Age and health insurance - A study GoHealth

Age and health insurance - A study GoHealth -

Not surprisingly, most people do not have a detailed understanding of how whose health insurance premiums are set by the insurance companies. Many risk factors are considered such as weight, smoking history and pre-existing conditions. In addition thereof, the age is often taken into account. For example, in some states, a person could be charged a premium over five times more than a younger, only based on age.

GoHealth conducted a study to examine closely how the price of health insurance premiums exchange between the ages of 20 and 60. Here are some facts and key conclusions.

monthly premiums grow exponentially with age.

• Between 20 and for a plan with similar benefits for men aged 60, health insurance premiums increased 288.3 percent increase on average and as much as 421.9 percent.
• A man aged 60 will pay over $ 4,000 a year on average in the individual market health insurance -. while a man of 20 will pay around $ 1.050 per year on average
• Few states have standards for age limit and only 7 States currently meet the future requirements set by the Act affordable care.

How the Affordable Care Affect age Act? Note

under the Affordable Care Act, health insurance issuers will be allowed to change the rates by age , but no more than one 3: 1. in other words, the report limits the amount that a senior must pay not more than three times that of a younger person. Few states have an age rating ban in place now, so that's positive news for older people concerned about their increasing rates. By distributing premium costs on a wide range of age groups, the plan aims to ensure that health insurance rates are affordable across the board. However, young Americans generally pay very low monthly premiums will increase their monthly payment they become part of a larger higher risk pool.

To see our full study here.

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