How Much Does Health Insurance Cost?

When choosing a health insurance plan, it's essential to consider your total health care costs, including premiums, deductibles, and copayments/coinsurance. Additionally, think about the health and drug services you will use, any medical concerns, and the expenses you may need throughout the year.

Understanding Tax Credits and how they affect your premiums

When you sign up for Marketplace coverage, you'll find out if you qualify for a "premium tax credit," which can lower your monthly premium. The amount of your credit is based on details like your predicted estimated household income that you provide on your Marketplace application.

When it's time to file your federal income tax return, the IRS will check the information from your application, including income, against what you report on your tax return:

If your income is lower or your household size increases, you may get a bigger tax credit.

If your income is higher or your household size decreases, you may need to repay some or all of the advance payments of the tax credit made to your insurance company.

Important: When you file your federal income tax returns, you must reconcile any premium tax credits you used during the year.

How can I use my tax credit?

If you qualify, you can use all or some of your tax credit each month. The Marketplace sends your tax credit directly to your insurance company, so you pay less each month, which is called taking an "advance payment of the premium tax credit." If you're worried about owing back any advance payments, you can choose to use a smaller amount of the tax credit each month or none at all, getting the full amount back when you file your federal income taxes.

Think About a Plan's Deductible and Copays, Not Just the Premium

Apart from a plan’s monthly premium, the out-of-pocket costs you pay when using services significantly impact your total health care spending. Your total costs for the year include:

• Monthly Premium - The amount you pay to your insurance company each month to have health insurance.

• Deductible - How much you have to spend for covered health services before your insurance company pays anything.

• Copayments and Coinsurance - Payments you make to your health care provider each time you receive care, such as $20 for a doctor visit or 30% of hospital charges.

• Out-of-Pocket Maximum - The most you have to spend for covered services in a year. After you reach this amount, the insurance company pays 100% for covered services.

Estimate the Health and Drug Services You’ll Use

Consider the health services and prescription drugs your household typically receives. Then, estimate the services you’re likely to use in the year ahead.

Note: Actual expenses will vary, but the estimate is useful for comparing plans' total impact on your household budget.

The Marketplace has four health plan categories: Bronze, Silver, Gold, and Platinum. These categories are based on how you and the plan share the costs for the care you receive. The definitions below are typically what is the case, except for Utah, where there's a $0 deductible Bronze plan that's really good and one of the most popular plans in the whole state.

• Bronze: If you don’t anticipate needing frequent medical services or regular prescriptions, a Bronze plan might be a good fit for you. These plans typically offer very low monthly premiums but come with high deductibles and cover a smaller portion of your costs when you require care. In Utah, however, the some Bronze plans have a $0 deductible and is highly popular due to its excellent coverage and value.

• Silver: If you qualify for extra savings through cost-sharing reductions (CSRs), Silver plans can provide excellent value. With these plans, your deductible will be lower, and your costs for each visit will be reduced. However, these savings are only available with Silver plans. If you don't qualify for CSRs, it’s important to compare the premiums and out-of-pocket costs of Silver and Gold plans to find the best option for you.

• Gold and Platinum: If you anticipate frequent doctor visits or require regular prescriptions, consider a Gold or Platinum plan. These plans typically have higher monthly premiums but cover a larger portion of your costs when you need care.

Choose the plan that aligns best with your health needs and financial situation, and remember to consider any state-specific options like the popular some Utah Bronze plans have a $0 deductible.

How Much Does Health Insurance Cost Per Month for One Person?

Monthly premiums for Affordable Care Act (ACA) Marketplace plans vary by state and can be reduced by premium tax credits. The average national monthly health insurance cost for one person on an ACA plan without premium tax credits in 2024 is $471.

Factors Determining Health Insurance Premiums

- Income: This will affect your tax credit and how much of your premium will be covered by your tax credit.

- Age: Premiums increase with age, especially after 53.

- Tobacco Use: Smokers can be charged up to 50% more than non-smokers.

- Location: Premiums vary by region, influenced by competition and local costs.

