How Much Does Health Insurance Cost? – Compass Insurance Advisors
  • Your health insurance cost will be determined by a few factors. The main factor that determines your health insurance premiums is what federal advance premium tax credit you qualify for. Other factors include tobacco usage, location, age, plan structure, and number of dependents.

    Federal assistance is offered in each state which, most people qualify for and can help you pay for your health insurance. This federal assistance is called a subsidy, has two types of assistance. You may qualify for an Advanced Premium Tax Credit (APTC) which decreases your monthly payments. You could also qualify for cost sharing – which will decrease your deductible, copays, coinsurance, and max out of pocket.

    But exactly how much assistance does your state offer? According to an article published by Derek Silva from Policy Genius, the chart below is the average premium after Advanced Premium Tax Credit is applied. 

    StateAverage premium with APTCAverage final premiums across all enrollees
    Alabama$73$122
    Alaska$91$197
    Arizona$130$219
    Arkansas$135$187
    California$146$187
    Colorado$152$228
    Connecticut$87$241
    Delaware$119$211
    District of Columbia$206$508
    Florida$73$104
    Georgia$81$136
    Hawaii$114$191
    Idaho**
    Illinois$178$244
    Indiana$172$281
    Iowa$102$168
    Kansas$116$180
    Kentucky$119$199
    Louisiana$126$189
    Maine$120$187
    Maryland$100$182
    Massachusetts$150$228
    Michigan$143$192
    Minnesota$275$302
    Mississippi$81$110
    Missouri$102$172
    Montana$120$196
    Nebraska$54$95
    Nevada**
    New Hampshire$148$236
    New Jersey$163$228
    New Mexico$117$195
    New York*$256
    North Carolina$82$125
    North Dakota$84$135
    Ohio$163$243
    Oklahoma$61$106
    Oregon$150$246
    Pennsylvania$131$184
    Rhode Island$120$175
    South Carolina$85$128
    South Dakota$89$132
    Tennessee$101$162
    Texas$78$120
    Utah$62$91
    Vermont$294$461
    Virginia$100$171
    Washington$134$262
    West Virginia$221$323
    Wisconsin$118$185
    Wyoming$60$127
    Information from Policy Genius

    Because healthcare insurance prices vary in each state, the table below lists the average monthly premium by metal tier . These are the full prices without a tax credit.

    StateAverage bronze plan premiumAverage silver plan premiumAverage gold plan premium
    Utah$332$485$591
    North Dakota$369$589$557
    New Mexico$374$531$504
    New Hampshire$393$495$497
    Michigan$414$554$567
    Texas$456$601$645
    South Carolina$465$716$717
    Oregon$472$657$591
    Ohio$475$588$642
    Arkansas$483$567$650
    Oklahoma$485$726$706
    Kentucky$486$726$708
    Georgia$491$611$631
    Hawaii$493$680$663
    Virginia$502$675$644
    Indiana$504$627$759
    Maine$505$638$609
    North Carolina$509$710$735
    Montana$520$668$647
    Iowa$520$777$720
    Alabama$527$761$865
    Tennessee$529$687$865
    Arizona$530$611$733
    Florida$537$620$747
    Alaska$537$946$786
    Kansas$540$667$707
    Delaware$547$764$713
    Missouri$561$676$753
    Wisconsin$573$677$727
    Illinois$573$652$760
    Wisconsin$580$711$749
    South Dakota$589$820$770
    Mississippi$594$626$816
    Nebraska$599$870$846
    Louisiana$605$805$838
    Wyoming$680$1,062$860
    Wyoming$755$1,169$956
    West Virginia$985$1,067$1,124
    Information from Policy Genius

    Other Factors

    Tobacco

    Due to the likelihood of developing health issues in the future and the risk that it imposes on the health insurance company, tobacco users may see higher premiums.

    Location

    You might be wondering why my premium is affected by where I live? This is due to the amount of competition, if any, in the place where you reside. For example, in the more populated areas, there is a higher chance that there will be more insurance companies therefore, creating more competition. Competition makes the premiums become lower because of more competition. In conclusion, this makes rural areas with less competition up their premium costs. 

    Age

    Although the states of New York and Vermont do not use age as a determining factor for premium price, most of the states use the age of 21 to determine premium costs. However as you progress in age so does your premium price. 

    Plan Category

    Your premium is also affected by the type of healthcare insurance plan you choose. In health insurance, there are four categories of healthcare plans starting from lowest premium cost to the highest; Bronze, Silver, Gold, Platinum and Catastrophic.

    Number of Dependents

    Finally, your premium is affected by the number of dependents you have in your insurance policy. For example, if you add a spouse your monthly premium may increase. The more dependents you have, the more tax credit you will qualify for so adding a spouse and dependents may be more cost effective than you think.

    Conclusion

    Now that you know what factors affect the price of your healthcare insurance, how do you find affordable healthcare insurance for you and/or your family?

    Although finding healthcare insurance may sound like a tedious task, a Compass Agent can simplify the process. Compass Insurance Advisors is a brokerage, so our agents can look at your best options, help you know what tax credit and/or cost sharing that you qualify for, and answer any questions you might have.

    Get FREE advice from Compass Insurance Advisors or call 801-901-3519 to speak to a licensed Agent. 

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