How costly is health insurance? Are there ways to reduce premium costs? Health insurance premiums depend on a few factors like your age, the number of persons you insure, and the amount of security you need.

What Impacts My Health Insurance Premium Costs?

A Lot of variables affect how much you pay for medical care—from where you live, to your age, to the package and coverage you want. The average monthly premium for a single non-smoker aged 27 in 2019 was $407 for a “silver” plan or $277 for the cheaper plan. In2017 16% of the coverage was bought directly by individuals, and not by employers. 

How Does Marital Status and Gender Have an Impact On The Cost Of Health Insurance?

Private health insurance companiesIf we look at the average health insurance premiums, a young male could pay rates of up to 100 dollars or up to 300 dollars depending on the amount of cover he needs. This is because young persons are the lowest risk category in the health insurance industry.

If we look at women, basic health insurance rates may be higher than what men pay. 

Research shows that families paid their health insurance in 2018 an average of $1,634 per month. You should also realize that, if the income of your family falls below a certain threshold, you can save money on a tax credit on your medical insurance premium.

What Is The Approximate Cost of Your Health Insurance?

In 2018 an average monthly medical care expense per person was $574 per month (including employer and employee contributions), and family coverage of $1,634.1 per month.

That average was obtained from subsidized company-based health insurance that results from the pack in how individuals obtain coverage.

Census figures were also reviewed in 2017. Here are some of the statistics surrounding health insurance:

Employer-based is 55 percent of private health insurance.

The health insurance sector accounted for 7.2 percent of insurance.

Private coverage may mean coverage from an employer or you could also opt for your own health insurance, not the subsidized option of an employer.

Age: A few countries (including Hawaii, New York, and New Hampshire) do not affect your age in calculating health insurance rates. And the older you are, the more health care you are paying for.

Smoking: Smoking plays a big part of the level of your health insurance premium along with your age. Smoking: It’s just that if you smoke, you are more at risk for health problems. Currently, if you are a smoker, the insurer will charge you 50% more!

Plan Type

The other significant factors influencing your premium for health care benefits is the package itself – the form of plan and the coverage level.

Second, is your plan for an individual or the entire family? Your annual premium is less than the amount covered by your partner and dependents if you just take out insurance.

What Is Your Plan Type?

Buy health insurance on your ownShopping for a health insurance plan might feel like being in a grocery shop and looking at the same thing for hours—only it’s less exciting and costly!

Here are the policies and networks in the area of health insurance plan:     

Health Maintenance Organization (HMO): Admission into an HMO plan means, with the exception of an emergency, that your physicians are confined to your system.

Preferred Provider Organization (PPO): The scheme was the most common in 2018 for entry, with PPOs being 49% for 2012.  If you’re in the business of a PPO scheme, the medical services payment is lower when you use a provider in the scheme’s network.

Point of Service: If you use physicians, hospitals, and medical services in the network of the plan, this plan provides lower medical costs. You will still need a referral from your doctor to see a specialist if you have a POS plan.

Getting the perfect family insurance plan for your loved ones and yourself does not have to be complex. At Health Insurance Plan, we provide customized quotes which suit your family budget and needs. Call us today for more information.

References and Resources

Calculating health insurance rates

Health Maintenance Organization