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Health Insurance Costs By Year Question & Answers

2013 September 18
by Sarah Fields

Nancy asks…

How much should health insurance cost a 24 year old female in los angeles?

I’m looking into geting health Insurance and i not sure how mush it would cost a healthy 24 year old female who’s monthly income is ruffly 1500 a month. I don’t have any major health problem. Can someone please give me an idea of what i might be looking at or any suggestions …


Sarah Fields answers:

For a healthy 24 year old female, non-smoker, within the height and weight guidelines and no pre-existing conditions will range between $81.00 and $320.00 per month. In general, the higher the premium the lower the out-of-pocket costs would be if you used medical services.

Of course, if you smoke, if you are over the height and weight guidelines, or if you have any previous health conditions the cost may be higher or the insurance may even be unobtainable.

Sandy asks…

How much does Health Insurance Cost a Business Owner / Per Employee?

Lets assume I want the typical PPO plan for my company and I’m willing to pay 50% of the health insurance costs for my workers. How much money does that typically translate into per person? If you run a business and are doing this, I would love to know your costs. I’m trying to gauge if its cheaper to have in house employees with health insurance or just outsource the whole thing so I don’t have any such costs.

What does the typical business pay per person for health insurance?

Sarah Fields answers:

For a $500 deductable plan with 80% coverage thereafter, around $550 a month, with the average age being 44 years old.

It costs a LOT!!

William asks…

What is the best health insurance company for the self employed?

Searching this topic in Google only gives tons of applications but no info. I just want to know roughly how much it would cost a year for me to get my own health insurance. Are there big names to look for? I do not want a small insurance company.

Sarah Fields answers:

Based on your question I would suggest that you need a trusted adviser to help you through the process of purchasing health insurance so that you understand what you are purchasing. Check with the agent that writes your home or auto insurance he/she can provide you a health insurance proposal that takes into account your budget and health status. He or she can answer questions as to what is and is not covered by the policy, explain deductibles and co-pays and show you the hospitals and doctors that participate in the network.

Ultimately, you are the one who determines what is the best insurance because you decide what right balance is between affordability and policy benefits.

If you choose a plan that covers everything i.e. Doctors office visits, prescription drugs, preventative health benefits, maternity coverage, low deductibles, low co-pays as well as vision and dental benefits your monthly premiums will be significant.

On the other hand if you are young, healthy and use the health care system sparingly you could consider a plan that covers only the major health catastrophe. If that is too scary consider a plan with a higher in hospital deductible, higher co-pays for doctor’s office visits and perhaps not cover prescription drugs.. Either of these approaches will result in a lower monthly premium. You then can use the monthly premium savings to pay for the occasional doctor visit or prescription and still come out ahead.

Some are going to suggest you go to their site so that they earn a few pennies on a “click through”. Some are going to suggest going on line to get a quote but you probably already know that there is much more to health insurance than price. Some might even suggest a discount plan as the “best and cheapest” approach but that is not insurance at all.

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