A bronze health insurance plan on the Affordable Care Act marketplace costs an average of $373 monthly for a 30-year-old.
- A 40-year-old pays an average of $420 monthly for the same coverage.
- A 50-year-old pays $587 monthly.
- A 60-year-old pays $890 monthly.
Bronze plans have the lowest health insurance premiums on the ACA marketplace. Silver plans have the next lowest premiums. A silver health insurance plan costs an average of $488 monthly for a 30-year-old, $549 for a 40-year-old, $767 for a 50-year-old and $1,164 for a 60-year-old.
None of these averages factor in subsidies or tax credits, which will lower your overall cost. ACA plans are the only ones that have those tax credits, which can reduce your costs. People with household incomes below 400% of the federal poverty level qualify for subsidies on ACA plans.
Average Cost of Health Insurance by Age
Age plays an important role in how much you pay for ACA marketplace coverage.
Source: HealthCare.gov. Based on unsubsidized ACA plans.
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Average Cost Of Health Insurance by Tier
Average costs for a 27-year-old. Source: HealthCare.gov. Based on unsubsidized ACA plans.
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Factors That Impact the Cost of Health Insurance
Health insurance costs in the ACA marketplace at HealthCare.gov vary based on multiple factors, including:
- The health insurance company.
- The metal tier, such as bronze vs. silver plans..
- The type of health plan (such as an HMO vs. a PPO).
- Your age.
- Your out-of-pocket costs when you get healthcare, including deductibles and coinsurance.
- Your smoking status.
While ACA plans base rates partially on age and whether you smoke, employer-sponsored group health insurance plans can’t base prices on individuals. Group health plans instead take into account the overall health insurance costs accrued from the group over a period when deciding on costs.
How to Find the Best Cheap Health Insurance
Patrick Padgett
Advisory Board Member
Les Masterson
Insurance Editor
Jason Metz
Insurance Lead Editor
Amy Danise
Insurance Managing Editor
Michelle Megna
Insurance Lead Editor
Get Subsidies if You Can
If you are purchasing a plan through the ACA marketplace, subsidies make all of the difference in how much you will pay in premiums and are dependent on your annual income. If you are not yet 65 and retired, look for ways to keep your taxable income below the maximum level to obtain subsidies.
Compare Quotes
If you’re buying a health plan through the ACA marketplace, I think it’s wise to compare health insurance quotes on the marketplace website. Make sure to compare the costs for the same metal tier, so you can gauge the plans accurately.
Make Sure Your Doctors Take the Plan
Make sure that your providers accept a health insurance plan before you buy it. I would check with your providers to confirm that they take that specific insurance plan. Don’t rely on the health insurance company’s online provider directory, which can be incorrect or out of date.
Get on a Spouse or Parent’s Plan
Getting added to a spouse or parent’s health plan may cost less than buying your own health insurance. I suggest reviewing all of your health insurance options, including a spouse or parent’s health plan, before choosing a plan.
