Health Insurance Factors: What You Need To Know
- October 26, 2023
- Ask Betty!
Health Insurance Factors – What are they?
Welcome to this week’s episode of “Ask Betty!” where your most puzzling health insurance questions are answered by the amazing Ninja Betty. In episode 161, we have a less-asked but equally great question from Howie Metz. Howie, thanks for submitting such a fantastic question! Be sure to check your inbox because we’ve sent you a $25 Amazon gift card as a token of our appreciation.
Q from YOU to Ninja HQ
How are insurance rates determined and can they be negotiated?
Health Insurance Factors Used To Determine Rates
- Zip Code
- Age
- Gender
- Benefits Offered
- SOMETIMES
- Health & RX History
- Income & Family Size
Howie Metz, you asked about how insurance rates are determined and if they can be negotiated. Insurance is an intangible purchase, and its pricing is determined by specific variables.
These variables include your zip code, age, gender, benefits offered under the plan, and sometimes even your health and prescription history, as well as your income and family size. Unfortunately, rates cannot be negotiated by consumers, agents, brokers or insurance companies.
These Health Insurance Factors Make Rates Non-Negotiable
It’s important to note that rates cannot be negotiated by consumers, agents, brokers or even insurance companies themselves. The rates are set based on these predetermined variables and remain fixed for individuals seeking coverage.
Misconceptions About Agents and Brokers
Isn’t that fascinating? Many people also share the misconception that agents can negotiate rates. Now that you have all this valuable information, I highly recommend scheduling an appointment to explore all of your options. It’s always good to stay informed!
PM Ninja Betty YOUR Questions TODAY!
Remember, you can reach out to us with your health insurance questions for a chance to have them featured in an episode of “Ask Betty!” If chosen, we’ll reward you with a $25 Amazon gift card as our way of saying thank you for your participation. Stay tuned for more informative episodes of “Ask Betty!”
Ask Betty!
Get your bi-weekly dose of “Ask Betty!” series. This is an activity that YOU can participate in, and if YOUR question is used in an Episode, we’ll email you a $25 Amazon gift card! Good luck.
PM your insurance question to Ninja Betty via our Facebook Business page (here).
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