No one can offer you an identical policy for less than we can because agents have no control over the price itself. Agents can only take away benefits in order to lower the price. However another company may offer similar coverage for less so shopping among companies is a smart thing to do if you know the benefits are the same.
Most insurance companies offer discounts to non-smokers and for those in very good health because they tend to have lower claims.
Insurance companies consider two things in determining rates: the applicant and the benefits. The applicant's age, gender, smoking and health conditions determine the probability of claims, while the deductible, co-pays, co-insurance, PPO network and zip code determine what the benefits cost.
Age- It is a fact that age is the single biggest factor in determining risk of health claims. Age increases the probability of claims.
Gender- Males under age 55 usually have lower claims than females of the same age.
Smoking- Smoking tends to increase claims by causing respiratory conditions as well as complicating other conditions.
Health- You do not have to be in perfect health to get insurance but existing conditions could increase your rates.
Deductible- The higher your deductible the lower your rates. The company pays less, so you save.
Co-pays- Many companies offer options like co-pays. While wildly popular they increase your rates because they result in more claims.
Co-insurance- This is the part of your medical bills which are shared between you and the company.
80/20 means; they pay 80% and you pay 20% of these bills. If the co-insurance limit was $5,000 your share would be $1,000.
70/30 means; they pay 70% and you pay 30% of these bills. If the co-insurance limit was $5,000 your share would be $1,500.
Out of Pocket- Another term for your share of the co-insurance.
PPO network- Preferred Provider Organizations are networks of doctors and hospitals who have agreed to give a discount. You pay less for this insurance. However, you pay more of the claim if you don't use the PPO network. Usually the co-insurance for these policies is shown like this: 80/60. This means they pay 80% in network and only 60% outside it.
Zip code- This is used to determine which hospitals are likely to be used. Some hospitals are less expensive than others.