The costs of health care are often substantial and they can vary from one year into the next. A family with chronic conditions may experience higher medical costs than another even though both families had the same coverage.
Using a tool like KFF's Marketplace calculator can help you find an affordable health insurance plan that fits your needs and budget. The site also provides information on deductibles, out-of-pocket maximums and other cost-sharing options that are important for consumers to know before making their health insurance selection.
Average Health Insurance Deductible
A deductible represents the amount you'll have to pay upfront before your insurance provider begins paying. In many cases, you and the insurance provider share the costs for medical care until you reach the level of deductible. After you reach that level, your insurance company will cover the remaining costs.
You can choose a high deductible health plan, or a low-deductible one. Low deductible plans usually have lower premiums but will cost you more if you fall ill or need to pay for a medical emergency.
The most expensive plans are those with an annual deductible below $1,700. Lively CEO Ryan Wiik states that Obamacare-based plans are the ones with the highest deductibles. Some options have an average deductible up to $4,000, or even higher.
If you're a health care consumer who doesn't expect to use much medical services, or you don't take regular prescriptions, you may want to look into a bronze-tier health insurance plan, which can be relatively inexpensive. Bronze-tier plans have higher deductibles, but the premiums are often lower than other tiers of coverage. Some bronze-tier plans have deductibles that match the $7,900 maximum out-of-pocket limit set by the law for 2019.