Risk Factors for Individual Healthcare Insurance
- Your lifestyle will play an important role in determining your health care costs. If you smoke or use smokeless tobacco, you can expect to pay a higher premium than non-tobacco users. If you engage in hazardous avocations like skydiving or hang gliding, you may have difficulty obtaining coverage at all. If your carrier offers a wellness program which provides assistance in areas such as weight control, you may get a break in your premium and improve your health in the process.
- Health insurers will closely scrutinize your medical history. If you have a pre-existing chronic condition like cancer or heart disease, coverage may be nearly impossible to obtain, even if the condition is currently in remission. If you're offered coverage, you may experience a waiting period, which is a time frame after the policy goes into effect when coverage for the condition will not apply. Your family health history will also be a factor, especially that of your parents, as some medical conditions may be inherited.
A new federal law enacted in 2010 prohibits pre-existing condition exclusions for children, but the prohibition won't apply to adults until 2014. - Health insurance premiums are classified by gender. Men often pay more for coverage than women, although women of child-bearing age may pay a higher premium to account for costs associated with pregnancy. Some individual health plans may not cover pregnancy at all, while others may provide limited coverage. A health insurer may view pregnancy as a pre-existing condition and won't cover pregnancy-related expenses for the first 12 months the policy is in force to account for the typical nine-month gestation period.
- Generally, the younger you are, the lower your health insurance premiums will be and the easier it is to obtain coverage. While your premium may be low if you are in your 20s, you can expect to see it increase as you age, sometimes on an annual basis. If you are in your 40s and 50s and are seeking an individual health policy, the costs can be prohibitive, especially if you are a tobacco user or have a history of health problems.