Health insurance is still expensive in the US, even if the number of insured Americans has dropped to its lowest point in 30 years.
But there’s one thing that has never changed: The amount of time people are required to spend with their insurance companies.
In a new report, the nonpartisan Kaiser Family Foundation (KFF) estimates that Americans spend about $1,700 per person on their health insurance annually, and that that’s just for those who are covered by an employer-sponsored plan.
That’s about two-thirds of the time people spend with a health insurance plan, meaning that a typical American spends an average of about $2,400 a year on their coverage.
This is not a surprising finding, because most Americans pay more than $1.00 for their insurance, so the average American’s out-of-pocket costs can often be significantly higher.
But what does this mean for the average person?
As Kaiser noted in its analysis, it means that most people with employer-provided health insurance pay about 30% of their health care expenses on their own.
This means that if you’re covered by a family health plan, you’ll need to pay roughly $1 million in out- of-pocket expenses to stay in the plan.
The Kaiser Family Study also found that the average deductible for an employer’s health insurance is more than 10 times the amount a typical individual pays.
And that’s not all.
As KFF pointed out, many plans don’t provide any benefit beyond the deductible, and so you’re essentially paying for out-patient care when you need it, not just for short-term visits.
To be sure, there are other ways to make money from your insurance.
You can buy insurance at an affordable rate, and you can earn extra cash if you have good coverage and pay your premiums in advance.
But the average insurance company doesn’t pay you much for your premiums, which means that even though you may pay less for health insurance, you’re still likely paying significantly more than you should.
In fact, according to the Kaiser Family Research Institute, a health insurer will pay more to cover the costs of a catastrophic medical event than you’ll pay for your entire insurance premium.
This could mean that you’ll have to pay for a medical emergency, for instance, or that you may be forced to pay more for an emergency room visit than you would for the same cost.
This isn’t to say that you should just leave your health insurance to the insurers, but if you don’t want to pay full price, it’s worth trying to negotiate lower premiums to find an affordable plan that will work for you.
And, of course, it can be hard to get a plan that covers the full cost of your care, which can mean that when you have a medical crisis, your insurance company won’t cover the bill.
But even if you do have a plan with a generous out-door coverage, it may still be hard for you to make ends meet in the short- or long-term.
If you’re thinking about signing up for an individual plan, be sure to make sure that you’re not overpaying.
The average premium for a family policy in 2018 was $6,000, according the Kaiser report.
If you’re an employer, that price could be closer to $8,000.
And even if your employer covers your medical expenses, it might not pay your full cost.
This is a situation where you need to figure out how to save a little money on your health care so that you can stay covered when you’re in a pinch.
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