Individualized Health Care Insurance Plans Depend On Your Budget

Updated on March 25, 2021

Health Insurance Costs are Wide and Varied

You are searching for individual health insurance, and your question is, “How much is individual health insurance?”

This question is difficult to answer due to the enormous amount of different health insurance options in the marketplace. Each insurance offers different levels of coverage which changes the premium amount you pay every month. However, according to insurance researchers, there is an average cost for individual health insurance during 2020 set at $456.00 per month. An average family plan during 2020 was $1,152. Price varies because there is no one plan for everyone. Health insurance plans are customized to fit your needs and that of your family. You need to check with your state as each state offers variable premium costs.

When searching for individual health insurance, start with the company that you want to service your health care and then start to look at that company’s options. Such as, do you want your health insurance through BCBS, Etna, or another?

Individualized health insurance for the working class is purchased through a group plan where you are employed, through a union, or privately. Even if you decide to buy a family plan, you are, in essence, purchasing individualized health insurance. The basis of your search is to find a suitable health insurance plan that meets your budget and your health needs. 

The Affordable Care Act

Know that through this act, you can now purchase your health insurance through three different sources.

  • Government exchange certain times during the year
  • An insurance marketplace
  • A private insurance company any time during the year

The Affordable Care Act makes it easier to understand your health insurance options categorized as Bronze, Silver, Gold, or Platinum. These four plans cover ten essentials, such as the following, and the servicer decides how it provides the following. The servicer may add benefits. These levels help you understand what your plan costs and what portion you must pay. 

  • Hospitalizations/emergency room visits
  • Prescription drugs
  • Outpatient
  • Preventive care
  • Maternity
  • Children
  • Lab testing
  • Rehabilitation
  • Mental health
  • Therapies and devices

The things to factor into your cost for individualized health insurance are as follows.

  • Age
  • Income
  • Number of family members
  • Location
  • Health care use

You must know your health plan’s:

  • Premiums
  • Deductibles
  • Expenses for cost-sharing
  • Maximum out-of-pocket
  • Keep in Mind Copayment and Coinsurance

Copayment is a fixed amount set by your servicer. If a doctor’s visit is $150.00, you may pay $30.00 after meeting your deductible. If you have not met your deductible, your cost is $150.00

Coinsurance means you pay a specific percentage after you pay your deductible. Suppose your insurance has a 20 percent coinsurance you spend $150.00 for a doctor visit not yet met by your deductible. If you have completed your deductible, you pay 20 percent or $30.00 of the $150.00 charge.

Out-of-Pocket Costs is the limit as to what you must spend per year. When you reach this limit, your servicers pay 100 percent for covered services. Out-of-pocket limits vary from insurance to insurance. 

Remember that the more your policy pays, the higher you spend in your monthly premium. In this case, your medical expenses are lower. For instance, the Bronze plan charges the lowest premiums. You pay a higher premium with each level from Bronze to the Platinum plan. Research into insurance plans shows that the majority of working people buy the Bronze or Silver plans. 

Once you calculate all of this into your plan you can find out how much is individual health insurance costs for you or you and your family.

Explore Lower Health Care Costs

Lower your health care costs by applying for Medicaid or Medicare. Medicaid is income sensitive. Medicare is age-sensitive except in specific instances. Check into The American Rescue Plan. This new plan as of 2019, reduces the cost of healthcare for you, if you receive financial assistance through premium tax credits. These plans will not cost you more than 8.5 percent of your household income. 

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