Health insurance is expensive, and when you’re young and healthy, that’s great.
But when you need it most, it’s not.
That’s the reason why millions of Americans, especially young and healthier people, can’t afford coverage when they need it the most.
Here are 10 facts about the health insurance industry that you might not know about.
1.
The industry is the biggest employer in the US.
In the last decade, the industry has grown to about 1.7 million full-time employees, a huge number that puts it in the same league as the Fortune 500 companies.
2.
Health insurance premiums in the U.S. were $1,037 per person in 2014, a 25 percent increase from 2005.
The average premiums were $2,094 in 2014.
3.
There are some people who are so sick they can’t work.
Health insurers offer coverage for a small number of people who need it, but the vast majority of people with coverage are covered by their employers, or their employer’s employer-sponsored health insurance.
4.
Health Insurance Companies pay out millions of dollars a year to people with pre-existing conditions.
The vast majority, about 40 percent, of the health coverage in America is provided through employer-provided health insurance plans.
5.
Millions of people pay $1.9 billion a year into a trust fund to pay for health insurance premiums.
The fund pays out about $2.4 billion a month.
6.
Health coverage is often paid for by employers.
Health care costs vary widely by state and region, and employers typically provide health insurance for their employees.
7.
The cost of insurance can vary significantly from state to state.
Health plans are more expensive in California than in Tennessee, for example.
8.
Many health plans are based on a small group plan.
A large group plan is much cheaper.
A small group health plan is $200 less in most states than a larger group plan, and the cost is lower in most places.
9.
Health benefits vary greatly depending on the size of the company.
Health workers in California pay an average of $15 per month.
Workers in New York pay $21.
10.
Some employers offer health insurance to their workers.
Companies with 10 or more employees are eligible for coverage.
11.
Insurance companies do not generally cover the full costs of a person’s health care expenses.
12.
Companies often do not have health insurance coverage for employees.
Some insurers may offer coverage to employees in certain situations.
13.
Some states allow employers to charge an annual premium to employees who sign up for health coverage.
14.
Employers may pay workers more to sign up and maintain coverage.
15.
Workers may also have to pay out-of-pocket expenses to cover medical care or to cover their family members.
16.
Companies may charge a penalty for people who do not keep up with their health coverage or who do decide to change plans.
17.
Workers who decide to go without coverage can face financial penalties.
Health and human services workers who have been laid off, for instance, face a $100,000 penalty.
18.
Employer-sponsored plans may be subject to some government regulations.
Many insurers have their own health plans, and some require workers to have health coverage to work.
19.
Some people are not eligible for certain types of insurance.
For instance, people with preexisting conditions cannot be covered by employer-based insurance.
Some workers who do get coverage from their employers may not be able to keep it. 20.
Health problems can lead to financial difficulties.
The health insurance market is notoriously complicated, with high costs for the majority of Americans.
Health complications, like strokes, heart attacks and kidney disease, can often be caused by conditions such as diabetes or heart disease.
And the costs of those problems can be passed on to customers.