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What is the Cost of Health Insurance a Month in Texas?

Whether you are in charge of a household or single and in charge of only yourself, most of us have a budget. Every month we hold ourselves accountable for rent, utilities, groceries, car expenses, credit card bills, and more. While most of these obligations are no-brainers, medical care costs can be a little trickier to approximate.

We will discuss factors that affect healthcare premiums and determine how much health insurance will cost me per month in Texas?

The Cost of Medical Insurance per Month for an Individual

The average monthly life insurance cost in Texas for one person on a benchmark plan is $462, or $199 with a subsidy. Monthly premiums for the Affordable Care Act Marketplace plans differ by state and can be reduced by subsidies. The easiest way to get accurate costs is to obtain a quote from a licensed insurance agent.

In the past, health insurance companies could use any number of factors to determine the price of health insurance premiums in Texas. Before the Affordable Care Act was passed, companies could discriminate based on gender or health status, and they could factor the risk of future medical claims into costing profiles. Now, health insurance companies are limited to just the factors listed below to determine the cost of Texas health insurance plans.

Age

While some states, such as New York and Vermont, do not use age when determining health insurance premiums, this is a major contributing factor for many states. The age of 21 is utilized as the base age, with premium costs being adjusted upwards for those in their thirties, forties, fifties, and sixties. The biggest rate increase occurs for adults over the age of 50, as older United States residents are expected to have higher healthcare costs.

Tobacco

Tobacco use will impact the cost of health insurance per month. In fact, health insurance carriers can charge smokers up to 50 percent more than non-tobacco users. While some states have opted not to allow insurance carriers to charge smokers the maximum, tobacco use still affects pricing.

Location

Location affects the price of the premiums, too, mostly because of the amount of (or lack of) competition in a particular area or region. While competition can be intense in populated locations, rural parts of the United States may only have one or two insurance companies, making pricing higher for these residents.

Plan Category

Lastly, your choice of plan will also affect the average health insurance cost per month. Health insurance plans are broken down by metal tiers: Bronze, Silver, Gold, Platinum, and Catastrophic. Every plan carries different premiums based on what percentage of overall healthcare costs they cover. Premiums are also influenced by the plan’s deductibles, copays, coinsurance, and the number of family members on the health insurance plan.

The Cost of Family Health Insurance per Month in Florida

The average premium for a family of 4 is about $1,200, based on customer data gathered by one health insurance agency. This does not comprise families who received government subsidies. Like individual health insurance, your family cost will depend on ages, location, plan category, tobacco use, as well as the number of health insurance dependents.

Talking with a licensed insurance agent is the best way to get an estimate and find the best cost for your family’s requirements. Health Insurance Plans can help. We have licensed insurance agents who understand these plans and can take you through all of your health insurance options. Our service is quick, easy, and comes at no cost.

Getting a free estimate online or by calling (866) 358-2150 will finally answer your question: How much will health insurance in Texas cost me per month?

Resources and References:

• Factors that Determine the Cost of Health Insurance
• The Affordable Care Act