Factors which Affect the Health Insurance Average Cost
While learning about health insurance, it is very important to learn about the health insurance average cost. The information helps you to prepare the best health insurance based on your need. For instance, you have to learn about the factors which affect the health insurance average cost.
The Place You Live
One of the factors which affect the average cost is the place you live. The health insurance cost in Alaska is different from people who live in Alabama, Arkansas, Indiana, and Illinois. For example, the monthly health insurance cost in Alaska is about $426 and the annual health insurance cost is $5.112. If you are living in Illinois, you just need to pay $244 for the monthly health insurance and $2.928 for the annual health insurance. It is the same case if you are the citizen of Alabama in which you should pay $217 per month and $2,604 per year. The average cost will be different if you are the citizen of Arizona because you have to pay about $247 per month and $2,964 per year.
The Plan you Take
The place where you live is not the only factor which affects the health insurance average cost. The health insurance plan you take is also the reason why you have to pay differently. There are 5 different types of health insurance plans you can take. Those are catastrophic, bronze, silver, gold, and platinum. For those who take a catastrophic health insurance plan, you have to spend around $167 for the monthly payment and $1,999 for the annual payment. If you want to get more facilities from the health insurance plan, you may choose the bronze, silver, gold, and platinum along with higher cost.
Let say, the monthly payment for bronze is around $201 whereas the annual payment is around $2.411. You have to pay $247 per month and $2,961 per year for the silver health insurance plan. For the higher option, you may take the gold with $291 per month and $3.487 per year or the platinum plan with $363 per month and $4,360 per year.
The Network of the Plan
By the time you take the plan, you also need to check the network of the health insurance plan provided by the insurance company. There are 4 different health insurance networks available which make the average cost different. The HMO network provides a health insurance plan for $230 per month and $2,764 per year.
In contrast, people who take a health insurance plan with the POS network need to pay around $244 per month and $2.928 per year. There is also an insurance company which supported by the PPO network and the insurers need to spend $251 per month and $3,019 per year. The last network is EPO and the health insurance average cost for this plan is around $254 per month and $3,056 per year.
The information above explains to you that it is a common thing to know that an insurer has to pay a different amount of health insurance average cost with the other insurers. Just check the factors above to know why it is different.