How Much is Health Insurance a Month for a Single Person?
Health insurance monthly premiums have risen intensely over the last ten years. In the past, insurers would price your health insurance depending on any number of factors, but after the Affordable Care Act, the number of variables that influence your health insurance costs has been reduced dramatically.
Average Price of Healthcare Insurance
One of the primary factors that determines your individual health insurance costs is your location, as prices will differ depending on the state and county.
Health insurance plans are separated into various metal tiers based on the proportion of health care costs the insurance plan is expected to cover.
Catastrophic and Bronze plans cover the least proportion, having the highest deductibles, copays, and coinsurance. On the other end of the spectrum, Platinum plans provide the highest amount of coverage, expected to cover 90% of all costs.
The average life insurance cost paid is inversely related to the amount of coverage they provide, with Platinum plans to be the most expensive and Bronze / Catastrophic plans being the cheapest.
Average Health Insurance Rates by Plan Kind
Another distinction between plans that can change the rates you pay is the kind of network the plan uses.
Depending on whether the plan is a PPO, HMO, EPO, or POS plan, customers will have access to the healthcare providers managed in various ways.
HMOs are more restrictive about which physicians you can see and what you must do to see them. This typically means that the insurers save on your cost of care and thereby provide lower premiums.
Factors that Affect Health Insurance Quotes
For a particular health insurance plan, the average healthcare cost per person is determined by several factors that are have been set by law. States can limit the degree to which these factors affect your rates — for example, some states such as California and New York don’t allow the cost of health insurance to differ based on tobacco use.
- Age: The average healthcare cost per person covered by a policy will be set according to age, with rates increasing as people get older. Kids up to the age of 14 will cost a flat rate to add to a health plan, but premiums usually increase annually beginning at age 15.
- Where you stay: Health insurance companies determine the set of policies provided and the cost of coverage based on the state and county you live.
- Smoking or tobacco use: If you smoke, you can reimburse up to 50% higher rates for health insurance, although the state’s maximum increase is determined.
- The number of persons insured: The total cost of a health plan is set according to the number of individuals covered by it and each person’s age and tobacco use. For instance, a family of three, with two adults and a kid, would pay a much higher monthly health insurance premium than an individual.
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