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In order to receive affordable health care, people in the United States need to have health insurance. However, it can be expensive for an individual to get health insurance. So, how much does an individual health insurance plan cost?
An individual health insurance plan costs between $388 to $659 per month. This price varies depending on the state someone lives in and if the insurance is bought outside of an employer-sponsored plan. Health insurance plans are unique and can be made more affordable in multiple ways.
To learn more about how much health insurance costs for individuals, keep reading.
How Much Do Personal Health Insurance Plans Usually Cost?
Usually, someone’s individual health insurance plan costs between $388 to $659 per month. The exact cost of an individual’s health insurance varies depending on their age, annual income, location, healthcare use, and the healthcare tier they choose. According to a study conducted in 2020, a single 27-year-old’s insurance plan costs about $388 per month.
According to a survey conducted by the Kaiser Family Foundation, the average monthly premium for an employer-sponsored insurance plan for individual coverage was approximately $645 in 2021. Recent data reveals that the average monthly health insurance premium for a single person in the United States for an ACA silver plan without premium tax credits will be $541 in 2022. Individuals who purchased their insurance plan outside of an employer-sponsored plan typically paid $438 per month for their health insurance plan.
Ways to Lower the Cost of a Health Insurance Plan
Comparing and Contrasting Health Insurance Plans Online, including Medicare and Medicaid plans, with your Employer Plan and with Private Plans
When it comes to comparing health insurance plans, there are several methods available. One of the most convenient options is to use Healthcare.gov, which has a built-in filter system and user interface that enables you to compare plans quickly and easily. The marketplace allows you to view multiple plans in your area at a glance.
However, it’s worth noting that not all insurance plans are featured on the site. You may need to do some additional research to find the right plan for you and compare rates outside of the marketplace.
There are several online websites, some of which are paid and some of which are free, that can help you find health plans in your area and compare premium costs and insurance benefits. It is also important to consider whether or not your employer-based plan is worth it if they offer one. Companies with more than 50 employees must pay at least 60% of the premiums for their employer-based plan, which usually means that going this route costs less money. The average annual premium cost for an employee in the U.S. using employer-based health insurance is $1,669.
When it comes to health insurance, it is crucial to note that part-time employees may not be eligible for coverage from their employer. In some cases, working full-time could actually reduce the amount of money you have to pay for insurance.
However, employer-provided health insurance may not be the best option for you. It is important to compare the costs and eligibility requirements for different types of insurance, such as Medicaid, private insurance, and employer-provided plans. This will help you find the best deal and ensure that you have adequate coverage.
Consult with a Health Insurance Broker
Are you looking for the best health insurance plan that suits your needs? Health insurance brokers can guide you through the complicated and time-consuming process of navigating the health insurance marketplace. They work independently and can assist you in finding the most suitable plans from various insurance companies. With their unbiased advice, you can make a well-informed decision that benefits you the most.
Brokers get paid by insurance companies rather than patients and usually get commissions from the companies when they sell policies for them. The average health insurance broker makes anywhere from $14 to $23 per member per month in the United States. The broker’s precise rate will vary depending on the type of coverage they are selling and where they are selling it.
Use a Health Savings Accounts
Health savings accounts allow the user to place their pre-tax money into the account for healthcare use. This amount of money is not taxed unless the individual uses it to pay for non-medical costs. This is a terrific way to save money when it comes to healthcare!
Use Insurance Waivers
When it comes to selecting a health insurance plan, it is always helpful to compare options and costs with loved ones. In fact, if someone is part of a group plan, they may even be able to sign a waiver and switch to a different insurer. Additionally, if someone gets married, they can compare plans with their partner and potentially opt for the better option, even if it means waiving their employer’s insurance in favor of their partner’s.
Health Insurance Plan Discounts
Modern technology helps people to discover the state of their healthcare plan options. Many insurers use useful tools like fitness trackers to minimize their risk. Thanks to this, some insurance providers may provide relevant discounts or helpful options that help individuals save money on insurance. Remember to ask about the changes in insurance plan policies every year, as this type of program is common and is becoming more common as time goes on.
Make Healthy Choices
Did you know that smoking can significantly increase the cost of your health insurance plan? In fact, health insurance providers are allowed to charge smokers up to 1.5 times more than non-smokers, resulting in a substantial increase in premiums.
Certain companies and health insurers offer discounts to those who exercise regularly, which can reduce the cost of health insurance by a substantial amount. In some cases, someone who exercises regularly can save 20% on health insurance. Some insurance companies offer reward programs for people who participate in healthy behavior. This healthy behavior can include step tracking, getting flu shots, going to checkups, and completing wellness exams.
Additionally, while all marketplace plans on healthcare.gov (or any other forms of private or employer-provided health insurance plans) are not allowed to charge more based on pre-existing conditions, being in an insurance pool of healthy people will cause your premiums to cost less than they would if you were in an insurance pool with particularly unhealthy people.
Average Cost of Individual Health Insurance In Each State
Where an individual or group lives can affect the cost of an individual’s health insurance plan. Luckily, there are useful websites like Healthcare Insider that let people find the average cost of health insurance according to their zip code!
