Health insurance is designed to save people financial trouble that may arise due to expensive medical bills. With federal-instituted health insurance plans (thanks to legislation like ACA) and even private health insurance plans, help is provided.
However, they come with financial obligations (however little). The question here is how much health insurance a month for a single person is. Well, people on individual health insurance plans do not pay the same amount in monthly premiums and other insurance-related charges. This is clearly because several things determine the cost of an individual health insurance plan.
The right thing to do is to understand these things and make good use of this information by choosing the right (probably the best) healthcare insurance coverage. This requires considering the policy at work and your financial obligations as someone covered by the health insurance plan. Answers to the question of how much health insurance for a single person costs per month would be answered in this International Health Alliance welfare article. So, read on!
The Average Monthly Cost of Health Insurance Plan for a Single Person
Many factors influence the figure and so it is very hard to arrive at a certain amount. But after researching the rates people pay monthly for individual health insurance coverage, the average cost is a little over $450.
This is roughly a little over $5400 in a year (on an annual basis). But considering that the rate range is very wide, some pay a lot more or even less, as determined by several factors.
Factors that Influence How Much Individual Insurance Coverage Costs Monthly
The factors listed and explained here are certainly not exhaustive. However, they are very cogent factors and they include:
Who Sponsors the Insurance Plan?
There are so many peculiarities in the government exchange and general insurance marketplace. For some people, most or all of the cost of insurance is covered by their employer as one of the benefits of workers. This means that the employer pays for the monthly premium and possibly other financial obligations.
Most of these employer-sponsored insurance plans are usually more expensive because of the benefits included in such a policy. However, it would seem cheap to the individual considering that it is employer-sponsored.
Is It Based on the COBRA Act?
The COBRA Acts make people who have stopped working for their employer, entitled to continue their employer-sponsored health insurance plan (under qualifying events). However, the irony is that the cost will now be paid by the person instead of the former employer, and this only happens for a short period.
Other than monthly premiums, this cost includes financial obligations like out-of-pocket and deductible. This comes out not as affordable as when the individual was on the payroll of the previous employer.
Sole or Multiple Beneficiaries
The term individual health insurance can be pretty confusing. This is because some individual health insurance plans allow for one’s family or a couple to be covered. For such insurance plans, the cost of premiums and/or other financial obligations will most likely be higher.
On the contrary, it will most likely be lower if you are the sole beneficiary of the insurance services. This is as the insurance plan would only care for a single person instead of a family or many people.
Private or Public Insurer
Public health insurance plans such as Medicare and Medicaid have strict rules surrounding their use. For example, you must attain a certain age bracket to make the most of Medicare. This is besides your state’s rules that influence how it works in your location. On this note, your state’s healthcare gov website should be visited for further information. This is because there are differences between states.
However, public health insurance plans usually tend to be more affordable as they come with several government subsidies. On the contrary, private health insurance plans are usually more flexible with applications and policies. However, they usually cost more than public insurance. Private health insurance can be so bespoke that it will cover the purchase of home diagnosis test kits like the Everlywell food sensitivity test kit.
Your Kind of Health Insurance Plan
Whether you deal with a public or private health insurance group, there are several plans. The one that you run matters as it determines the cost. For example, for those interested in public insurance, plans are usually classified into four groups – bronze, silver, gold, and platinum.
With bronze plans, the least is paid in premium and this is followed by silver. However, paying the least in premiums means that covered people have to pay more out-of-pocket, deductible, coinsurance, and other financial obligations if/when the need arises.
We understand if you want other welfare-related content. We have more than enough for you. For instance, you can find out if watery period blood is a sign of pregnancy.