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Cost of Health Insurance for a Single Man
“What is the cost of health insurance for a single man?” This has become a very popular question. Perhaps because in the past decade the cost of health insurance has been on the rise, and everyone’s insurance premiums have climbed. The passing of the Affordable Care Act (ACA) has added additional confusion. But the good news is that despite an overall increase in costs, the average health insurance policy for a single man can still be pretty affordable. If you are single, young, healthy, and male, you are in one of the best positions for finding affordable health insurance options.
What Determines Health Insurance Rates?
Insurance companies base rates on a few factors such as: age, location, tobacco use, and whether you are buying a single person or family plan. While there can be geographic influences on cost, it is generally age and tobacco use that are the bigger determinants of health insurance rates. If you are a young, non-smoking male, you are part of a group that gets some of the lowest health insurance rates. But it’s not just insurance premiums that tend to be lower for this demographic. It’s overall healthcare costs, too. While females can be young and healthy also, they can carry babies. Since men don’t get pregnant, they don’t have to worry about prenatal costs and other expenses related to pregnancy.
Additionally, the Affordable Care Act 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. If this sounds good to you, you could talk to your parents about staying on their plan and paying them the difference. The ACA also has subsidies—premium tax credits and cost-sharing reductions. Single males who earn a low-income may qualify for these savings.
However, this still doesn’t answer the question: “what is the cost of health insurance for a single man?” That’s because there are so many things that can influence what one may end up paying. For instance, health insurance plans are broken down into metal tiers. There are bronze, silver, gold, and platinum plans to choose from (each with a different actuarial value).This determines how much of your overall healthcare costs your insurance provider will pay. Additionally, there are different levels of deductibles and copays, all unique to each plan.
So, What’s the Average Rate?
So, getting to the heart of the question, the average health insurance cost for a single man will likely be over a $100 a month, and for a more comprehensive plan over $200 a month. Plans can easily run upwards of $300 or more, depending on how high a level of coverage you chose. It is important to keep all the points mentioned above in mind when shopping for health insurance. Any single factor can easily influence cost in one direction or another.
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.* You will not find the same plan somewhere else cheaper. Most importantly, HealthMarkets offers unbiased advice and feedback based on your personal circumstances and preferences. Since we work independently of carriers and the government, we have your best interest at heart. If you want to know the cost of health insurance for a single man, give us a call today at (855) 839-8126! Or use our easy and convenient system to get a quote online.