Health care costs are substantial and can change dramatically from year-to-year. Even if two families share the same insurance coverage, a family with a chronic illness may have higher medical costs.
Using an online tool like KFF Marketplace Calculator can help you find affordable health insurance plans that fit your budget and meet your needs. 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 Health Insurance Deductible
You will have to pay a deductible before your insurance company begins paying for you. You and your insurance company will usually share the costs of medical services up until the deductible is reached. Once you reach this point, the health insurance provider pays the remainder of the costs.
You can either choose a plan with a high or low deductible. Low-deductible plans have lower monthly payments, but they will require you to pay more for medical emergencies or if you become ill.
The highest priced plans for individuals and familys have an annual deductible at least $1700. Lively CEO Ryan Wiik states that Obamacare-based plans are the ones with the highest deductibles. Some options have an average deductible up to $4,000, or even higher.
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 health insurance plans often have higher deductibles but lower premiums than other coverage tiers. Some bronze-tier policies have deductibles that are equal to the $7,900 limit on out-of pocket expenses set by law in 2019.