Reader question:

Are medical health insurance prices ever going to go down?

Amber

Probably not.

The system kind of works against itself. Medical care costs a lot, and people need medical health insurance companies to help them pay for it. At the same time, though, medical health insurance drives up medical bill costs, and it just keeps on chasing itself around in a circle. Circles don’t end, so the likelihood that medical health insurance or health care costs will go down anytime in the near future short of a miracle is very unlikely.

The most important thing to do when looking for a medical health insurance plan is to shop around and compare quotes from different companies. This can often be done on the internet, where quote comparison sites save you a lot of time and money by comparing quotes from several different companies.

Still, once you get a quote and take out a medical health insurance policy, don’t expect that you will be paying the same forever. Insurance companies do everything they can to charge more money, and in many states its very easy to increase prices without any pre-approval. Often, a health insurance company can just send in a request to increase rates and they can immediately start charging those increased rates without an answer, and can only be stopped if they are reviewed and it’s decided that they charge too much.

Your rates could go up even if you don’t make any health insurance claims and are part of a group health insurance plan. The reason this could happen is that somebody else in your group may be making health insurance plans, and then the rates will raise for everybody, no matter in what good health you are. Rates in group health insurance are decided by the group’s total average history, not your individual claim history.

Cheers,

Fashun Guadarrama.