- Plan Category: Different plans (Bronze, Silver, Gold, Platinum) have varying premiums based on coverage levels and out-of-pocket costs.

How Much Does Health Insurance Cost Per Month in Each State?

The national average health insurance premium for a benchmark plan in 2024 is $477, according to the Kaiser Family Foundation. Here are the average monthly premiums for benchmark plans by state:

Average Monthly Health Insurance Premiums for Benchmark Plans by State Without Premium Tax Credits

| Location | 2023 | 2024 | Percent Change |

| United States | $456 | $477 | 5% |

| Alabama | $567 | $564 | -1% |

| Alaska | $762 | $889 | 17% |

| Arizona | $410 | $403 | -2% |

| Arkansas | $416 | $424 | -2% |

| California | $432 | $468 | 8% |

| Colorado | $380 | $451 | 19% |

| Connecticut | $627 | $661 | 5% |

| Delaware | $549 | $533 | -3% |

| District of Columbia | $428 | $532 | 24% |

| Florida | $471 | $489 | 4% |

| Georgia | $413 | $463 | -12% |

| Hawaii | $469 | $468 | 0% |

| Idaho | $420 | $417 | -1% |

| Illinois | $453 | $473 | 4% |

| Indiana | $397 | $399 | 1% |

| Iowa | $484 | $451 | -7% |

| Kansas | $471 | $486 | 3% |

| Kentucky | $422 | $431 | 2% |

| Louisiana | $565 | $563 | 0% |

| Maine | $457 | $515 | 13% |

| Maryland | $336 | $346 | 3% |

| Massachusetts | $417 | $419 | 0% |

| Michigan | $362 | $381 | 5% |

| Minnesota | $335 | $343 | 2% |

| Mississippi | $461 | $485 | 5% |

| Missouri | $473 | $501 | 6% |

| Montana | $477 | $504 | 6% |

| Nebraska | $550 | $570 | 4% |

| Nevada | $386 | $387 | 0% |

| New Hampshire | $323 | $335 | 4% |

| New Jersey | $441 | $461 | 5% |

| New Mexico | $445 | $471 | 6% |

| New York | $627 | $736 | 17% |

| North Carolina | $512 | $495 | -3% |

| North Dakota | $475 | $486 | 2% |

| Ohio | $413 | $435 | 5% |

| Oklahoma | $554 | $508 | -8% |

| Oregon | $510 | $488 | -4% |

| Pennsylvania | $462 | $445 | -4% |

| Rhode Island | $379 | $400 | 6% |

| South Carolina | $496 | $492 | -1% |

| South Dakota | $626 | $616 | -2% |

| Tennessee | $473 | $501 | 6% |

| Texas | $461 | $475 | 3% |

| Utah | $471 | $507 | 8% |

| Vermont | $841 | $950 | 13% |

| Virginia | $371 | $371 | 0% |

| Washington | $395 | $415 | 5% |

| West Virginia | $824 | $847 | 13% |

| Wisconsin | $456 | $476 | 4% |

| Wyoming | $802 | $821 | 2% |

Health Insurance Costs With a Premium Tax Credit

The estimated national average cost in 2024 for a silver plan after a premium tax credit is applied is $66. This chart, unlike the previous one, takes into account premium tax credits. Here, you can find the average monthly premium with tax credits for a benchmark silver plan in a select city within your state:

Monthly Health Insurance Rates by State With a Premium Tax Credit

| Location | Major County | After Tax Credit in 2022 | After Tax Credit in 2023 |

