Health Insurance Cost
(Find the average price for coverage.)
Written by
More than seven million people visit our site every year looking for unbiased information about insurance and other related topics. And with great readership comes great responsibility, which means we’re dedicated to providing honest and accurate information.
Reviewed by
Jeff Green has held a variety of sales and management roles at life insurance companies, Wall street firms, and distribution organizations over his 40-year career. He was previously Finra 7,24,66 registered and held life insurance licenses in multiple states. He is a graduate of Stony Brook University.
Cost is most likely a major factor in your choice of a health insurance plan. The cost of family coverage has been steadily rising over the years for a total increase of 55% percent over the last 10 years alone.
How can you find a suitable healthcare plan that fits within your budget? One of the best ways to compare health insurance rates and policies is by working with an independent insurance agent.
These agents can help you find and compare health insurance rates for individual or family plans. Your agent can also help you understand the coverage specifics, such as drug benefits and policy exclusions, for a variety of healthcare plans so that you can choose one that is suitable to fit your family's needs.
Contact an independent agent near you to get started in your search for a health insurance policy.
How Much Does Health Insurance Cost?
Health insurance plan costs differ widely between policies, based on everything from regional differences to demographics, and of course the type of plan and the benefits included. Additionally, private health insurance rates are different from rates for an individual or family in a group plan.
According to the 2019 Kaiser Family Foundation employer health benefits survey, the average monthly worker contributions are $103 for single coverage ($1,242 annually) and $501 for family coverage ($6,015 annually).
Those who do not receive subsidized coverage through their employers can purchase a plan through their state's healthcare exchange, or marketplace. Most people who purchase insurance this way qualify for government-provided subsidies, which can help keep their costs manageable.
To find out what you can expect to pay for health insurance, you will need to contact your employer's HR department, request quotes from a private insurance company, or compare offerings on the healthcare exchange.
To simplify this process, you can request the help of an independent insurance agent, who can help you compare health insurance rates and plans and advise you as you choose an insurance policy that suits your needs.
Independent agents who specialize in health insurance are an excellent resource when you want to compare costs of various health plans.
These agents can help you understand the terminology used by health insurance providers, answer questions, make recommendations based on your individual situation, and help you compare health insurance rates and offerings so you can make an informed decision.
What to Do about the Rise in Premiums
Increases in premium rates have three primary causes:
- Healthcare costs are on the rise.
- Health care is serving an older population with more health issues.
- The Affordable Care Act requires insurance companies to cover more expenses than most did previously.
Healthcare costs have been rising steadily for years, sometimes at a rate that exceeds raises in pay. So what options do you have for managing healthcare costs?
First and foremost, living a healthy lifestyle can reduce your medical insurance costs. Some healthcare providers will offer a discount if you 're involved in a health improvement program.
Also, insurance policies offered through the healthcare exchange charge higher rates to smokers than to non-smokers.
If you have bundled health care, you can consider unbundling your plan so that you pay only for the benefits you need, as you need them. Then you can shop for the best price on the services you need and pay as you go.
Finally, the best way to manage costs is to compare health insurance rates on a number of policies. Bear in mind, however, that the least expensive policies are not always the best choice and can end up costing you more in the long run. An independent insurance agent can help you as you compare policies.
Compare Health Insurance Rates to Find the Right Policy
With healthcare costs rising and tax penalties now being assessed on those who are uninsured, consumers are becoming more concerned about healthcare insurance rates.
An independent insurance agent can answer questions you may have and can give you personalized quotes on a variety of health insurance plans.
Additionally, these agents can help you compare health insurance rates and plan benefits. For personalized assistance, contact an independent agent today.
2018 Kaiser Family Foundation Health Benefits Survey