Do medical insurance cost more as we age?

I am currently dont have any medical insurance because I am still young and healthy so it will save me lots of money.

However, would medical insurance cost more if I was old? If so how much?

Yes medical insurance does cost more as we age.

However, unlike permanent life insurance, you cannot lock-in a rate by buying at a younger age. I'm making the assumption that the regulations in your state are the same as in mine. I'm a health insurance agent in Connecticut and have been since 1985. None of the companies offering private health insurance lock-in a rate for more than five years. I believe that it works the same way in most if not all states. You can't save money on your premiums by buying early but...

Two REALLY BAD things can happen if you wait too long before getting a policy.

1. You could have a major uncovered expense. This could be caused by a car accident or a sickness of some kind.

2. You could become medically uninsurable. If "all" you have is a major uncovered expense but you regain your health after a short period of time, you might be able to fight through it, but if you develop a costly medical problem that won't go away such as diabetes or coronary heart disease, the hole in your pocket may never be sewn up because (depending on your state) you will probably never qualify for health insurance again.

Medical conditions are the cause of most foreclosures and bankruptcies. When people lose their jobs but are still healthy, they usually get another one in a short period of time. Even if it pays less than the last one, they usually get to keep their home and their credit.

I'd recommend buying a policy that has a low cost and a high deductible. Unfortunately, a high deductible policy won't pay for the little things, but it can help you keep your credit, your house and your dignity if you have that major expense.

You can contact your state's insurance department to see what companies sell medical insurance in your state. Here is a link to a list of the departments:

https://lovetherates.com/insurance-information/departments-of-insurance.htm

I know this is a tough decision. I went without medical insurance for several years, nothing bad happened, but it caused me a lot of worry and it could have ruined me financially.

Good Luck

Yes, the cost of medical insurance increases with age. People are more likely to have health problems as they age and insurance companies charge a premium to cover the loss.

Yes, it does go up as you age.

Usually the first price increase is when you hit 30. Sorry, there's no tried & true answer as to "how much". If I had to make a WAG (wild a** guess), I'd say $100 every ten years. IF you remain perfectly healthy.

The problem is when you have something happen. If you develop something when you're NOT insured, no one will then sell you any insurance, and you'll become one of the "uninsurable" people you hear about all the time. If you don't buy it when you're healthy, like now, you CAN'T get it when you're sick.

Yep, it's saving you tons of money now - probably $2400 a year. But ONE uninsured claim, a bad break where you need surgery, etc, and you'll be paying it off for 20 years. Maybe forever. It's a VERY risky way to save money.

Did you know that uninsured medical costs are the #1 reason for bankruptcy in the US? If I had a nickle every time I heard (or read here) "But I was healthy! Then all of a sudden . . ." bam, you're not healthy, you need $50,000 of medical treatment, and NOW you want health insurance. Too late!!!

Insurance is a transfer of risk. Just because you are young and healthy, doesnt mean that you do not need Health Insurance. What happens if you get into some kind of severe accident?

To answer your question - Yes Health Insurance normally costs more as you get older. How much will it cost? Well, that is very difficult to answer - based on plan designs, age, medical conditions and state of issue this can vary significantly.

The best thing for you do do right now is purchase a $5,000 Individual deductible plan that is Health Savings Account (HSA) qualified and start putting $$ into your HSA. This way as you do get older, you will have tax free $$ set aside to pay for qualified medical expenses.

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