Insurance Term of the Day: Premium

Health Insurance Premiums in 2023

The cost of health insurance is a major financial burden for many people in the United States. In 2023, the average cost of individual health insurance is $560 per month, a 4% increase from the 2022 plan year. There are a number of factors that can affect the cost of health insurance premiums, including your age, location, health status, and income.

If you are struggling to afford your health insurance premiums, there are a few things you can do to help lower the cost. First, you can check to see if you qualify for any government assistance programs, such as Medicaid or the Children’s Health Insurance Program (CHIP). You can also use a health insurance marketplace to compare plans and find one that fits your budget.

Another option is to consider a health savings account (HSA). HSAs are tax-advantaged savings accounts that can be used to pay for qualified medical expenses. If you have an HSA, you can use the money in the account to pay for your health insurance premiums, which can help lower your overall costs.

Insurance Agents can offer significant help if you experience challenges that just make you stop. In fact, an agent can help represent your needs to the insurance companies and sometimes, they can make heads or tails of information from your statements. Agents are certified to help you find the best insurance plan that fits your needs, lifestyle, and chosen budget.

Finally, you can try to negotiate with your health insurance company. Many companies are willing to work with you to find a payment plan that fits your budget. If you are having trouble paying your premiums, don’t be afraid to ask for help.

Here are some additional tips for paying health insurance premiums in 2023:

• Shop around for the best plan. Not all health insurance plans are created equal. Compare plans from different companies to find one that has the right coverage and price for you.
• Consider a high-deductible health plan. High-deductible health plans (HDHPs) have lower monthly premiums than traditional health plans, but you have to pay more out of pocket for your medical expenses. However, if you are healthy and don’t expect to have a lot of medical expenses, an HDHP can save you money in the long run.
• Sign up for automatic payments. If you sign up for automatic payments, you won’t have to worry about forgetting to pay your premium on time. You can also set up your payments to be withdrawn from your bank account or credit card, which can make it even easier to pay your premium on time.
• Ask about financial assistance. If you are struggling to afford your health insurance premiums, you may be eligible for financial assistance. Contact your health insurance company or the health insurance marketplace to see if you qualify.

Paying health insurance premiums can be a challenge, but there are a number of things you can do to help lower the cost. By following these tips, you can find a plan that fits your budget and gives you the coverage you need.

Here are some additional resources that you may find helpful:

• Healthcare.gov: https://www.healthcare.gov/
• The Henry J. Kaiser Family Foundation: https://www.kff.org/health-reform/
• The National Association of Insurance Commissioners: https://www.naic.org/