Comparing Health Insurance Plans – Large Discrepancy in Price Depending Upon Where You Live
By: Cohen, Placitella & Roth @ Apr 23, 2016
The Affordable Care Act, passed under the Obama administration in 2010, requires that all Americans carry health insurance, or pay a penalty fine for their failure to do so. In order to help Americans fulfill the requirement, public and private insurance has been expanded, and applicants are now entitled to coverage regardless of preexisting conditions. Further, as of 2013, health insurance exchanges in each state across the nation have been up and running. These exchanges are designed to give individuals access to different tiers of health insurance coverage at a more affordable price. However, the exchanges have failed to address one major problem – varying costs. Whether healthcare is affordable depends on where you live.
The Least and Most Expensive Health Insurance Plans By State
If you want cheap health insurance, you might want to live in New Mexico or Pennsylvania, according to data published in an article on Philly.com. These states have two of the most affordable premiums and health insurance deductibles. In New Mexico, where a male 40-year-old non-smoker can find a plan for a monthly premium of $181 and a deductible of $2,000, the rates are the cheapest in the nation. In Pennsylvania, the rates are the fifth cheapest in the county, where the same male above can get a plan for $276 per month and a deductible of $3,000.
On the other hand, New Jersey is the fifth most expensive state in the nation, with a 40-year-old male who is a non-smoker finding a plan for a $317 a month premium and a deductible of $2,500. Perhaps the most expensive component of health insurance coverage in New Jersey, however, is the fact that the plan is accompanied by the 50 percent coinsurance rate.
Why Health Insurance is More Expensive in Certain States
The biggest factor that is driving price variations between states is competition. According to the same article in Philly.com cited above, Pennsylvania has more than 19 insurance companies selling plans, whereas those with the highest costs of coverage have much less. While you may not be able to do much if you live in a state where health insurance is priced high, it is still within your best interest to shop around and compare prices to ensure that you are getting the best deal possible.
Pennsylvania and New Jersey Injury Lawyers Serving You
At the law firm of Cohen, Placitella & Roth, P.C., we believe that everyone who has been injured or is in need of medical care deserves access to it. We further believe that not being able to afford healthcare is no reason why a person should be denied care that they need. If you have been injured by the negligence of another and need help figuring out how you will pay your medical bills, we want to help. To schedule a free case consultation with our experienced injury lawyers where we can learn more about your case and provide you with more information about your options, contact us today at (215) 567-3500.