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How Much is Individual Health Insurance Per Month?

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

We will discuss the factors affecting healthcare premiums and assist you in determining: how much will health insurance cost me per month?

The Cost of Medical Insurance for One Individual per Month

The typical national monthly health insurance cost for one individual on a benchmark plan is $462, or $199 with a subsidy. Monthly premiums for ACA Marketplace plans differ by state and can be lowered by subsidies. The fastest way to get accurate costs is to get a quote from a licensed insurance agent.

In the past, health insurance organizations could use any number of factors to determine the cost of health insurance premiums. Before the Affordable Care Act was enacted, companies could discriminate based on gender or health status, and they could factor the risk of future medical claims into estimating profiles. Now, insurers are limited to just the factors listed below to determine to price their 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 prices being adjusted upwards for those in their thirties, forties, fifties, and sixties. The most significant rate increase occurs for adults over the age of 50, as older U.S. residents are expected to have higher healthcare costs.

Tobacco

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

Location

Location impacts the cost of the premiums, too, mostly because of the amount of (or lack of) competition in a particular location or region. While competition can be high in populated areas, rural parts of the nation may only have one or two insurance carriers, making pricing higher for these residents.

Plan Category

Lastly, your choice of health insurance coverage will also influence the average health insurance cost per month. Plans are grouped by metal tiers: Bronze, Silver, Gold, Platinum, and Catastrophic. Each carries different premiums depending on what percentage of overall healthcare costs they cover. Premium prices are also influenced by the plan’s deductibles, copays, coinsurance, and the number of family members.

The Cost of Family Health Insurance per Month

According to consumer data collected by one health insurance agency, the average premium for a family of 4 is around $1,200. This does not comprise families who received government subsidies. Similar to individual insurance, your family cost will depend on the plan category, tobacco use, ages, location, and the number of plan members.

Talking with a licensed health insurance agent is the best way to get an estimate and find the best cost for your family’s wants. Health Insurance Plans Org can assist. We have licensed insurance agents who understand this health insurance coverage and can guide you through all of your health insurance choices. Our service is fast, easy, and comes at no cost you. Getting a free quote online or calling (833) 572-0898 will finally answer your question: How much will family and individual health insurance cost me each month?

Resources and References:

• The Affordable Care Act
• Bronze Health Insurance Plan
• Factors that Affect the Cost of Health Insurance Plans