Health insurance companies have a new tool in their toolbox: They can now automatically adjust your premium based on your age, gender and how much you spend on health care.
Health insurance companies will now automatically calculate your premiums based on age, sex, your medical history, income and where you live.
If you have a preexisting condition, your premiums will automatically adjust based on how much more expensive your policy is compared to your insurer’s rates.
That means if you are 35 and spend $1,200 per year on health insurance, your premium will be set at $3,800.
If you are 65 and spend the same amount, your Premium will be $3.50 per month.
The new policy setting option, called the Age Premium Adjustment, is available for new plans and is expected to go into effect in 2020.
It is available through a new Health Benefits Exchange program that also lets consumers pay their premiums online.
The new option also lets them see their premiums adjust automatically as they change their plans and plan types.
As the Health Benefits Exchanges are set up in the past, the government hasn’t been able to provide an affordable option for individuals and families.
When you sign up for health insurance through the exchanges, the Health Insurance Marketplace can send you an e-mail letting you know how much the premiums have changed based on changes in your health care needs and your age.
You can then manually adjust your premiums by going to your Health Insurance Portability and Accountability Act (HIPAA) website and clicking on the Adjustment tab.
The Health Insurance Exchange says that if you choose the option of automatically adjusting your premiums, your health will not cost more when you buy your next policy.
To make sure your premiums aren’t set to high, you can also contact your insurer to request that they adjust their rates.
If you plan to switch from your current health insurance to a health insurance plan through the Health Care Cost Containment System, you should contact your health insurer.
Insurers can adjust your Premiums to match the health care plan you select, and can adjust premiums for the first six months of coverage.
In 2018, the Federal Government set up a program called Health Equity Partnerships to help small businesses pay for health care, which includes the premium adjustment program.