Is health insurance expensive? Does it cost much? You may be pleasantly surprised to know that some of the best and most comprehensive plans will easily fit within your budget. Legislative changes and Marketplace coverage allow you to apply for affordable private policies. Comprehensive, catastrophic, and high-deductible options are offered. The average cost of coverage is less than $100 per month in many areas, thanks to increased instant tax credit subsidies.
We help you find low-cost budget-friendly plans so you pay less for your benefits. We will also answer all of your questions so you know the cost of your medical plan, what it covers, and what you need to do to buy it. And we explain how you can use our website to get free online quotes, compare the plans that cost the least, and enroll for a policy. The process often takes less than 20 minutes, and ancillary policies are also available, including dental and vision options.
How Much Does My Health Insurance Cost?
The price you pay for your private healthcare is dependent on may variables. Your age will influence the rate quite a bit. For instance, if you are in your 20s (or younger), a basic temporary policy can easily cost as little as $0-$45 per month, depending upon where you live. If you are in your 30s, most parts of the country feature top companies that offer short-term policies for under $60 per month. These types of plans are issued and approved quickly, and we help you find these low cost policies. However, depending on your household income, comprehensive Marketplace policies may be offered with much higher benefits (maternity, mental illness, copays on most office visits etc…) and with lower premiums.
If you purchase benefits through an employer, typically you will be charged less, since they are paying some (or all) of the premium. HSAs are typically available along with PPO or HMO plans including copays for office visits and prescriptions. Depending upon the size of the employer, contributions may be deposited by the employer into your account. Annual contributions typically range from $0 to $3,000.
The biggest impact on the amount you pay is the federal subsidy you qualify for, which we discuss later in the article. If your total household income meets specific requirements, the entire cost of your policy could be paid by generous instant tax credits. This can allow you to purchase some of the best available policies at a fraction of their actual rate.
Healthcare Benefits You Plan To Keep
If you need to keep you your coverage more than a year, a Marketplace plan might be best for you. Don’t worry…You can pay premiums monthly and it doesn’t matter how long you keep the policy. If you qualify for a financial subsidy from the federal government, and you’re willing to accept higher out-of pocket costs on some of the prescription and office visit coverage, you may be able to buy a policy for less than $100 per month. Depending on your age and other factors, the cost could be as low as $50. In some areas, the instant tax credit exceeds the cost of coverage, so your premium is $0.
And this will allow you to utilize your preventive benefits without paying anything. That’s right! No copays. No deductible to meet and no waiting period. Also, the Affordable Care Act allows your state Exchange program to provide a guarantee-issue policy with available tax credits (previously-mentioned federal subsidy) to help you with the cost. “Metal” plans, that are classified as Platinum, Gold, Silver and Bronze are the types of contracts that are offered.
We also help consumers understand the provisions and requirements of Obamacare (Affordable Care Act). Even though it’s no longer considered a new legislation, the continuous changes and exceptions are often a challenging nightmare for consumers that try to understand the new rules and calculate their tax credits. Most counties in the US provide multiple carriers for comparing plans, and a “public option” (government-provided coverage) may become available in 2022.
Comprehensive Platinum-Tier And Gold-Tier Plans Are The Most Expensive
A comprehensive policy that places no cap on office visits, and features low out-of-pocket costs for ER claims, hospital stays or prescriptions, will cost the most. Depending on the deductible (that’s what you are expected to pay for the larger claims), with large federal subsidies, the average monthly rate could still stay in the $100-$200 per month range for one person. Without the subsidy, depending on your age, the price could increase from about $250 to more than $1,000.
Your state of residence will also always affect your cost. Ohio rates are low. New Jersey rates are high. We’re always happy to review your options, regardless of where you live. If there is a cheaper price available for your coverage, we will find it. If you move from one state to another (or even within the same state), it’s important to properly compare the new available policies, provider networks, and offering companies. It is possible that you may be forced to change carriers.
If dependents are added to your personal coverage, then the rate will increase. Generally, children, especially under the age of 18, are not expensive to add to a health insurance policy. The approximate monthly rate is usually between $50 and $90 per child. Some carriers will charge a flat monthly amount if the number of children exceeds three. Wellness visits are completely covered under the 100% preventative benefit.
And it is possible to keep dependents on your own policy until they reach their 26th birthday. Once they reach 26, a private plan will have to be written if they don’t have existing benefits through their employer. Unless there are significant health issues, the cost should remain low. However, you can delete a dependent from your policy at any time. Adding the dependent back to the policy may only be available during the Open Enrollment period.
NOTE: Pre-existing conditions are always covered on Exchange plans. The higher premiums you may pay are not due to surcharges or meeting underwriting guidelines. However, often if a chronic condition or expensive non-generic medications are needed, the most economical solution will be a more expensive Gold-tier or Silver-tier policy. Although a Bronze-tier option will be less expensive, you will likely pay higher out-of-pocket costs by the end of the calendar year.
If your dependent is your spouse, then the medical insurance cost is likely to be about the same as your current rate, unless there is a large difference in your ages. If your wife/husband is much younger than you, then their rate will likely be lower than your current premium. Moving to a different area or changing plans will impact the cost of the policy. Beginning or stopping the use of nicotine can also increase or lower the rate.
When purchasing non-Exchange plans, it’s likely that adding a spouse may require some additional medical questions to be answered. So it is possible that dependent coverage may be declined. If that occurs, there are other alternatives of securing coverage including Open Enrollments and Limited Benefit Medical plans. Non-ACA coverage often provides a lower premium but severe limitations in benefits could result in high out-of-pocket costs.
Helpful Hint When Purchasing Private Healthcare Coverage
There is a useful technique you can use when purchasing a health insurance policy. You know your budget as well anyone. Perhaps the most you can afford is $100 per month. Perhaps it’s $800 per month. But it’s important to get the most value for the money you’re spending. Our website can easily help you determine which customized plans work best for you.
Once you have submitted your quote request through our website, you can choose the premium you wish to pay, and compare the top-rated choices. You can purchase coverage direct or with assistance, always at the lowest possible cost. Your federal subsidy will be applied and will instantly reduce your rate.