional health insurance is normally more costly than other kinds of health plans and may need more forms to file claims. Many of us don’t mind the higher cost in return for more freedom that this kind of plan offers.

Managed Care Plans – PPO vs HMO

PPOs are less flexible than conventional health insurance plans but more flexible than HMOs. You can select the doctor you would like to see ( including an expert ), but your co-payment will be higher if the doctor you choose isn’t a “preferred provider”, that is, a physician the health plan has a contract with.

With a PPO you may almost always will have to get approval before entering a hospital. They are however more likely to cover checkups and other preventative medical services than normal health insurance plans.

HMO ( Health Upkeep Organization )

Of the different types of HMOs, most will require you go to a medicare supplier inside their organization for the costs to be covered. Most will require you to select a first care doctor who will coordinate your care. And you most likely have to get approval from that doctor before seeing a specialist. You must get approval from the HMO before entering an infirmary or receiving some other kinds of non-emergency care. HMO’s are quite suppressive but also the least expensive.

Bottom line : your insurance company takes all of these factors under consideration when setting health insurance rates. So select your plan carefully and assume command of the factors in your control to help to keep premium rates low.

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