How Much Does Individual Health Insurance Cost: Medicare Health Insurance Quotes and Insurance

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How Much Does Individual Health Insurance Cost?

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What is the way to insure your health for attractive costs and take the affordable insurance quote from insurers agents? Get the last health insurance reviews about how much does individual health insurance cost placed online in «MEDICARE HEALTH INSURANCE QUOTES» partition of our news line for insured blog guests.

Different Types of Health Insurance Plans

As there are several health plans offered by different insurance companies, it would be very wise if you familiarize yourself even with just the basic info. Heath insurance is a very important matter that you don't just go around looking for the most inexpensive one. You must know the coverage ...

Last week during President Obama’s address on health care reform, he stated that one of the major problems with the current system is that

How Much Does Individual Health Insurance Cost?

health insurance in the private market costs three times as much as insurance in the group market. This is one of the biggest misconceptions in health care. Health insurance in the private market is typically 1/2 to 1/3 the price of comparable coverage on the group market.

What drives this misconception

There are two good reasons for this well know misconception. The first reason is that individual health insurance plans in the past were more expensive than group plans. Over time, group plans increased faster than general medical inflation, while individual insurance typically had limits on their annual increases. The second reason for the misconception is that most consumers never pay the full amount of their coverage in the group market. Companies split the cost of insurance between the employee and the company.

According to the Kaisser Family Foundation’s 2009 Survey of Health Benefits, the average monthly workers contributions to group health insurance are $65 for a single and $293 for a family. What the employee doesn’t normally see is that the employer is paying a substantially higher portion of the cost. The 2009 average monthly premiums for group health insurance are $402 for a single and $1,114 for a family.

How much does an individual policy cost

There are a number of variables that play into the cost of individual/family health insurance, but most people can find health insurance for far less than $402 for a single and $1,114 for a family in the private market. The following chart gives some examples of personal policies prices.

What is the solution

Employers can now contribute to the cost of private insurance plans on a tax free basis just like they have been doing with group health insurance. Instead of splitting the cost of expensive group health insurance, employers can set a defined contribution through an HRA and allow their employees to purchase more affordable private insurance. Employees get better coverage because the insurance costs less, is based on their individual or family needs, and is independent of employment. Because the insurance is less expensive, employers save from smaller contributions.

Personal health policies are the best and fastest growing form of U.S. health insurance. The number of personal health policies grew from 12 million members in 2002, to 24 million members in 2008, and is expected to reach 30 million members by 2010. In contrast, the number of people covered by employer group policies has substantially declined - about 43% of U.S. small employers now offer group policies.

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How Much Does Individual Health Insurance Cost?
How Much Does Individual Health Insurance Cost?

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