In this day and age where the number of medical problems is on the rise, health insurance policies like Medicare in Lake Nona, Florida can be a great boon for you when medical emergencies come uninvited.
Moreover, considering the extraordinarily high cost of healthcare and medical services in the USA, it is now a necessity to have a health insurance plan in place, like Medicare in Lake Nona, Florida. Such state programs allow health insurance coverage to be extended to a wide variety of people across all social groups and income strata.
Call us at 407-344-1228 or email us at [email protected]for your FREE Medicare Consultation, or for any other insurance needs you may have.
Despite being a state-run program, Medicare in Lake Nona, Florida or anywhere else, for that matter, requires payment of monthly premiums.
Premiums are monthly payments you have to make to an insurance firm or service provider which is akin to a subscription service for staying attached with that provider. Medicare in Lake Nona, Florida charges slightly lower premiums than private insurance providers but it will still conduct extensive background checks and analysis to calculate it. This process will be more rigorous and detailed if you don’t opt for Medicare in Lake Nona, Florida and instead go for a private health insurance policy.
So, how exactly is the premium amount calculated? Well, for both Medicare in Lake Nona, Florida and private health insurance, the providers conduct extensive checks and searches on your medical history and certain other factors. These values and information are then plugged into formulas and algorithms to calculate the premium cost.
It is thus wise to consider these factors before applying for any health insurance policy, including Medicare in Lake Nona, Florida, and get them in order if they aren’t already. So, what are these factors? Let’s find out!
1. Pre-existing Medical Conditions
This is undoubtedly the biggest and most important factor which will affect the cost of your monthly health insurance premiums – even in Medicare in Lake Nona, Florida.
Health insurance is all about your health and wellbeing. It revolves around providing you coverage for any health problems or conditions that you may face. When determining the cost of the premium, the insurance provider will thus first and foremost require information about your health.
Depending on the health and condition of your body and whether you have any pre-existing medical conditions or diseases, the premium and even the acceptance of your health insurance policy will be decided.
Young people who have no history of diseases or any pre-existing debilitating conditions will not only get their health insurance applications accepted but they will also be charged lower premiums since the risk associated with them will be lower.
On the other hand, if you have pre-existing medical conditions then your premium is likely to be much higher than normal. And if you are particularly advanced in age then your application might be refused altogether. This is because the risk is not worth it to the insurance providers. For this reason, they are likely to deny insurance to those who have pre-existing conditions. This is why we often hear stories of elders and seniors in squalor with a number of ailments and no medical coverage.
However, you will be relieved to hear that the denial of coverage usually happens in private health insurance and state-run programs like Medicare in Lake Nona Florida will rarely leave applicants high and dry.
2. Genetic Family History
Apart from your medical history, if there is one other factor that determines the cost of your health insurance premiums, it is your family medical history.
In a time when medical technology is advancing to ever greater frontiers, it has become easier to map out and analyze entire DNA genomes and sequences. This has allowed us to check our genetic code for the likelihood of diseases and any conditions which may run in the family.
Insurance providers know this and thus will ask for a complete family genetic history when you apply for health insurance coverage. You will need to provide genetic history even for Medicare in Lake Nona, Florida. This is because it goes directly into the formulas that insurance providers use to calculate premiums. It determines the likelihood and risk of you developing these problems and conditions.
If an individual applies for coverage and their family has a history of serious and life-threatening conditions like cancers, heart diseases or rare genetic disorders then they may find themselves paying very high premiums. Some insurance providers will be reluctant to provide them insurance. However, again, it must be stressed that you are highly unlikely to be turned away at state-run programs like Medicare in Lake Nona, Florida. But they will charge you a higher premium than otherwise.
3. Body Mass Index (BMI)
So far the factors we have considered are all those that have to do with the family or medical history. However, these are not the only factors which health insurance providers are interested in.
After the background checks have been done, next comes your current health and physical fitness. That is measured by your BMI.
BMI is important because individuals with high BMI are likely to develop more diseases and serious medical conditions like heart problems, joint degradation, diabetes, and gastrointestinal problems. Even normal medical events like pregnancies may be exacerbated in their case. High BMI thus highly increases the chances for greater costs of medical problems and treatments. This will mean the insurance provider will have to pay more.
Despite this, high BMI is unlikely to get your application for health insurance coverage rejected since it is a common enough problem with a huge population of the USA residents being overweight. What it will mean though is a higher monthly premium for you to pay.
4. Consuming Deleterious Substances
If you are in the habit of consuming deleterious substances like tobacco, drugs, and hallucinogens and/or engage in deleterious activities like smoking, then getting health insurance coverage will be a tricky proposition for you.
Most insurance providers will straight out refuse to provide insurance to people who currently engage in such activities since such people are most at risk of cancers, coronary conditions, brain diseases or overdosing. It is an unnecessary waste of insurance provider’s funds to cover such people repeatedly.
Even Medicare in Lake Nona, Florida and other state-run programs will most likely require you to abandon and go dry from such substances and activities before they will be willing to extend coverage. In the case of private insurers, even if you give up these habits, they are still likely to charge you high rates of premium since you will have already done damage to your body. That damage already incurred is a risk for the health insurance provider.
5. Gender
In most health insurance coverage systems, there exists a difference in the premiums charged to men and women.
This is due to a mix of biological reasons and behavioral factors noticed in research. Women are more likely to visit doctors than men. This raises the cost of prescriptions and visits but biologically speaking, women are also more at risk of diseases and chronic conditions.
Not to mention, women require substantially more medical care for an extended period of time during pregnancy, delivery, and recovery. Therefore, even state-programs like Medicare in Lake Nona, Florida will likely have different pricing structures for women as compared to men.
6. Age
Your age will be a basic consideration when calculating the premium for your health insurance coverage. State-run health insurance programs like Medicare in Lake Nona Florida also have different pricing sets for monthly premium according to the age of applicants.
This makes sense because as you grow older, your body starts to weaken, your immune system is no longer as effective and, eventually, your body starts breaking or shutting down. More conditions and ailments are likely to crop up with age which increases the risk for insurance providers.
This is why older individuals are likely to see higher health insurance premiums as compared to young people.
7. Occupation
What job and profession you have will also be a key factor in determining the pricing of your monthly premiums.
This is because physically demanding and intense jobs are more likely to cause physical injuries which will require a trip to the doctor and medical prescriptions. Apart from physically intense jobs, some jobs are carried out in situations which are actively threatening and harmful to human life. Jobs in the chemical industry, mining industry or nuclear materials all carry risks of contracting various exposure-related diseases. You will likely be charged much higher premiums in such occupations than if you were working a normal desk job.
Conclusion
More or less, this is a comprehensive list of the major factors that you should keep in mind and prepare for beforehand when applying for a health insurance program, even if it is a state-run program like Medicare in Lake Nona, Florida.
Call us at 407-344-1228 or email us at [email protected]for your FREE Medicare Consultation, or for any other insurance needs you may have.