Affordable Care Act to Limit Variation in Insurance Premium
A recent report has revealed that monthly premium for individual in the US varies from state to state. The report, compiled by the non-profit Kaiser Family Foundation, has highlighted that the average per-head premium range from about $136 a month in Alabama to more than $400 a month in Massachusetts and Vermont, for the year 2010.
It has come to light that the variation in the premium results from the fact that some states have already instituted reforms that enable people with pre-existing health conditions to buy coverage, while other states permit insurers to deny coverage to people with expensive illnesses.
However, insurance companies won’t be able to charge higher premium as of 2014, as the Affordable Care Act will be introduced.
It has further been revealed that area's cost of living, health care costs, demographics and regulatory requirements along with plans' benefits, cost-sharing structure and effectiveness of cost-control measures are some additional factors which make the insurance company to charge high premium to their customers.
Gary Claxton, Vice President of the Kaiser Family Foundation is asking people to choose smartly while selecting a health policy.
He said, “Look for plans where you can pay a higher deductible. You'll get the protection you need at a lower premium, though if you only go to the doctor a couple of times a year, you might have to pay for that out-of-pocket”.
New Zealand News
- Porsche reportedly developing electric version of 718 sports car
- Tesla Model Y Performance becomes little bit more expensive to order in China
- Porsche’s recently unveiled Mission R Concept previews electric race cars of future
- Chinese manufacturer GAC’s Aion V e-SUV can charge 0-80% in just 8 minutes
- Oshidori International exits Japanese casino race, citing serious ethical irregularities
- Plug-in cars’ share grows to 32% in Netherlands in September 2021
- Italian motorcycle racer Valentino Rossi enters e-bike business with VR46 MTB range
- Micro Mobility shows off production version of Microlino 2.0 and 3-wheeled e-scooter
- Chinese electric motorcycle maker Evoke Motorcycles to set up shops in Spain
- TenneT adds more electric BMWs to study use of EVs to support power grids