The monthly premium cost for health insurance will vary widely based upon a number of factors.
Rates may vary based upon the number of people on the policy: individual, husband/wife, single parent, or family plans. The plan design also matters. You may pay more for a plan with a large network, and lower deductibles and other cost sharing components.
The portion you are asked to contribute is often the biggest factor. Many group plan premium are primarily funded by employer contributions, with employees picking up only a small fraction of the costs. People buying plans in the individual market may now qualify for income based subsidies for premiums and cost sharing.
Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
There's many factors that drive the premiums for a person's health insurance including:
1) Their age
2) Zip code
3) Tobacco user or non-tobacco user
4) Plan level (bronze, silver, gold, or platinum - catastrophic is available for individuals under age 30)
5) The insurance company you want to apply with (each one will offer different rates)
Prior to the new rules under the Affordable Care Act, gender used to be a contributing factor in rates as women generally used benefits more than men. Plans on the marketplace today have to offer unisex rates.
It's important to review your coverage with an independent insurance agent/broker so you can review plans from multiple carriers rather than just one. Independent agents/brokers will have the knowledge to help you find the health plan that's suitable to your needs and your budget.
There is no one size fits all answer to this question. And, the answer to your question will vary depending upon whether you are talking about employer sponsored group health insurance or individual health insurance.
For group health insurance, depending upon the size of your employer's group and the insurance carrier or self-funding arrangement they use you may receive a rate that is the same for any person in that level of coverage (e.g. - Employee Only or Family coverage), this is called composite rating. You may also see rates that vary with the age of the enrolling employee and any dependents they are covering, this is age rating where a 25-year old with employee only coverage would have a different rate from a 45-year old with employee only coverage.
Under the requirements of the Affordable Care Act (ACA), individual health insurance is age band rated with a different rate for each year of age. You will need to check with a health insurance agent, insurance company web site or HealthCare.Gov to get rate information for you specific age and location.
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Rates may vary based upon the number of people on the policy: individual, husband/wife, single parent, or family plans. The plan design also matters. You may pay more for a plan with a large network, and lower deductibles and other cost sharing components.
The portion you are asked to contribute is often the biggest factor. Many group plan premium are primarily funded by employer contributions, with employees picking up only a small fraction of the costs. People buying plans in the individual market may now qualify for income based subsidies for premiums and cost sharing.
1) Their age
2) Zip code
3) Tobacco user or non-tobacco user
4) Plan level (bronze, silver, gold, or platinum - catastrophic is available for individuals under age 30)
5) The insurance company you want to apply with (each one will offer different rates)
Prior to the new rules under the Affordable Care Act, gender used to be a contributing factor in rates as women generally used benefits more than men. Plans on the marketplace today have to offer unisex rates.
It's important to review your coverage with an independent insurance agent/broker so you can review plans from multiple carriers rather than just one. Independent agents/brokers will have the knowledge to help you find the health plan that's suitable to your needs and your budget.
For group health insurance, depending upon the size of your employer's group and the insurance carrier or self-funding arrangement they use you may receive a rate that is the same for any person in that level of coverage (e.g. - Employee Only or Family coverage), this is called composite rating. You may also see rates that vary with the age of the enrolling employee and any dependents they are covering, this is age rating where a 25-year old with employee only coverage would have a different rate from a 45-year old with employee only coverage.
Under the requirements of the Affordable Care Act (ACA), individual health insurance is age band rated with a different rate for each year of age. You will need to check with a health insurance agent, insurance company web site or HealthCare.Gov to get rate information for you specific age and location.
Marlin McKelvy
Consumer Directed Benefit Solutions
www.cdbsagency.com