Average health insurance cost for single male 2022

IndividualHealth_Informational

Health insurance prices have been on the rise for at least the last decade. But there are still affordable healthcare options available for those wondering about the cost of health insurance for a single male.

What Determines the Cost of Health Insurance for a Single Man?

Insurance companies base premium rates on a few factors such as: age, location, tobacco use, and whether you are buying a single person or family plan. 

However, age (premiums can increase by 3 times) and tobacco use (premiums can be affected by 50%) are large determinants of health insurance premiums.1 Young, non-smoking people receive some of the lowest health insurance rates.

Other factors that can influence your costs are metal tiers. There are bronze, silver, gold, and platinum plans to choose from (each with a different actuarial value). These tiers determine how much of your overall healthcare costs your insurance provider will pay. Plans with higher premiums usually have lower out-of-pocket costs.1

The Affordable Care Act (ACA) has improved the cost of health insurance for a single man in a couple of ways. It allows males under the age of 26 to stay on their parent’s health insurance plan.2 The ACA also has subsidies—premium tax credits and cost-sharing reductions. Single, low-income males may qualify for these savings that lower premiums or out-of-pocket expenses (like copays and deductibles).3

What Is the Average Cost of Health Insurance for a Single Male?

The average health insurance cost for a single man with a benchmark plan is $452 in 2021.4 Keep the above-mentioned points (like subsidies, age, tobacco use, and plan choice) in mind when shopping for health insurance. Any single factor can easily influence the cost.

The best way to determine what the cost of health insurance for a single man is to get a quote. HealthMarkets provides free quotes and a Best Price Guarantee.* Most importantly, HealthMarkets offers recommendations based on your personal circumstances and preferences. Start your quote online today to see how much a plan could cost you. 

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References:
1.HealthCare.gov. Retrieved from https://www.healthcare.gov/how-plans-set-your-premiums/. Accessed January 29, 2021. | 2.HealthCare.gov. Retrieved from https://www.healthcare.gov/young-adults/children-under-26/. Accessed January 29, 2021. | 3.HealthCare.gov. Retrieved from https://www.healthcare.gov/lower-costs/save-on-monthly-premiums/. Accessed January 29, 2021. | 4.Kaiser Family Foundation. 2021. Retrieved from https://www.kff.org/health-reform/state-indicator/marketplace-average-benchmark-premiums/. 

Disclaimer:
*Premiums charged by a carrier for a particular insurance product must be consistent; regardless of whether you buy it from HealthMarkets Insurance Agency, from a competing agency, or directly from the insurance company. 

When choosing a plan, it’s a good idea to think about your total health care costs, not just the bill (the “premium”) you pay to your insurance company every month.

Other amounts, sometimes called “out-of-pocket” costs, have a big impact on your total spending on health care – sometimes more than the premium itself.

Beyond your monthly premium: Deductible and out-of-pocket costs

• Deductible: How much you have to spend for covered health services before your insurance company pays anything (except free preventive services)
• Copayments and coinsurance: Payments you make each time you get a medical service after reaching your deductible
• 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.

How to estimate your yearly total costs of care

In order to pick a plan based on your total costs of care, you’ll need to estimate the medical services you’ll use for the year ahead. Of course it’s impossible to predict the exact amount. So think about how much care you usually use, or are likely to use.

• Before you compare plans when you’re logged in to HealthCare.gov or preview plans and prices before you log in, you can choose each family member’s expected medical use as low, medium, or high.
• When you view plans, you’ll see an estimate of your total costs — including monthly premiums and all out-of-pocket costs — based on your household’s expected use of care.
• Your actual expenses will vary, but the estimate is useful for comparing plans’ total impact on your household budget.

Total costs & “metal” categories

When you compare plans in the Marketplace, the plans appear in 4 “metal” categories: Bronze, Silver, Gold, and Platinum. The categories are based on how you and the health plan share the total costs of your care.

Generally speaking, categories with higher premiums (Gold, Platinum) pay more of your total costs of health care. Categories with lower premiums (Bronze, Silver) pay less of your total costs. (But see the exception about Silver plans below.)

So how do you find a category that works for you?

• If you don’t expect to use regular medical services and don’t take regular prescriptions: You may want a Bronze plan. These plans can have very low monthly premiums, but have high deductibles and pay less of your costs when you need care.
• If you qualify for "cost-sharing reductions" (CSRs): Silver plans may offer good value. If you qualify, your deductible will be lower and you’ll pay less each time you get care. But you get these extra savings only if you enroll in Silver. If you don’t qualify for CSRs, compare premiums and out-of-pocket costs of Silver and Gold prices to find your right plan. See if your income estimate falls in the range for cost-sharing reductions.
• If you expect a lot of doctor visits or need regular prescriptions: You may want a Gold plan or Platinum plan. These plans generally have higher monthly premiums but pay more of your costs when you need care.

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