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)
  • Higher monthly premium costs
  • Starts helping to pay for health care costs sooner
  • Lower monthly premium cost
  • Higher out-of-pocket costs for longer (until coverage starts to help pay more for health care costs)