How Much Does Health Insurance Cost?
Health insurance can be confusing and frustrating for people. Most everyone agrees you should have it, but most everyone thinks it costs too much money each month. The facts are that health insurance costs will differ for everyone. Costs differ with age, gender, location and a few other factors. Costs also differ based on the type of plan you purchase; how much coverage, what coverage, what deductibles and what additional add-ons such as dental and vision. Costs can also vary based on where you buy it, meaning if you buy a private plan or a plan that is ACA compliant.
So if you ask 10 people “how much is health insurance monthly?” you are going to get 10 different answers. The best way to figure out how much is medical insurance per month is to speak with a licensed health insurance agent. They can search options for you and create the best plan for your health conditions and your budget.
In this article we’ll break down a number of different scenarios and at least give you a good idea of how much should health insurance cost.
ACA or Private Health?
When it comes to buying individual health insurance, you have two options. Buying an ACA (affordable care act) plan or buying a private health insurance plan. Both have advantages and both have negative aspects. We’ll break those down below.
ACA- How Much Does It Cost?
ACA plans are plans that, by law, have to meet certain requirements. You don’t have many options when it comes to customizing what you want covered and what you don’t want covered. It is essentially impossible to give you a good idea of how much health insurance would cost because with an ACA plan you can qualify for government subsidies if your income level is below a certain level. This means that you could have the exact same plan as your next door neighbor and have a lower cost because of your income level. The best thing to do if you’re interested in an ACA plan is to work with a health insurance broker who can help you navigate this process.
How Much Does Private Health Insurance Cost?
Private health insurance is an option that many people choose. There are a few different reasons for this:
- It’s fast
- It’s easy
- You can sign up for a policy anytime of the year
- You can have a policy that same day
- They are short term
- There are many different coverage options
For these reasons, many people opt to purchase private health insurance. For example, someone may only want limited coverage. They are healthy, never go to the doctor, have no kids and only want coverage with a high deductible in the case something catastrophic happens. A private plan is perfect for this as it gives flexibility that an ACA plan wont offer.
Because private plans offer more flexibility and don’t have to offer certain coverages (that ACA plans are required to include) private plans are often the more affordable option.
How Much is Private Medical Insurance- Additional Coverage Options
It’s important to note that most health insurance plans don’t included vision and dental automatically. These are things that need to be added on as an optional coverage. Usually they are very affordable and worth the money to add to your health plan. Make sure you consult with a health insurance agent and make sure you have this coverage should you need it.
How Much Does Health Insurance Cost Per Month For One Person?
If you’re a single person, you can find very affordable private health insurance. Below we’ll list an average price for how much would health insurance costs for both single males and females. We’ll also list two different ages. Keep in mind that these are simply examples, and as discussed above, prices can vary a great deal based on your individual circumstance.
How Much Is Health Insurance Per Month For One Person- Male
Male- Age 25- $62-93 a month Dental $25-50 a month Vision $10-14 a month.
How Much Is Health Insurance a Month For a Single Person- Female
How Much Is Health Insurance For A Family?
Health insurance for a family will differ based on the number of kids and the age of the kids. If you have a family, you probably know that health insurance can get very pricey, very quickly. This is why it’s good to work with an independent broker. They can look at different companies and different options and find the best coverage with the best price for you. Many families opt for a high deductible plan. This saves them money each month in their monthly insurance premium. Many doctors offices will work with you when you have a high deductible plan to make your out of pocket expense not as great. Make sure you explore all options when researching health insurance for your family.
Below are some examples of how much is average health insurance for a family of 5, 4 & 3. This will at least give you a starting point. For an actual quote, click here and we’ll work with you to find the best plan for you.
How Much Is Health Insurance For A Family Of 5?
Family mom, dad and 3 kids- $260-390/month Dental $89-189/month Vision $36-50/month
How Much Is Health Insurance For A Family Of 4?
Family- Mom, Dad and 2 kids- $190-270/month Dental $89-189/month Vision $36-50/month
How Much Is Health Insurance For A Family Of 3?
Family mom, dad and 1 kid- $181-272/month Dental $89-189/month Vision $23-32/month.
How Much Does Good Health Insurance Cost?
Good health insurance costs as much as you’re willing to pay. “Good health insurance” is a very subjective term. Good to one person may not be good to another. Some people want as little coverage as possible because they are very healthy and they want a lower monthly premium. Some people want and need as much coverage as possible because they have medical conditions and have prescriptions that need to be filled each month.
So if you’re asking yourself “how much should I spend on health insurance” you should rephrase your question to “how much do I need to spend on health insurance”. Keep in mind that the ACA plans do offer government subsidies for people under a certain income level. So if you can’t afford a plan that you need you can have your health insurance agent check those plans for you to see if you qualify for the subsidy.
As always, the best way to navigate health insurance is to deal with an experienced health insurance agent. They can help you understand the coverage you need and the best plan to get you what you need. They’ll also have access to many companies which will help you find the best price on health insurance. Click here to connect with an agent now.