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The cost of health insurance for a single person can actually be zero, if you qualify for full federal subsidies that are now available with ACA (Affordable Care Act) legislation. The tax credit is based on your household income and the Federal Poverty Level Guidelines.
As an experienced health insurance broker (33 years as one of the nation's top-rated brokers), our expertise, unbiased recommendations and reputable websites, help consumers find the most affordable healthcare options.
Although many individuals and families qualify for subsidies, certainly not everyone is going to get "free" health insurance. Where you live, your age, your smoking status and the type of coverage you select, will impact the price you pay.
State Exchanges (Marketplaces) offer different "Metal" plans that can greatly vary in cost, coverage, and out-of-pocket expenses. It's important to have an experienced broker review the best available plans and how they best treat any pre-existing conditions you may have.
Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
Unfortunately there's too many factors that go into premium pricing to say what an average plan costs. Your age is a big factor - the younger you are, the cheaper your premium - the older you are, the higher your premium. Also, if you use tobacco products, your premium can be increased up to 50% as well.
If you're an individual buying on or off the exchange (and not securing group coverage through an employer), you need to consider the level plan you want. There are four metal plans: bronze, silver, gold, and platinum.
Bronze plans generally cover about 60% of your healthcare expenses, Silver is 70%, Gold is 80%, and Platinum is 90%. So, in short, the better the benefits that you want to have, the higher the premium will be.
There's also a catastrophic plan, but these are only available to individuals under age 30.
If you qualify for a subsidy, the cost of your premium can be lowered as well - whether you qualify for one depends on your income.
This is where an independent insurance agent can really help you. They can work with you to look at a wide range of options from many of the top carriers in the industry.
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As an experienced health insurance broker (33 years as one of the nation's top-rated brokers), our expertise, unbiased recommendations and reputable websites, help consumers find the most affordable healthcare options.
Although many individuals and families qualify for subsidies, certainly not everyone is going to get "free" health insurance. Where you live, your age, your smoking status and the type of coverage you select, will impact the price you pay.
State Exchanges (Marketplaces) offer different "Metal" plans that can greatly vary in cost, coverage, and out-of-pocket expenses. It's important to have an experienced broker review the best available plans and how they best treat any pre-existing conditions you may have.
If you're an individual buying on or off the exchange (and not securing group coverage through an employer), you need to consider the level plan you want. There are four metal plans: bronze, silver, gold, and platinum.
Bronze plans generally cover about 60% of your healthcare expenses, Silver is 70%, Gold is 80%, and Platinum is 90%. So, in short, the better the benefits that you want to have, the higher the premium will be.
There's also a catastrophic plan, but these are only available to individuals under age 30.
If you qualify for a subsidy, the cost of your premium can be lowered as well - whether you qualify for one depends on your income.
This is where an independent insurance agent can really help you. They can work with you to look at a wide range of options from many of the top carriers in the industry.