What is a common number for a health insurance average?
The average monthly cost for a health insurance premium depends on many factors, including insurance company, type of coverage, whether it is a single plan or a family plan, if prescription coverage is included and if it includes dental coverage.
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There are additional monthly costs that come into play including co-pay for office visits and prescription medications, as well as deductibles that have to be reached in order for health insurance coverage to commence.
How much should I pay for health insurance?
If you are offered health insurance through an employer, it is in the best interest of both you and your family members to sign up for the insurance. This is because the cost of health care and medical treatment has risen tremendously in the last several years.
In fact, according to a study by CNN Money, health care costs for an average family of four have risen more than 7% in the last year, and nearly doubled since 2003.
In addition, according to the survey, employees are covering more of the total health care costs, as the average employee can pay up to $8000 per year out-of-pocket for medical expenses.
So even if your premium costs your $200 to $300 per month, it will still be a lot less than paying for all your care out of pocket.
Is there health insurance that is available for little to no cost?
You may qualify for free or reduced cost health insurance coverage, if you are unemployed or your company does not offer health insurance coverage for you. The type of coverage offered depends on the state, but most states offer some type of Medicaid program, which is health insurance coverage for adults and children at little or no cost.
For example, New York State offers Child Health Plus, which is complete health and dental insurance for children under the age of 18. If the parents or the parent fall under a certain income guideline, they are eligible to have their child insured through Child Health Plus.
The average monthly cost for Child Health Plus depends on your income, but will range from $0 per month to $60 per month for all insured children. The cost increases incrementally from $0 by $6 per child.
Most low cost health insurance plans offer have monthly limits, so no matter how many dependents you have, your cost will not be above a certain amount.
Does having a prescription rider increase my average health insurance cost?
This also depends on the type of coverage you have and who the insurance carrier is. In most cases, prescription coverage is included with health insurance coverage. However, some health insurance plans that don’t have a built in prescription plan leave customers with either no prescription coverage or coverage from a separate carrier.
If this is the case, having prescription coverage can be costly. In addition, most prescription plans require a co-pay for each medication purchased at an additional cost of anywhere from $10 to $40 depending on the medication.
It is best to shop around and speak to your health insurance company and get their advice and opinion on how to secure prescription coverage.
While many more medications are being made available over the counter, there are still some situations when having prescription coverage can be very beneficial.
However, if you do not get sick often, and do not use prescription medications regularly, you may choose not to carry prescription coverage. Now it is important to realize that not having prescription coverage does not mean you can’t get a prescription filled. It just means that if you are prescribed medication, you have to pay the full cost at the pharmacy for the drug.
There are more and more generic medications on the market that have the same active ingredient and provide the same benefits as a brand named drug, just at a substantial savings. Medications such as antibiotics might only cost $10 without a prescription.
Look at your individual circumstances and medical history to determine what the best plan of action is for your health care insurance. Keep in mind that costs are rising, so if you are able to secure insurance at a reasonable cost, then do so.
It is difficult to put one single dollar amount on health insurance since there are many different companies with different options. However, if you compare companies, plans and benefits, and talk to insurance specialists as well as your employer, you will most likely find a plan that fits your needs.
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