The cost of health care can vary greatly from one year to the next. A family with chronic conditions may experience higher medical costs than another even though both families had the same coverage.
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 also provides information on deductibles, out-of-pocket maximums and other cost-sharing options that are important for consumers to know before making their health insurance selection.
Average Health Insurance Deductible
A deductible represents the amount you'll have to pay upfront before your insurance provider begins paying. You and your insurance company will usually share the costs of medical services up until the deductible is reached. Once you've reached that point, your health insurance company pays for the rest of the cost.
You can choose between a health plan with high or low deductibles. 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 highest priced plans for individuals and familys have an annual deductible at least $1700. Lively CEO Ryan Wiik claims that Obamacare's plans carry the highest deductibles.
You may be interested in a bronze-tier plan if you are a consumer of health care who does not expect to use many medical services or do not take prescriptions regularly. These plans can be affordable. Bronze-tier plans have higher deductibles, but the premiums are often lower than other tiers of coverage. Some bronze-tier policies have deductibles that are equal to the $7,900 limit on out-of pocket expenses set by law in 2019.