Below is a helpful table that has the general cost of individual health insurance plans according to the state! These estimates are averages that will help you know what to expect as you are shopping for health insurance.
| State | Monthly Average |
| New Hampshire | Around $372 |
| Maryland | Around $385 |
| Minnesota | Around $404 |
| Rhode Island | Around $424 |
| Virginia | Around $425 |
| Indiana | Around $425 |
| Michigan | Around $435 |
| Arkansas | Around $456 |
| South Carolina | Around $469 |
| Washington | Around $470 |
| Georgia | Around $474 |
| Kentucky | Around $479 |
| Hawaii | Around $482 |
| Idaho | Around $483 |
| Colorado | Around $489 |
| Oregon | Around $493 |
| Mississippi | Around $499 |
| Maine | Around $506 |
| Ohio | Around $513 |
| Montana | Around $519 |
| Pennsylvania | Around $532 |
| Tennessee | Around $533 |
| New Jersey | Around $535 |
| North Dakota | Around $538 |
| California | Around $541 |
| Wisconsin | Around $550 |
| New Mexico | Around $551 |
| Iowa | Around $551 |
| Massachusetts | Around $553 |
| Utah | Around $558 |
| Illinois | Around $561 |
| Kansas | Around $565 |
| Delaware | Around $566 |
| Arizona | Around $569 |
| Nevada | Around $575 |
| Texas | Around $589 |
| Alabama | Around $591 |
| Florida | Around $599 |
| Connecticut | Around $614 |
| Missouri | Around $626 |
| Oklahoma | Around $634 |
| Nebraska | Around $652 |
| Louisiana | Around $652 |
| North Carolina | Around $666 |
| Vermont | Around $760 |
| New York | Around $776 |
| South Carolina | Around $792 |
| Alaska | Around $822 |
| West Virginia | Around $871 |
| Wyoming | Around $882 |
Best Places to Buy An Individual Health Insurance Plan
Employer-Based Health Insurance Plans
One of the best and easiest ways to get health insurance, whether you need an individual health insurance plan or a shared group plan, is through an employer. Roughly 159 million people in the U.S. use employer-based health insurance.
Employer-based health insurance is the most popular coverage choice nowadays because it can simplify life and be beneficial for an employee to take care of their job details and insurance details at the same time. This approach even benefits businesses that offer employer-based health insurance, as it gives them a competitive edge when hiring new employees and increases valuable employee retention.
The Federal Health Insurance Marketplace, HealthCare.gov Health Insurance Plans
If employer-based health insurance is not a viable option, there are a lot of other places you can go to find a personal health insurance plan. Should someone’s employer refuse to offer them health insurance as part of their benefits program, they can shop around and purchase their health insurance through a public exchange or private health insurance carrier.
One very popular public exchange platform is the Federal Health Insurance Marketplace. On this marketplace, customers can search through options until they find an individual health insurance plan that fits their specific needs.
Another name for the Health Insurance Marketplace is HealthCare.gov. This resource was created as a result of the ACA and provides important health insurance information depending on where the individual lives. On their website, there is information about private plans, and people should make sure to enroll in the plans they need during the relevant enrollment periods. If they don’t, the individual will not be eligible for any subsidies available under the ACA.
Sometimes, a person can qualify for their Special Enrollment Period after experiencing a household change such as getting married or divorced, after adopting a child, after a death in the family, after they move, after losing their previous health insurance, after a national catastrophe, or after developing a disability.
Medicare.gov Health Insurance Plans
Medicare.gov is perfect for people who are or will soon be retired. You can supplement Medicare plans with Medigap and Medicare Advantage policies when possible. Use Medicare.gov to look over standard Medicare plans and details.
Private Health Insurance Company Health Insurance Plans
You can get individual health insurance through private health insurance companies. These companies have websites that showcase major health insurance companies in the customer’s geographic region. These websites allow people to look for the best health insurance options for them based on the sort of coverage they desire and the deductible they can manage to pay.
The prices of plans and premiums offered by private insurance companies vary depending on the individual’s age and location. The quoted prices for a plan are the minimum available prices and are based on the assumption that the customer is in excellent health. It is difficult to determine the exact amount of money a person will pay monthly for a health insurance plan until they apply and give their medical history to the insurance company.
The price and type of coverage of health insurance provided by a private health insurance company vary, but a lot can be learned from studying the health insurance company’s history. For all of the reasons mentioned above, it can be tricky to compare and contrast the health insurance plans of different private companies. Try to identify the plans that have the most relevant features, the most useful features, the ones that are most affordable, or the ones that have the most positive customer reviews listed.
Overall, it can be expensive for individuals to get health insurance. It is why many people wait until they get married or have children to get health insurance, as family health insurance plans are often cheaper. It is also why so many parents have their adult children on their health insurance plans even if they do not live together anymore.
If you need health insurance and do not have any family members to put on the plan, shop around to find the best and most affordable health insurance plan for you.
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