(ThyBlackMan.com) Whether you are an individual living on your own or someone providing for a family, we all need to be covered by health insurance to ensure day-to-day health and cover us in the case of emergencies. That said, private healthcare isn’t always affordable for everyone. Some people may see different rates online, which can lead them to ask, why am I paying what I am paying and what can I do about it? If you have noticed that the cost of your health plan has risen, here are five things that could make your private healthcare more expensive.
1. You are paying for additional services (that you may or may not need).
Although this first section may seem like a given, some people may not be aware of the extra services that they are paying for on their plan. For example, while you may be paying for the basic coverage that you need to visit your doctor or pay for hospital visits, you may also be paying for out-of-hospital services that allow you to see other specialists. For example, your plan may also cover mental health visits, eye exams, or hearing tests. Take some time to reach out to your insurance provider to learn more about what you are paying for and what you may be able to do to reduce this cost.
2. You have aged since you initially purchased your plan
Young adults who are healthy and rarely have to use their insurance are going to pay less than those who are older and may be more at risk of potential health issues. Even if you a relatively healthy individual, older people pay more than their younger counterparts because insurers anticipate that they may experience more health issues and make more doctor’s visits over time. If you have aged since you signed on with your private insurer, this can play a major role in the rising price of your health care.
3. You live in an area with a higher cost of living.
More populated areas tend to cost more when it comes to basic things like rent, utilities, and other day-to-day necessities. Therefore, it stands to reason that healthcare is going to be more expensive for those who live in areas that have a higher cost of living. This may be another factor that may be difficult to change. However, you should still reach out to your insurer to see if there is any way to bring your current cost of coverage down.
4. You are covering multiple people with your health insurance.
Another obvious factor that can cause your insurance cost to skyrocket, having a plan that covers your entire family is going to result in you paying higher premiums. That said, it is important to remember that having each individual covered under their own plan does not necessarily make it more affordable. For example, if you and your spouse are paying towards the premiums on your insurance, chances are that this may be less expensive than trying to get each of your family members on their own individual plan.
5. You are a regular smoker.
Smoking is tied to a number of harmful effects like shortness of breath and lung disease, which means that insurance providers will often charge more for those who use tobacco products. Fortunately, if you are someone who is committed to smoking, some insurance providers will drop those additional charges once they go a certain number of years without engaging in the habit. Given the reshaping of the tobacco industry and the introduction of vape products, you may also want to see if vaping and vaping illness is something that is impacting your private insurance as well.
Understanding why your insurance costs you as much as it does is the best way to reduce your overall costs and help you afford your health care plan. What you may have noticed during this process, however, is that your current healthcare provider is not providing you with the best rates. In events such as these, considering other options and making the switch to a new insurer may be a better decision. Is this something you are looking to do. If so, compare health insurance with iSelect to find cheap health insurance that works for your best for your needs and budget.
Staff Writer; Fred Carter
