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Individual Health Plan Cost

How much does an individual health plan cost?

A large number of people receive their health care benefits via a group policy that is sponsored by their employer, former employer, or union. Others purchase coverage privately. Recently, the Affordable Care Act has made individual health insurance policies that offer essential benefits at a more affordable cost. This is what you can expect to pay for Affordable Care Act (ACA) coverage.

What Is Individual Health Insurance

Individual health insurance plans, or ACA plans, are sold through government exchanges and marketplaces. These policies are an alternative to privately sold insurance policies that are often more expensive for the average consumer. Individual health insurance plans are available to all U.S. citizens and legal residents who reside in the U.S. and do not have an income level higher than 400% of the federal poverty level. 

ACA Benefits

In order to be Affordable Care Act compliant, insurance policies are required to cover 10 essential benefits that are officially stated by the federal government. The current list includes the following:

  • Hospitalizations
  • Outpatient care
  • Preventive care
  • Maternity services
  • Pediatric Services
  • Lab tests
  • Rehabilitation services
  • Mental health treatment
  • Prescription drugs
  • Emergency Services
  • Ambulatory Services

Although each plan is required to cover the services listed above, the amount of costs they cover for each service vary. Before purchasing a policy, understand how much of your health care costs will be covered and if the plan you are considering is adequate enough to suit your long-term needs. 

Costs Of ACA Plans

Each policy type is ranked using metallic levels that help buyers understand how much of their health care costs will be covered and how much they will be required to pay out-of-pocket. Bronze plans offer the lowest level of benefits, while platinum level plans offer the most coverage. In turn, bronze plans have the lowest premiums while platinum plans are the most expensive. 

Likewise, out-of-pocket costs will decrease as your premiums rise into the premium range. Regardless of which level of coverage you choose, the cost of an ACA plan can vary based on a number of factors, including age, income, location, and the number of members included in your policy. The frequency at which you use your health care benefits may also impact your policy’s premiums over time. 

Find Individual Health Care Coverage

The average annual deductible for an individual was $4,364 and $8,439 for family coverage, while the national average premium sat at $456 for individuals and $1,152 for families. While these estimations may not directly correspond to how much you will pay for insurance, the best way to find a great deal is by working with an insurance agent. 
The experts at Trusted Senior Specialists will help you navigate the Affordable Care Act marketplace and find a plan that suits your specific needs. Contact us now to schedule a free consultation.