How Are Health Insurance Premium Calculated?

"How to Calculate Health Insurance Premiums"

To calculate health insurance premiums, you typically need to consider factors such as your age, the type of coverage you want, your location, and your health status, all of which can influence the final cost of your premium.

How to Calculate Health Insurance Premiums

Factors Influencing Health Insurance Premiums

Age and Its Impact

The older you are the more health insurance is going to cost.  Age is the main factor in determining the cost of your health insurance premiums.   Younger individuals pay lower rates, while older individuals will see higher premiums.

Coverage Type: Tailoring to Your Needs

The type of coverage you choose significantly affects your premium. Whether it's a bronze HSA plan, a Silver, or a Gold plan your selection will dictate the cost.

Location Matters

Believe it or not, your geographical location has a say in your health insurance premium.  Where I live in Utah the Wyoming border is only 60 miles away, yet the cost of health insurance couldn’t be farther apart. Wyoming’s premiums are significantly more expensive than their neighbors just 60 miles south..

Health Status: Medical History

No need to worry because Pre-existing conditions or a history of serious illnesses do NOT affect health insurance prices.   If you are healthy, you can qualify for medically underwritten private plans which oftentimes saves over the marketplace.

Three Steps to Calculate Health Insurance Premiums

To calculate and comprehend premium structure, follow these three steps:

1. Determine Your Dr Network

is keeping your doctors important to you?

If yes: what insurance network do they take?

2. Use Online Tools

Use Online Tools like

3. Seek Professional Guidance

Professional help is free. Just schedule an appointment and the broker will screen share or meet in person to go over all the plans and benefits.