The cost of health care can vary greatly from one year to the next. Even if two families share the same insurance coverage, a family with a chronic illness may have higher medical costs.
Using a tool like KFF's Marketplace calculator can help you find an affordable health insurance plan that fits your needs and budget. The site offers information on deductibles and out-of-pocket limits, as well as other cost-sharing options. These are all important factors for consumers to consider before choosing a health insurance plan.
Average Deductible for Health Insurance
A deductible refers to the amount of money you have to pay yourself before your insurer will start paying. In many cases, you and the insurance provider share the costs for medical care until you reach the level of deductible. Once you've reached this level, it is your health insurance that pays the rest.
You can choose a high deductible health plan, or a low-deductible one. You can choose a low-deductible plan that has lower monthly premiums. However, you'll pay more in the event of an emergency or illness.
The most expensive plans are those with an annual deductible below $1,700. Lively CEO Ryan Wiik claims that Obamacare's plans carry the highest deductibles.
If you're a health care consumer who doesn't expect to use much medical services, or you don't take regular prescriptions, you may want to look into a bronze-tier health insurance plan, which can be relatively inexpensive. Bronze-tier insurance plans may have higher premiums, but they also come with a higher deductible. Some bronze plans have deductibles which are the same as the $7.900 maximum allowed by law.