How Much does Health Insurance Cost

There are minimum hundred intermediaries within different health insurance enterprises that offer health insurance plans. The U.S. Health insurance industry is one complicated place, which only the highly experienced and experts are capable of understanding. To understand how much your health insurance will cost, and which one you should procure, you will have to do quite a bit of research.

For those under the employer-based plans, you will face not much challenge in getting a health insurance policy, but for individual plans, it gets really difficult to judge how and which kind of combinations will give best benefits.

The following statistics will provide a brief overview of the US healthcare cost structure:

Average health insurance expenditure history

History of healthcare expenditure Per Capita spending
1970 $380
1980 $1110
1990 $2600
2000 $4550
2010 $8402
2013 $9810

per capita spending

Following states have lowest health insurance expenditure

States with lowest health insurance costs Coverage (Single) Coverage (Family)
Utah $4,281 $12213
Hawaii $4401 $12109
Arkansas $4586 $11830
Georgia $4706 $13149
North Dakota $4716 $11007

single health coverage vs family coverage

Following states with high cost of healthcare expenditure

Highest Health Insurance cost (State) (Coverage) Single (Coverage) Family
Alaska $6180 $14622
Rhode Island $6164 $14424
Washington DC $5953 $16572
Maine $5809 $15274
Vermont $5749 $15086

singe coverage vs family coverage

Cost of Health insurance in USA

Statistics (Healthcare cost) Single Family
Average cost of health insurance plan in USA $5615 $15745
Average cost for employees in Employer-based plan $1225 $4316
Annual deductible (Average) $1120 $2075

average cost USA

Bronze Plan- Lowest Premium

The most difficult portion is to guess which plan will be the best in terms of the monthly premiums paid and receiving best medical cure out of it. Be aware of the catch! If you buy insurance with low premium and do not require a physician quite often, you will end up paying out-of-pocket and your deductibles cost first. See the catch? If you buy with less cost, paying only 60% of the total insurance amount from you as monthly premiums, you pay more in terms of deductibles and out-of-pocket cost.

Platinum plan- Highest premium

You don’t wish to pay out-of-pocket and deductibles, you need to have a high premium plan. Picking a platinum plan may work, but again, remember to only buy this plan if you have to visit the doctor regularly. Otherwise, the huge sums you have paid every month towards your premiums will just remain unused.

Other health insurance plans

Apart from the 5 basic plans, there are also dental, vision, HMO, PPO, POS, EPO, and other plans that provide a host of healthcare facilities. Again how much your health insurance will cost in detail will all depend upon the kind of plan you take. Whether you choose a primary care physician (PCP) an in-network facility or out-of-network, will decide how much your health insurance will cover you through your clinical requirements.

Will low cost health insurance work?

While it is not necessary that a low cost health insurance will always help you minimize your medical expenses, it does help in case your yearly earning is between 133% and 400% of the Federal Poverty Level (FPL). You need to take care of your deductibles and out-of-pocket expenses carefully. Some health insurance plans are there that cost up to $10,000 till you finish with your deductibles. You need to make sure you are not buying such plans. Even though these plans will ask you a monthly premium of $40 or $50, they are not worth if you are not visiting the doctor at a very frequent interval.

Also depending upon which state you are living in, whether Virginia, Florida, New York, California, Texas, etc. you will be eligible for higher facilities on Medicaid. Medicaid has extended its benefits after the implementation of ACA in some 38 states. Now you can receive a lot of subsidies in your health insurance plans if you understand how to combine the plans well.

Average cost of health insurance

Depending upon the type of health insurance plans you choose, your average cost of health insurance will increase or decrease accordingly. Remember that just buying a low premium plan is not the solution. Nor do you benefit by randomly combining different plans with your core plan. Your demographics, medical history, family financial status and frequency of medical requirements, you should go check your health plans.

The best way to buy affordable health insurance plans from a health insurance marketplace is to first assemble all your clinical history, take your financial status into account, and then visit a good health insurance adviser. TrueCoverage has many highly competent and experienced healthcare consultants, who can calculate exactly how much your health insurance will cost. Plus they will also try to offer you consultation on how best you can go about planning your current year’s medical needs to use your health insurance plan to its best of opportunity.

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