Yes. As people age, they pay more for insurance premiums. Currently, rates based on age can vary as much as 700%.
However, there is some good news. Under the health reform laws, insurance plans cannot charge older individuals a premium that is more than 300% of the premium charged to a younger person.
In addition, insurers may not vary the rates they charge you based on:
- Making claims
- Genetic information
- Other health-related factors