Average Health Insurance Cost

Average cost of health insurance is a noble effort from that of the insurers to help solve the high rate of uninsurance in the USA. With the cost of health insurance increasing every day, more consumers are found leading a risky life without any kind of healthcare coverage. This has, however, led to health insurers providing more number of policies with higher deductibles. This further intensifies the cost sharing part for the consumers, paying a higher share of different limitations and deductibles. Then there are instances where people with psychological dysfunctions and cancer are denied health insurance coverage.

The entire effort of ACA is to provide health insurance at average cost, so that every individual is able to visit a healthcare unit for his/her medical needs. All the pre-conditions like diabetes, heart diseases, cancer, renal failure, mental illnesses have been taken care of by including with Medicaid extensions. In some of the states where Medicaid is not extended by the state Federal government, health insurance marketplaces are trying to allow insurance on such preconditions through bringing down the average cost of health insurance.

With the cost of health insurance increasing every day, more consumers are found leading a risky life without any kind of healthcare coverage. This has, however, led to health insurers providing more number of policies with higher deductibles. This further intensifies the cost sharing part for the consumers, paying a higher share of different limitations and deductibles. Then there are instances where people with psychological dysfunctions and cancer are denied health insurance coverage.

Rise in the price of health insurance has somehow become the deciding factor while planning for any kind of health policy. An average middle-income family has to shed an annual premium of $17,500. For people with employer-based insurance in health, the ones who are fully covered, the cost incurred by the employer on annual premiums are really huge.

Premiums paid for health insurance plans

All the information about healthcare premiums is out during the spring season. The State and Federal legal bodies review the proposals in fall. You can never rely on the values quoted by a single insurer, as that alone cannot predict the actual health insurance costs quoted by marketplaces.

Rates for individual coverage for medical insurance plans (2014)


Age

Salary (Annual)

Plan Type

Premium with Tax Credit (Monthly)

27 years

$25,000

Silver

$167

30 years

$30,000

Silver

$208

47 years

$50,000

Silver

$338

55 years

$70,000

Silver

$482


Average cost for Health Coverage (2016)

Over the last ten years or so, the premium amounts for health insurance have really shot up. Earlier, the insurance companies would decide the price of the health plans based on different factors. However, the ACA has brought down the number of those impacting factors to a great extent. According to the collected data, the 30 years old will pay 1.135 times more, 40 years old 1.3 times more, 50 years old 1.786 times higher, and 64 years old will pay 3 times more than the present costs.


Age

Payment

30

1.135 times more

40

1.3 times more

50

1.786 times more

64

3 times more

Average Health Premiums (Metal Tier)

Insurance plans are divided into different metal categories. Based on these plan categories, the health care costs are divided proportionately between the insurance company and the enrollee. Bronze plan has maximum deductibles, coinsurance, and copays. The value goes decreasing as the value of metal goes high. Catastrophic plans are the cheapest while bronze being the costliest.

Plan Type

Monthly Premium

Annual Premium

Catastrophic

$167

$1,999

Bronze

$201

$2,411

Silver

$247

$2,961

Gold

$291

$3,487

Platinum

$363

$4,360