The Average Cost of Health Insurance in the United States

 

In 2020, the average cost of a family health insurance policy was $21,342 with an employer-provided plan. The average premium payment was $15,579, while employees paid the remaining 27%. In contrast, a single worker’s premiums were $7,470. The higher deductible, more expensive monthly premium, and higher yearly premiums of platinum, gold, and silver plans resulted in the highest monthly premiums.

The average premium for a family health insurance plan increased 47% between 2010 and 2016, more than the increase in wages or inflation. In addition, a family’s deductible increased 68% over the same period. In addition, the out-of-pocket maximum (the amount that the insured must pay for any medical bills) rose to $2,429 in 2018. For many families, the average cost is more than twice as high as it was in 2010, and the deductible is even higher.

For unsubsidized individual customers, the average premium was $456 per month and $1,152 for a family of four. Families paid an average of $8,439 and $24,439, respectively. The average yearly cost of health insurance for a family of four was projected to hit $22,011 by 2020. However, healthcare costs continue to rise, and the average annual premium for a family plan has risen 22% since 2015. A family’s premium for bronze plans was $4,566 less in 2020, and a family’s deductible for a silver plan was $666.

The cost of health insurance has increased despite the Affordable Care Act. Despite the benefits of government subsidies, the premiums for single coverage were $2124 a year. For families, the average premiums for a family plan were $1,041 per month. For employers, however, the cost of healthcare coverage will be $498 a month. Moreover, the average increase is only $201 in 2019 with subsides.

The average cost of health insurance in the United States varies depending on the type of plan. Bronze plans cost an extra $113 per month. In contrast, gold and platinum plans cover an additional $2,586 a year. Similarly, premiums for platinum and gold plans are up by six percent on average. The Affordable Care Act was designed to reduce the cost of healthcare for average individuals and families, but it has not helped ordinary people afford it.

Inflation has slowed in recent years. The average increase in the cost of health insurance with subsidies was $201 in 2018. This increases the cost of coverage for both families. Moreover, the average premiums for family coverage have increased by 68.4% since 2011. Among these premiums, the average deductible for a family plan will go up by 97% in 2020. Its price will continue to rise. But the government is attempting to help ordinary families afford the rising costs of health insurance.

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