Individual and Family

How Much Is Health Insurance for Individuals and Families?

Published on March 06, 2018

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When providing for yourself and your family, health insurance that adequately covers everyone is an important cost to consider. The first question you might be asking yourself is “How much is health insurance?”, and it is not an easy question to answer. Because of the variety of options and different routes you can take with how you want to cover you and your family, there is no black and white price for health insurance cost. Read on to see the costs of certain common plans, and see what other options you might have if those plans are not in your budget.
By finding an affordable health insurance plan with comprehensive coverage, you can avoid financial ruin from medical costs, and make sure that your family has access to quality health care. Yet answering the question “how much is health insurance?” is not a simple task. Health insurance costs can vary based on your income, where you live, and a variety of other factors. Make sure to consider the following factors before choosing a plan.

How much is health insurance?

To know how much health insurance costs, consider both the premium and the deductible. The premium is the bill you pay each month to for your insurance, while the deductible is the amount of money you must spend on healthcare bills each year before your insurance will pay for the rest.
It’s also important to understand the different types of healthcare plans available to you and your family. The highest-coverage plans are known as Platinum plans, followed by Gold plans, then Silver, then Bronze, and finally Catastrophic. In general, the higher metal level a plan is, the lower its deductible and the more medical costs it covers, but the higher its premiums will be. All these types of plans are available either as individual plans or as coverage for your entire family.
So to answer the original question “how much is health insurance?”, below are statistics provided by eHealth that represent average health insurance cost for certain plans:

Plan Quality & Coverage Size Average Monthly Premium (2017) Average Annual Deductible (2017)
Catastrophic- Individual $173 $7,148
Catastrophic- Family $367 $14,292
Bronze- Individual $374 $5,953
Bronze- Family $903 $12,044
Silver- Individual $418 $2,758
Silver- Family $1,061 $5,424
Gold- Individual $502 $778
Gold- Family $1,252 $1,835
Platinum- Individual $575 $37
Platinum- Family $1,472 $140

Health insurance cost levels have been rising rapidly in the United States. In 2013, the average individual health insurance plan cost $2,784 a year; by 2017, it had more than doubled to $5,712.3 Prices are expected to rise another 18.2 percent in 2018 according to CNN, and to continue rising after that.
Because of this rapid increase in costs, you’re not alone in wondering what the average health insurance cost is, and whether or not you’ll be able to afford it. Some families and individuals are able to offset expensive premiums with government subsidies that can apply to any ACA health insurance plans. Other individuals and families go the alternative route and find ways to get the right amount of coverage for themselves, without paying an arm and a leg.

How much is health insurance after subsidies?

While health insurance is highly expensive, you may not have to cover that cost on your own. Under the Patient Protection and Affordable Care Act (ACA), you and your family may get tax credits to help pay your health insurance premiums. These credits are open to households with incomes between 100 and 400 percent of the Federal poverty line. If you live in a four-person household, this means your total income must be between $25,100 and $100,400 in 2018 in the contiguous US. Read more about ACA or Obamacare subsidies here and watch our video for a simple explanation of how Obamacare subsidies work in general.

So when asking “how much is health insurance?”, keep in mind that you could have resources available to you that lower the costs of premiums. You may have heard that subsidies have recently faced some changes, but this does not mean that health insurance subsidies are completely gone. Read more about what kinds of subsidies are still available here.

What other recent changes will affect health insurance costs?

If you have your answer to the question “how much does health insurance cost?” and it seems like it’s too much, don’t forget that the individual mandate was recently repealed starting in 2019. For some, this means you aren’t required to buy a major medical plan that complies with ACA regulations—in other words, you may be able to buy a cheaper plan with less benefits.
The individual mandate required all Americans to be covered by health insurance plans that were approved under the Affordable Care Act (ACA). The removal of this law might give certain individuals and families more flexibility in what kind of plan they choose. You can thus consider plans that offer less coverage (don’t abide by certain ACA guidelines for coverage) but have lower costs. If you’re in good health, this could lower how much you spend on health insurance, at least in the short term.
eHealth offers a range of health insurance packages, allowing you and your family to find the coverage you need at a minimal health insurance cost. So when you find yourself asking “how much is health insurance?” you can visit our website and get free quotes that might help answer that question for you. For more coverage available to you, and how much it costs, visit our website today.

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