Manitoba Health Insurance

Factors that increase the cost of health insurance

The cost of private coverage goes up with age. So if you're older, you'll notice higher premiums. However, age isn't the only factor.

Private insurance also takes your current health condition into account. For example, if you smoke or are overweight, your premium will be higher.

In many cases, private coverage providers also look at your medical history and any pre-existing conditions. You may have to complete a health questionnaire or undergo a medical examination. If they discover certain risk factors, it could increase the cost of coverage.

In addition, the cost to provide services varies by location, which can change the price of your supplemental coverage.

The number of claims you've filed in the past could be taken into account as well. If you've made frequent claims on prior insurance policies, your premium may be higher than if you did not.

But perhaps the biggest factor that can increase cost is the amount of coverage you need. All health and dental insurance plans pay for at least a portion of expenses associated with covered services, but what's covered will vary from plan to plan.

Plans with broader coverage cost more than those with less. So, if you need a plan that covers specialist visits, vision, dental, and prescription drug costs more comprehensively, it may cost more upfront. However, comprehensive plans like that could save you in the long run.

What appears to be a more affordable plan due to a low premium could lead to higher out-of-pocket costs. Again, talking to a Knight Archer Insurance broker can help you weigh these pros and cons.

Factors that decrease the cost of health insurance

In the same way, certain factors increase the cost of health coverage, other factors can lower it.

If you're younger and in good health, your premium will likely be lower than average. The same goes if you live in an area where the cost to provide services is relatively low. And, if you have no pre-existing conditions and have filed few (if any) claims in the past, you can expect a lower premium.

Again, though, the biggest cost factor has to do with the amount of coverage you need. There are several low-cost plans available for those with fewer health risks or concerns.

It's important to note, however, that plans with lower upfront costs won't cover as much as more comprehensive options. So, while your premium may be affordable, you may run into higher out-of-pocket expenses should you need a higher level of care.

That's why working with an insurance broker  is the best way to choose an insurance plan. We can help assess what you need and point you in the right direction.