What Impacts the Cost of Health Insurance?
Several factors impact the cost of your health insurance plan:
- Your age
- The number of family members on your plan
- Whether or not you qualify for federal financial help
- Where you live
For many individuals, the best plan is a balance between premium cost (monthly expense) and how much you would have to pay for the care and services you receive (copays, deductible, coinsurance, out-of-pocket expenses) while using the plan.
A lower-deductible or no deductible plan (Gold metal level) would start to help you pay for health care costs sooner than a higher deductible plan (Bronze metal level). A Silver metal level plan would have a lower monthly premium than a Gold plan, but would require you to pay more out-of-pocket costs each year.
Understanding Plan Levels
|Lower Deductible Plan (example: Gold plan)||Higher Deductible Plan (example: Bronze or Silver plan)|