Health care costs can be substantial and vary widely 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 a tool like KFF's Marketplace calculator can help you find an affordable health insurance plan that fits your needs and budget. The site includes information on cost-sharing, deductibles and maximums.
Average Health Insurance Deductible
A deductible is an amount you will need to pay out-of-pocket before your health insurance company starts paying on your behalf. Most of the time, your health insurance company and you will split the cost of the medical services you receive until you reach your deductible. Once you've reached that point, your health insurance company pays for the rest of the cost.
Choose between a low or high deductible health insurance plan. The low deductible health plan usually has lower premiums. But you'll have to pay more if your medical needs are urgent or you get sick.
Individuals and families with the most expensive plans have a minimum annual deductible amount of $1700. Lively CEO Ryan Wiik says that Obamacare plans have the highest deductibles, with some options having an average deductible as high as $4,000 or even more.
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 are more expensive, but their premiums tend to be less than those of other coverage levels. Some bronze plans have deductibles which are the same as the $7.900 maximum allowed by law.