It’s unbelievably important to have health insurance. There’s just no way around that fact.
While other insurance categories may seem extra or unnecessary (such as life insurance if you have no dependents or car insurance if you don’t have a car), you can bet on needing medical services at some point in the future, and having health insurance is the only way to avoid sky-high bills when that time comes.
Recognizing the importance, many people begin researching different costs associated with health insurance, but quickly get bogged down in the different complicated categories before they know what’s happening.
To help you with that, the expert CareCoverage team has prepared this article to explain everything you need to know about the costs of health insurance.
How Much Does Health Insurance Cost
There are different variations of the same question, such as “how much does health insurance cost on average” or “how much does health insurance cost per month” but the answer is the same:
Assuming you’re looking to understand how much private health insurance costs (as opposed to Obamacare-which we also help with- and Medicaid plans), it depends on a bunch of factors:
What Are The Different Things That Affect How Much Health Insurance Costs?
Local state and federal regulations that determine required health insurance coverages and the allowable charges from insurers.
Insurance Category: Costs can vary significantly depending on whether coverage is obtained through an employer's group plan or purchased individually.
Income Levels: Individuals with lower incomes may face higher costs through employer plans but could pay less via state or federal exchanges due to available subsidies.
Employer Size: Typically, larger companies offer more affordable insurance options.
Geographic Location: Insurance premiums vary by state and even by county, reflecting local cost variations.
Urban vs. Rural Communities: Insurance premiums are generally lower in urban areas compared to rural locations.
County-Specific Options: Availability and competition among plans can vary by county, affecting price.
Plan Type: Different types of plans, such as PPOs and platinum plans from the Health Insurance Marketplace, have varying cost implications.
Age and Health: Insurance costs increase with age, with premiums for older individuals potentially tripling compared to younger ones, and the health situation of every applicant.
Tobacco Usage: Health insurance premiums for tobacco users can be up to 50% higher than for non-users.
Understanding all that, the cost of getting private health insurance on your own, and how much you would pay on average per month, depends primarily on your location, age and health history. This applies for those without a job looking for health insurance coverage, self employed and salaried people shopping for health insurance, and anyone in between.
According to USA Today, a single person pays about $117 a month on average for employer-sponsored coverage and $477 a month for a plan on the health insurance marketplace, before any subsidies and besides for any monthly premiums and health insurance expenses including copayments, coinsurance and spending to meet your deductible.
Working with experts like the CareCoverage team, who understand and are well versed in the health insurance landscape, can help you find the best rates on the best plans that work for you.
RELATED: Welcome to CareCoverage
How Much Does Health Insurance Cost For A Family
Responsible parents need to know how much health insurance would cost per month for their families, as any predictably unforeseen medical incident can severely challenge a families finances in a flash.
In 2023, the average cost of health insurance for a family of 4 was $23,000 to $24,000, but obviously this would vary in individual cases. Speak to a member of our team to see how little (...relatively) health insurance would cost for your family!
RELATED: How to Get Health Insurance
How Much Does Health Insurance Cost In My State in 2024?
Understanding the different factors that affect health insurance costs and these are just averages, here is how much health insurance costs on average every month, in every state of the United States.
State | 2024 cost | 2023 cost | % change |
National | $584 | $560 | 4% |
$584 | $591 | -1% | |
$948 | $822 | 15% | |
$517 | $569 | -9% | |
$461 | $456 | 1% | |
$600 | $541 | 11% | |
$535 | $489 | 9% | |
$665 | $614 | 8% | |
$567 | $566 | 0% | |
$613 | $599 | 2% | |
$509 | $474 | 7% | |
$490 | $482 | 2% | |
$473 | $483 | -2% | |
$633 | $561 | 13% | |
$436 | $425 | 3% | |
$548 | $552 | -1% | |
$602 | $565 | 7% | |
$497 | $479 | 4% | |
$666 | $652 | 2% | |
$582 | $506 | 15% | |
$384 | $385 | 0% | |
$639 | $553 | 16% | |
$497 | $435 | 14% | |
$423 | $404 | 5% | |
$511 | $499 | 2% | |
$594 | $626 | -5% | |
$568 | $519 | 9% | |
$691 | $652 | 6% | |
$566 | $575 | -2% | |
$373 | $372 | 0% | |
$550 | $535 | 3% | |
$577 | $551 | 5% | |
$873 | $776 | 13% | |
$638 | $666 | -4% | |
$548 | $538 | 2% | |
$535 | $513 | 4% | |
$596 | $634 | -6% | |
$578 | $493 | 17% | |
$576 | $532 | 8% | |
$455 | $424 | 7% | |
$541 | $469 | 15% | |
$715 | $792 | -10% | |
$558 | $533 | 5% | |
$584 | $589 | -1% | |
$599 | $558 | 7% | |
$908 | $810 | 12% | |
$409 | $425 | -4% | |
$503 | $470 | 7% | |
$877 | $871 | 1% | |
$583 | $550 | 6% | |
$838 | $882 | -5% |
This article is part of a series of articles we’re rolling out demystifying the health insurance space, and making it accessible and affordable for everyone equally.
At CareCoverage, we're here to make health insurance simple and stress-free. We're looking forward to helping you and your family get the coverage you need.
We’re happy you found this article informative! Go back to our blog page to find more tips, tricks and guidance on getting the right health insurance for you!
If you're tangled up in the confusing world of health insurance, CareCoverage is the solution you've been looking for. We specialize in making health insurance simple and understandable, helping you find the plan that fits your needs perfectly. With a dedicated team that knows the ins and outs of everything in the health insurance space, CareCoverage has guided countless individuals and families to the coverage they need without the hassle.
Book a FREE consultation with our experts and let us help find your ideal and affordable health insurance plan today!