Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
Under the new Affordable Care Act, individuals are not charged gender-specific rates. Your age and location (e.g. zip code) can still affect what health plans and premiums are available for your program.
The health insurance system that was in place prior to the Affordable Care Act generally charged more for women than men because women would typically use healthcare services much more often than men.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
Insurance is sharing risk. If you drive a Corvette and I drive a Honda Fit, would you think that it was fair for both to be charged the same premium? The same is true for any segmentation that takes place. You don’t think that it is fair for women to be charged more than men for health insurance. Insurance company records show that it costs more to treat women than men, so like the Corvette, their premium should be higher. In today’s environment health coverage is becoming an entitlement. The dialog shifts from demonstrating meaningful segments to politically defined segments. Insurance companies are told what factors they can use to base their rates. Perhaps in the near future women and men will pay the same premiums.
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The health insurance system that was in place prior to the Affordable Care Act generally charged more for women than men because women would typically use healthcare services much more often than men.