medical insuranceYour Medical Insurance policy rates and premiums are affected primarily by two factors – your health history as well as that of your family, and your age. Medical insurance companies take into account both your personal health and family history when calculating rates for life and health insurance. Health insurance companies usually require urine and blood samples to confirm that there are no pre-existing medical conditions. The majority of health insurers offer plans with higher premiums to persons with chronic or serious health conditions like cancer, diabetes, coronary disease, or elevated blood pressure.

Group plans
Employers must have four or more full-time employees who agree to participate in the plan, to be eligible for group health insurance. Employers must also be willing to pay a portion of their employee’s monthly premiums. These plans cover preventative care, routine doctor visits, prescription medicines, and catastrophic medical and hospital coverage. In order to accommodate the different demands of employers and employees of these groups, health insurers have developed various health benefit packages and rates to suit each company’s individual requirements.

Individual plans
Usually, individual health insurance plans are purchased by one person and cover the spouse and children. These insurance policies are different from group health plans in that the individual has options as to the choices of benefits and types and amounts of coverage in his policy. He may select the co-payment amount and the amount of the deductible for instance. As each option affects the premium amount, individual medical insurance policies can be tailor-made to each person and family’s financial situation and personal desires.

Individuals who have perfect health may notice that the standard policy might have slightly higher premiums. This is because “standard” policies cover most all health risks. For clients who can afford higher premiums but don’t have the inclination or time to lower their risk factors, this type of policy may serve them well. Shoppers can compare medical insurance quotes online to help them determine which policy is right for them. Potential customers can go to the FAQ sections of the websites to see what is required to get the best health coverage plans.

Standard health insurance premiums have risen steadily at a rate of about 8% per year for the past 10years. During that period medical benefits made up a substantial part of benefit packages offered by employers. Companies with more than 500 employees have decided advantages when it comes to providing good health benefits at considerably discounted rates for their employees compensation plans. However, when their rates go up most companies just pass the increase on to their employees.

The primary cause for rising medical insurance premiums is the increasing age of the population. Since Medicare covers 22% of the services for the entire elderly population, this has created huge problems for the program. The rapidly increasing cost of health care in the U.S., has now made medical insurance a political as well as a financial issue.

The aging American population has a major impact on the health care industry, since they are the highest-cost demographic grouping in terms of in-patient care stays, pharmaceutical treatments, and physician visits. Paying your monthly premiums on time, and never filing a claim can keep your medical insurance rates lower and qualify you for discounts.

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