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Information on Health Insurance Premiums in Alabama

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Information on Health Insurance Premiums in Alabama

Information on Health Insurance Premiums in Alabama

Some Questions and Answers on Insurance Premiums..

Why do the health insurance companies raise the premiums?

Insurance providers raise the rate of premiums when claim-cost they have to pay gets increased quicker than anticipated.

One key reason for premium hike is the healthcare cost inflation. It means how much more any particular healthcare procedure costs per year.

Medical Utilization is another reason for premium hike. It is basically the number of times physicians conduct a procedure every year.

Cost Shifting is also a valid reason for premium hike. It happens when hospital charges paying the patients more dollars for their stay in hospitals. This equalizes their expense for caring for the non-paying as well as poor patients.

What does your premium pay for?

Premium helps paying policyholder's claims as well as other expenditures like premium taxes, producers' commissions and administrative expenditures.

How the rate of premiums determined?

The insurance providers consider many issues while setting the rate of premiums. Some of them are mentioned below:

  • Healthcare costs
  • Age of the policyholder during the time the policy is issued
  • Current age
  • Coverage
  • Habits (whether smokes)
  • Health status
  • Place of living
  • Waivers (waivers of premium is an option you may choose to pay more in a month than your normal monthly premium. It will let your insurance company pay your premium on behalf of you; when you are sick and unable to pay).

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