Private Health Insurance Plans

Private health insurance plans have grown in popularity in recent years due to their increased flexibility and lower cost, making them an attractive option to healthy individuals and those with pre-existing conditions. Family insurance plans are also offered by many providers.

However, like any other type of health insurance, the cost of these plans will vary depending on several factors. By considering all of these factors, you can choose a plan that meets your needs without breaking the bank.

Who qualifies for private health insurance?

Almost anyone can purchase private health insurance, with a few exceptions. The most common qualifiers are age and pre-existing conditions. Those under 26 years old must show proof of enrollment in an employer-sponsored insurance plan, have a parent with coverage, or be covered as a dependent on their parents’ plan to qualify for private coverage.

Additionally, those with pre-existing conditions cannot purchase private health insurance for at least six months following diagnosis. A medical examination is not required for applicants to show proof of good health prior to purchasing a plan.

However, this does not mean the applicant will not be rejected if it is found out they lied about their medical history. The other three factors that may affect your monthly premium are geographic location, age range, and occupation.

Where you live

A major factor affecting the cost of private health insurance plan is where you live. This is because insurance companies base the cost of their policies on the average cost in your area. If you live in an area where medical costs are higher than average, you will likely find a higher monthly premium and copays for services offered by your private health insurance provider.

Occupation

The occupation of the individual will affect how much the monthly cost of a private health insurance plan is. If your job puts you at risk, you are bound to pay higher premiums. For example, if a person is a teacher, their monthly insurance premiums are often cheaper than for someone who works in construction. This is because teachers tend to have less risky jobs compared to construction crews.