Byron Johnson, a leading insurance expert from Tampa, FL and founder of Star Insurance Quotes and ObamacareEnrollment.org, who believes that as health care premiums continue to rise at a rapid rate, most of us cannot even afford to get sick. A single visit to the doctors can easily cost a couple of hundred bucks, and if you had to stay in the hospital for two to three days, your medical bill would be over $10,000. 

Do you have health insurance? How much does your healthcare insurance premium cost?

The COVID pandemic has tremendously pressured the healthcare system in the U.S. With an increased demand for ventilators, emergency surgeries, and regular medical care, the burden on healthcare insurance increased, which led to medical inflation. 

Byron Johnson, a leading insurance expert from Tampa, FL and founder of Star Nnsurance, ObamacareEnrollment.org, and Cheap Car and Homeowners Insurance, believes that as health care premiums continue to rise at a rapid rate, most of us cannot even afford to get sick. A single visit to the doctors can easily cost a couple of hundred bucks, and if you had to stay in the hospital for two to three days, your medical bill would be over $10,000. 

In the year 2010, the Affordable Care Act was designed to provide affordable healthcare to Americans. Still, it made buying healthcare insurance mandatory, and if you don’t have any coverage, you would be charged a tax penalty. In 2019, this mandate was removed by the Federal government, but some states still require you to have insurance coverage to avoid tax penalties. 

Byron Johnson recommends having full healthcare insurance coverage, even after the COVID pandemic. 

Unfortunately, the increased health insurance premium is a sore subject for everyone. About 73% of healthcare insurance premiums are paid by employers, which means they haven’t increased their employees' wages. Byron Johnson believes that even if the employees did receive a raise, their net pay stayed the same due to increased insurance premiums. 

What are the reasons behind the high cost of healthcare insurance in the US?

Administration Waste

Administrative cost accounts for the majority of medical spending. About 8% of the healthcare cost is spent on administrative expenses. Byron Johnson understands that the US healthcare system is very complex, with rules and funding depending on insurance providers, such as government healthcare, Medicaid, and Medicare. In all these sectors, the consumer needs to choose different tiers, deductible prices, etc. All these fields mean that the provider needs to work with multiple usages, coding, and billing, which leads to excessive usage of healthcare insurance premiums.

Expensive Drugs 

Americans pay four times the price for pharmaceutical drugs than any other developed country. On average, the drug price in the US is $1,443 per person. 

High Salary of healthcare workers

The average earning of a family doctor in the United States is $218,170 per year. Our nurses are paid more than in any other country as well. The average salary of a US nurse is approximately $74,249 and the average salary of an orthopedic surgeon is $528,000.

Expensive in-hospital healthcare

Hospital care accounts for 33% of healthcare expenses. For example, according to research, the cost of angioplasty in the Netherlands is $6,389, $7,369 in Switzerland, and $32,229 in the United States.

How can I lower my health insurance premium?

Byron Johnson shares 5 key ways to get cheaper health insurance without putting yourself or your family at risk of lack of coverage in the event of a health emergency. 

Buy a healthcare insurance policy at an early age.

The healthcare premium depends on the age of the insured party. The best way to reduce the premium is to buy a health insurance plan at a young age. Byron Johnson wants you to understand that the insurance provider also considers the medical history. That is why it's important to buy insurance coverage for your best health. As a person gets older, the risk of age-related disease increases, which will increase the cost of your healthcare premium. 

Lower the sum insured. 

To get a lower insurance premium, you can opt for a lower coverage that is still reasonable for you and your family. Oftentimes, people are paying for insurance more than they need, and this is where we are a big help to them at ObamacareEnrollment.org. We help consumers get the best rates on health insurance in all 50 states. 

Opt for a high deductible

Just like homeowners insurance, your healthcare insurance has deductibles. A deductible is an amount you agree to pay to the insurance provider before settling a claim. There are two types of deductibles, namely: voluntary and mandatory. The insurance provider sets the mandatory deductible, which you have to pay at the time of claim. As the policyholder, you decide the voluntary deductible. A high deductible amount means that the insurance provider must pay less money when an insurance claim is filed. However, Byron Johnson advises that you should not opt for a very high deductible amount because you have to pay it from your pocket when you file an insurance claim. 

Buy a long-term policy.

Typically, the health insurance premiums are paid annually. However, you can opt for a multi-year premium payment as it would drastically decrease your premium. 

Have a no-claim History

Byron Johnson suggests that if you have never filed an insurance claim in the past, you can get a no-claim bonus to significantly reduce your healthcare insurance premium. With the no-claims bonus, you can quickly get additional coverage without increasing your health insurance premium. 

Everyone wants to get a lower health insurance premium, but it is equally important to get adequate coverage with your insurance. If you are still unsure about buying healthcare insurance, you can contact Byron Johnson, an expert insurance advisor. 

About Byron Johnson:

Byron Johnson is a founder, entrepreneur, and CEO known for founding several businesses, including an insurance agency, construction, and remodeling company, while also investing in some commercial real estate. 

Byron Johnson owns a 50+ unit commercial property located in the up-and-coming Seminole Heights area close to downtown Tampa. Additionally, Byron runs a popular YouTube channel where he shares free tips and valuable insurance info daily. 

Learn more about Byron Johnson at byronjohnson.com or follow him on social media.