Health Insurance

Health Insurance 

Purchasing health insurance and ensuring you and your family can access essential health care services is a necessary investment. These policies can make all the difference as you stare down the potential costs and financial implications of various operations, medications, diagnostics and other medical services needed to maintain health and wellness. Still, health insurance can also be expensive, making a comprehensive understanding of premiums and deductibles necessary.  

How Health Insurance Deductibles Work 

One of the most critical components of a health insurance policy is its deductible. This clause establishes a minimum amount you must pay out of pocket before your health insurance company will begin contributing to medical expenses. For example, if you have a $1,000 deductible, you will be responsible for paying the first $1,000 toward covered health care bills during a given plan year. After this amount is met, your policy can provide payouts for further expenses. In many cases, certain preventive services, such as regular physicals and prescription drugs, are exempt from your deductible requirements. 

Why Health Insurance Premiums Increase 

Your health insurance is typically renewed annually, and your premiums may change depending on various circumstances. As insurance companies weigh your risk levels and determine rates for subsequent policies, they may consider the following criteria: 

• Location
• Age
• Type of plan (e.g., health maintenance organization or preferred provider organization)
• Number of insureds on a plan
• Tobacco use habits 

When considering these factors, changes in your life regarding each could impact your premiums. For example, if you add a dependent or spouse to your plan, you can expect higher rates. 
In addition to circumstances pertaining to you as an individual, certain societal trends and patterns may also impact your health insurance premiums. For example, as health care costs have increased in recent years, insurance companies have had to raise rates to compensate for more expensive claims.  

Where to Get Health Insurance 

Health insurance is often available through your employer, as well as through the Health Insurance Marketplace. Alternatively, private health insurance options purchased through qualified brokers like Illinois Auto Quote Insurance Agency may provide you with access to customized solutions tailored to your unique circumstances.  

Whether you’re seeking individual health insurance or family health insurance, our agents are well-equipped with the knowledge and experience to help you secure ideal coverage at optimal rates. Contact us today to learn more.