Georgia remains to have one of the highest uninsured ratings in the country. It hasn’t performed well in health ratings, either. One piece of good news though is that, for 2017, its residents have more carrier options than those living in other states. You should educate yourself with all these changes to the state’s health insurance sector, in order for you to make the wisest decision as to which plan suits you best. This is particularly true with this year’s rate increases and higher premiums. To learn more, read the article Health Insurance: To A Better Quality of Life.
How the low uninsured rating of the state impacts premiums
The number of people who don’t have insurance in the city and state you live in affects your premiums. The higher the uninsured rating is, the more expensive the premiums.
In 2015, 13.9% of the population (estimated at 10,214,860 in 2015, latest data1) of Peach State remained uninsured, as the U.S. Department of Health & Human Services reported. This represented a 5.8% decrease from the 19.7% rate back in 2010. Put simply, 581,000 people gained coverage by 2015.
How the state fares in health ratings
Another factor that significantly affects premiums is the location-based health rating. In the 2015 Commonwealth Fund State Health System Performance, GA performed quite poorly, resulting in it ranking 46th out of 51. Its highest grade (quintile 3) was for the indicator “Avoidable Hospital Use & Costs.”
These are some of the notable findings of the study under the “Healthy Lives” category:
Mortality amenable to healthcare: 100 out of 100,000 people
Breast cancer fatalities: 22.5 out of 100,000 women
Colorectal cancer fatalities: 14.9 out of 100,000 individuals
Percentage of adult smokers: 16%
Adult obesity: 31%
Obesity in children aged 10-17: 35%
Other key findings include the following:
22% of adults (19 to 64 years old) don’t have insurance, compared with the national average of 15%
8% of children (infants to 18 years old) are uninsured, as opposed to the countrywide average of 6%
19% of the adult population chose not to obtain insurance due to the high costs associated with it
15% of adults had expensive out-of-pocket medical bills
How much will your insurer cover?
This depends on the type of metal plan you have. Because you’ll shoulder what your provider won’t cover, you should first assess your financial capabilities before you select a plan from the lowest tier. Here’s how the division looks like for each coverage::
Bronze – 60%
Silver – 70%
Gold – 80%
Platinum – 90%
The country always sees an upward trend in the costs of health insurance every year. In the state’s exchange, the rate increases for 2017 average at 28.24%.
To help you have a clearer picture on how much you’ll pay towards your coverage, the United States Department of Health & Human Services provided the following projections:
Average lowest-cost, monthly premium within metal level: $362
Average net premium for lowest cost plan within metal tier: $80
Second-lowest silver before advance premium tax credit (for a 27-year old with a $25,000 household income): $273
Second-lowest silver after advance premium tax credit (for a 27-year old with a $25,000 household income): $142
Second-lowest silver before advance premium tax credit (for a family of four with a $60,000 household income): $987
Second-lowest silver before advance premium tax credit (for a family of four with a $60,000 household income): $405
The ways to cut back on costs and not on coverage
As you can see, health insurance continues to go up in price. However, you have several ways to make it more affordable other than skimping on coverage. Because Georgia has quite the number of insurance providers, you should take the time to obtain quotes from them and compare the plans they offer. This way, you can figure out which one best suits you and your finances.