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Average Cost of Private Health Insurance in Florida

Healthcare has been one of the significant talking points in politics over the past several years. Health insurance costs and the average person’s ability to afford them have been at the forefront of most presidential and Congressional debates — from opinions for and against the Affordable Care Act (ACA) to the increase in insurance premiums to growing Medicare support for all plans.

Numerous factors determine health insurance rates and premiums and what’s provided. Individuals seeking healthcare may have options offered by an employer or may get health insurance through the Affordable Care Act. Depending on an individual’s income and health, he may have several options to select from or may only be able to qualify for specific health insurance plans.

Regarding this, what does the average health insurance cost?

Average Cost of Health Insurance in Florida For One Person

With so many different variables affecting how much medical insurance will cost an individual on a monthly or yearly basis, we are better off breaking things down instead of giving one general number.

So, what are some of the biggest factors in determining how health insurance costs can differ? Definitely, the type of health insurance plan someone has and the plan’s tier has to go a long way. Medical history — not to mention whether the individual is a smoker — can play a role in whether insurers give a higher rate. Someone in need of a family health insurance will have a higher premium than someone seeking an individual plan.

Two factors that can also play a significant role in healthcare rates and premiums are how old someone is and where they live.

Average Health Insurance Cost by Age

Age plays a significant role in the cost of a premium for health insurance; usually, younger persons have lower premiums, as they are seen as less risky and less likely to need more medical care.

Typically, the starting point for an insurance rate is based on that of a person who is 21 years old. The typical health insurance premium for a 21-year-old person was $200 per month. This is also an average for a Silver health insurance plan — below Gold and Platinum plans, but above Bronze health insurance plans.

Average Health Insurance Cost by Coverage

Less surprising, though, is how the expenses will vary based on the plan you use. After all, different health insurance plans provide different services, and those with more benefits and flexibility come at the price of a higher premium.

The four kinds of plans you may be able to get for your health insurance are a preferred provider organization (PPO), health maintenance organization (HMO), point-of-service (POS), and exclusive provider organization (EPO). The average monthly cost for a 21-year-old on every plan is:

• PPO: $251
• POS: $244
• HMO: $230
• EPO: $254

Average Health Insurance Cost by Plan Tier

In addition to the different kinds of health plans, the offerings tend to get categorized even further into “metal” tiers, as well as a lower “catastrophic” tier. Notably, these metal tiers — Bronze, Silver, Gold, and Platinum — all provide progressively more coverage for medical care, and that leads to progressively higher premiums for each tier.

For an individual 21 years of age, the average monthly premiums by tier include:

• Silver: $247
• Platinum: $363
• Gold: $291
• Catastrophic: $167
• Bronze: $201

References and Resources

• Factors that Affect Health Insurance Costs
• Metal Tier Health Insurance Plans