Les Masterson is a deputy editor and insurance analyst at Forbes Advisor. He has been a journalist, reporter, editor and content creator for more than 25 years. He has covered insurance for a decade, including auto, home, life and health. Before cove.
Les Masterson Deputy Editor, InsuranceLes Masterson is a deputy editor and insurance analyst at Forbes Advisor. He has been a journalist, reporter, editor and content creator for more than 25 years. He has covered insurance for a decade, including auto, home, life and health. Before cove.
Written By Les Masterson Deputy Editor, InsuranceLes Masterson is a deputy editor and insurance analyst at Forbes Advisor. He has been a journalist, reporter, editor and content creator for more than 25 years. He has covered insurance for a decade, including auto, home, life and health. Before cove.
Les Masterson Deputy Editor, InsuranceLes Masterson is a deputy editor and insurance analyst at Forbes Advisor. He has been a journalist, reporter, editor and content creator for more than 25 years. He has covered insurance for a decade, including auto, home, life and health. Before cove.
Deputy Editor, Insurance Michelle Megna Lead Editor, InsuranceMichelle is a lead editor at Forbes Advisor. She has been a journalist for over 35 years, writing about insurance for consumers for the last decade. Prior to covering insurance, Michelle was a lifestyle reporter at the New York Daily News, a magazine.
Michelle Megna Lead Editor, InsuranceMichelle is a lead editor at Forbes Advisor. She has been a journalist for over 35 years, writing about insurance for consumers for the last decade. Prior to covering insurance, Michelle was a lifestyle reporter at the New York Daily News, a magazine.
Michelle Megna Lead Editor, InsuranceMichelle is a lead editor at Forbes Advisor. She has been a journalist for over 35 years, writing about insurance for consumers for the last decade. Prior to covering insurance, Michelle was a lifestyle reporter at the New York Daily News, a magazine.
Michelle Megna Lead Editor, InsuranceMichelle is a lead editor at Forbes Advisor. She has been a journalist for over 35 years, writing about insurance for consumers for the last decade. Prior to covering insurance, Michelle was a lifestyle reporter at the New York Daily News, a magazine.
| Lead Editor, Insurance
Updated: Jul 22, 2024, 2:33pm
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.
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Health insurance costs $5,040 a year for a bronze Affordable Care Act (ACA) marketplace plan for a 40-year-old, based on our analysis.
The cost of health insurance in the ACA marketplace at HealthCare.gov varies by insurance company, where you live, which plan and metal tier you choose, how many people are covered, your age, whether you smoke and your household family size and income. The ACA marketplace lets you compare health plans that are sold in the marketplace.
The average monthly premium for a bronze ACA health insurance plan is $420 for a 40-year-old. The average monthly cost for that same person increases to $549 for a silver plan and $713 for a gold plan. Those averages don’t consider premium tax credits and subsidies that can reduce costs for an ACA plan based on household income.
Though age isn’t considered when setting rates for employer-sponsored health insurance, insurers in the ACA marketplace use age when setting health plan premiums.
Source: Healthcare.gov. Based on unsubsidized ACA plans.See More See Less
It’s wise to compare quotes from multiple health insurance companies to find the best affordable health insurance for you.
ACA plans base rates on multiple factors, including your age, smoking status, type of plan and metal tier. Aetna, Cigna and UnitedHealthcare are three insurers to check out in the ACA marketplace at HealthCare.gov if you want to pay less for coverage.
Source: Healthcare.gov. Based on unsubsidized ACA plans.See More See Less
A health plan’s benefit design influences your costs. Health maintenance organization (HMO) and exclusive provider organization (EPO) plans are usually cheaper than a preferred provider organization (PPO) plan.
Source: Healthcare.gov. Based on unsubsidized ACA plans.See More See Less
A plan’s metal tier affects how much you pay in premiums and out-of-pocket costs. Bronze, silver, gold and platinum plans are distinguished from one another based on how much you pay on premiums and out-of-pocket costs.
Source: Healthcare.gov. Based on unsubsidized ACA plans. Note: Platinum plans aren’t usually offered and we don’t have enough cost data on those types of plans to offer an accurate picture of costs.
See More See Less
The number of people on a health plan influences how much you pay. Adding an adult to a plan typically increases your health insurance costs compared to adding a child.
40-year-old, single coverage 40-year-old, single coverage plus child 40-year-old, couple coverage 40-year-old, couple coverage plus one child 40-year-old, couple coverage plus two children Source: Healthcare.gov. Based on unsubsidized ACA plans.See More See Less
The ACA lets health insurance companies use multiple factors when setting premiums on the health insurance marketplace.
ACA marketplace insurance companies use a person’s age when setting Obamacare costs , which is different from the employer-sponsored health insurance market.
The ACA lets insurance companies set higher rates for smokers in the marketplace. A health insurance company can charge a smoker as much as 50% more than a nonsmoker.
Metal tiers on the ACA marketplace help consumers choose plans based on costs. The metal tiers are bronze, silver, gold and platinum. The metal tier you choose depends on whether you want to pay higher premiums or higher deductibles.
Single coverage costs less than if you have multiple people on your health plan. Adding a spouse to your plan may double costs, and having a child or two on coverage will likely increase it even more.
A health plan’s benefit design affects costs and how you get care. You need to decide whether flexibility or lower premiums are more important to you when you’re comparing health plans.
The Affordable Care Act (ACA) marketplace offers premium tax credits and cost-sharing subsidies based on your household income. That can lower premiums and out-of-pocket costs. People with household income at 400% of the federal poverty level or below are eligible for premium tax credits.
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Deputy Editor, InsuranceLes Masterson is a deputy editor and insurance analyst at Forbes Advisor. He has been a journalist, reporter, editor and content creator for more than 25 years. He has covered insurance for a decade, including auto, home, life and health. Before covering insurance, Les was a news editor and reporter for Patch and Community Newspaper Company and also covered health care, mortgages, credit cards and personal loans for multiple websites.
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