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.
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/.
*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.