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Average Health Insurance Cost for a Single Female

In 2020 the average national cost for health insurance is $456 for a single person and $1,152 for a family per month. Nevertheless, prices vary among the wide range of health plans. Understanding the relationship between health coverage and cost can help you pick the correct health insurance for you.

Individual Health Insurance Plans

While most individuals get their health insurance through a group plan sponsored by their employer or union, others purchase it themselves. If you are purchasing your own health insurance, you are buying an individual health insurance plan, even if you include family members on the plan.

As a result of the Affordable Care Act (ACA), persons can purchase individual health insurance through a government exchange or marketplace (usually referred to as ACA plans) or purchase health insurance from private insurers. You may be restricted from buying health insurance through a government exchange to certain times of the year. Typically, you can buy health coverage from a private insurance company anytime.

ACA plans are a good starting place for understanding individual health insurance choices. The Affordable Care Act health plans are categorized by metals.

All ACA plans must cover 10 essential benefits, like coverage for hospitalizations, rehabilitation services, mental health treatment, outpatient and preventive care, maternity and child services, lab tests, and prescription drugs. Every insurer can decide how it provides these benefits, and perhaps extra benefits. The metallic levels help consumers understand what portion of health care costs the plan will pay on average and what portion the customer will pay.

The Cost of Individual Health Insurance for a Single Female

The cost of individual health insurance differs. Individual choices in coverage, age, income, location, number of family members (if any), included in your coverage, and health care use – factor into a single female’s actual health insurance cost.

You can get a reliable estimate of your costs when you know the health insurance plan’s premiums, deductibles, cost-sharing expenses, and maximum out-of-pocket limits. With this info, you can also compare health insurance plans. Licensed insurance brokers at Health Insurance Plans provide expert knowledge in available health plans. They can help you compare choices to find an affordable health plan that meets your needs.

Premiums

In exchange for healthcare coverage, the health insurance company charges you a monthly premium.

The national average health insurance premium cost for single females in 2020 is $456 and $1,152 for a family. This average cost does not include individuals who receive government subsidies.

Deductibles and Cost-Sharing Costs

A deductible is an amount you pay for healthcare services every year before your health insurance pays its portion of the cost of covered services. Our study finds that in 2020, the average yearly deductible for single, individual coverage is $4,364 and $8,439 for family coverage. Bear in mind that individual health insurance plans’ deductibles differ considerably: some may be as low as $0.

Copayments and coinsurance are cost-sharing payments you make every time you get a medical service after attaining your annual deductible.

A copayment is a fixed amount that you pay for covered health care services. For instance, assume your health insurance plan has a $30 copayment, and your doctor’s visit is $150. If you:

• Have not met your deductible, you will pay $150 at the time of your visit
• Have met your deductible, you will pay your $30 copayment

Coinsurance is a percentage of covered healthcare service that you pay for covered services after attaining your deductible. Assume your plan has a 20% coinsurance, and your physician’s visit is $150. If you:

• Have not met your deductible, you will pay $150 for the visit
• Have met your deductible, you will pay 20% of $150 (which is $30)

Maximum Out-of-Pocket Limits

The maximum out-of-pocket limit is a financial safety net. This dollar amount is the most you have to pay for covered services in a year. After you attain this amount, the insurer pays 100% for covered services for the rest of the benefit year. Your deductible, copayments, and coinsurance payments add toward the annual maximum out-of-pocket limit.

For the 2020 plan year, the out-of-pocket limit for an Affordable Care Act plan cannot be more than $8,150 for an individual and $16,300, as reported on Healthcare.gov. Most health insurance plans provide lower out-of-pocket limits.

Resources and References:

• The Affordable Care Act
• 10 Essential Benefits Under the Affordable Care Act