| Alabama | Jefferson | $77 | $57 |

| Alaska | Anchorage | $0 | $9 |

| Arizona | Maricopa | $82 | $66 |

| Arkansas | Pulaski | $71 | $66 |

| California | Los Angeles | $68 | $53 |

| Colorado | Denver | $78 | $71 |

| Connecticut | Hartford | $37 | $27 |

| District of Columbia | D.C. | $78 | $69 |

| Delaware | Sussex | $72 | $64 |

| Florida | Miami-Dade | $82 | $71 |

| Georgia | Fulton | $82 | $71 |

| Hawaii | Honolulu | $37 | $3 |

| Iowa | Polk | $78 | $68 |

| Idaho | Ada | $78 | $69 |

| Illinois | Cook | $83 | $69 |

| Indiana | Marion | $71 | $70 |

| Kansas | Johnson | $83 | $65 |

| Kentucky | Jefferson | $78 | $68 |

| Louisiana | East Baton Rouge Parish | $83 | $52 |

| Massachusetts | Middlesex | $84 | $69 |

| Maryland | Montgomery | $74 | $69 |

| Maine | Cumberland | $74 | $62 |

| Michigan | Wayne | $83 | $69 |

| Minnesota | Hennepin | $78 | $63 |

| Missouri | St. Louis | $83 | $70 |

| Mississippi | Yazoo | $83 | $71 |

| Montana | Beaverhead | $72 | $61 |

| North Carolina | Robeson | $81 | $64 |

| North Dakota | McKenzie | $70 | $68 |

| Nebraska | Cherry | $74 | $70 |

| New Hampshire | Coos | $79 | $65 |

| New Jersey | Burlington | $59 | $64 |

| New Mexico | Catron | $53 | $51 |

| Nevada | Clark | $82 | $70 |

| New York | Kings | $37 | $63 |

| Ohio | Franklin | $79 | $68 |

| Oklahoma | Oklahoma | $75 | $66 |

| Oregon | Multnomah | $81 | $70 |

| Pennsylvania | Philadelphia | $82 | $64 |

| Rhode Island | Providence | $63 | $57 |

| South Carolina | Greenville | $66 | $70 |

| South Dakota | Minnehaha | $77 | $43 |

| Tennessee | Shelby | $77 | $63 |

| Texas | Harris | $78 | $70 |

| Utah | Salt Lake | $63 | $60 |

| Virginia | Fairfax | $83 | $58 |

| Vermont | Chittenden | $66 | $67 |

| Washington | King | $57 | $62 |

| Wisconsin | Milwaukee | $83 | $68 |

| West Virginia | Kanawha | $83 | $70 |

| Wyoming | Laramie | $80 | $70 |

Get Help from a Licensed Agent in Utah – At No Cost to You

Navigating the health insurance Marketplace can be overwhelming, but you don't have to do it alone. Licensed agents in Utah are available to assist you in finding the best health plan for your needs, and the best part is that their help is free of charge.

Benefits of having an agent:

• No Additional Cost: There is no fee for using the services of a licensed agent. Their assistance is paid for by the health insurance companies, so you get expert help without any added cost to you

• Expert Guidance: Licensed agents are trained professionals who can help you understand the different health plan options available to you. They can explain the details of Bronze, Silver, Gold, and Platinum plans, including the unique $0 deductible Bronze plan available in Utah.

• Personalized Assistance: Agents can assess your specific health needs and financial situation to recommend the best plan for you. They can also help you determine if you qualify for any savings or special programs.

• Application Support: An agent can guide you through the application process, ensuring that you provide all the necessary information accurately. They can also help you update your application if your circumstances change.

• Ongoing Help: Even after you’ve enrolled in a plan, licensed agents are available to assist with any questions or issues that arise. They can help you understand your benefits, find providers, and handle any changes or problems with your coverage.

If you're in Utah and need help selecting or enrolling in a health plan, don't hesitate to reach out to a licensed agent. They are there to make the process easier and ensure you find the best coverage for your needs.

Revive Insurance can help you find a plan that works for you. Contact our licensed insurance agents at (801) 901-8448 or talk with a licensed health insurance agent in your area.

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Graph Sources

- Kaiser Family Foundation Marketplace Average Benchmark Premiums

- How ACA Marketplace Premiums Are Changing by County in 2023

Disclaimer: The information provided in this blog post is for general informational purposes only and is not intended to be a substitute for professional advice, diagnosis, or treatment. Always seek the advice of your insurance provider, licensed agent, or other qualified health provider with any questions you may have regarding your health insurance options. While we strive to provide accurate and up-to-date information, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the information contained herein. Any reliance you place on such information is therefore strictly at your own risk.