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As part of good financial planning, if you are in the market for health insurance, it would be important to understand the different types of policies as well as cost. Because more and more people follow a tight budget, many are trying to find out exactly how much is health insurance. However, it can be difficult to determine the cost since there are so many factors involved. Therefore, you will need to work with a reputable insurance company or conduct in-depth research online to come up with an accurate figure.

Availability

When conducting a search for insurance, we recommend that you start by determining if coverage is offered through your employer. Typically, most companies provide some form of health insurance to employees, but that coverage may not be adequate or premiums too high. The other option would involve purchasing a standalone policy, meaning insurance coverage would be purchased outside of work.

If insurance is available through an employer, a Human Resource representative will be able to tell the cost of health insurance. Keep in mind that every company is going to have a unique cost since there are different insurance providers, a different number of employees, and different plans from which to choose. In addition, the cost of health insurance will vary based on individual versus family coverage.

Average Premiums

As mentioned, the actual coverage of health insurance is going to vary one scenario to the next, although there are always similarities. For that reason, we felt it necessary to offer some of the most up-to-date information specific to the cost of paying for health insurance through an employer versus a standalone policy. Since cost is such a huge part of the decision-making process, this information includes the health insurance costs for a family or an individual.

Family Coverage

  • Standard Coverage – On average, this type of policy costs $1,312 a month or $15,745 annually. Keep in mind, this is not the amount you as the employee would pay, since a percentage of the expense is taken care of by the employer as part of the benefits package. However, the percentage will also vary dramatically depending on the size of company in terms of the number of full-time employees.
  • HDHP/SO – This acronym stands for “Higher Deductibles with Savings Option”. If you have this type of coverage, you could expect to pay less for coverage. Typically, the premium for family coverage is around $14,129 per year.
  • PPO – This stands for “Preferred Provider Organization”, which consists of a pool of doctors, hospitals, and other medical providers who offer services at a reduced rate. For family coverage, the average annual premium is $16,356.
  • Small Companies – As mentioned, there are differences in how much health insurance costs based on the size of the employer. For smaller companies, those with between 3 and 199 employees, premiums run approximately $15,253.
  • Northeast versus South – There are also differences in premiums for people working in the Northeast versus South region of the country. In this case, family coverage costs $17,099 and $14,988, respectively.

Individual Coverage

  • Standard Coverage – The monthly premium for individual health insurance coverage is $468 or $5,615 per year.
  • HDHP/SO – Premiums for individual coverage would be lower than standard coverage, costing you about $4,928 a year.
  • PPO – The annual premium for an individual to maintain PPO coverage is $5,850.
  • Small Companies – In this case, the premium for individual coverage is very close to what family coverage would cost, somewhere around $15,253 for both.
  • Northeast versus South – You will also see a difference in premiums according to region. For instance, you would pay around $5,964 for the Northeast and $5,455 for the South.

Conclusion

With the information provided, it is easy to see the various factors that need to be considered when determining how much is health insurance. The specific things outlined above are just some of the more critical factors, but there are many others to consider. This is the very reason it is essential to start by taking a personal inventory of needs. From there, you can begin talking to someone within the company or gathering information from several insurance companies in order to find the most affordable premiums and best coverage for you.

Rather than spend countless hours researching quotes from leading insurance companies, you can simply select the appropriate state from the form below and in return, receive multiple quotes from leading companies.