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How to Compare Health Insurance Plans

When looking for the right health insurance plan, it's important to understand and compare all of its elements. It's all about finding a combination of coverage that fits your needs at an affordable price point!

Out-of-pocket costs

The portion of medical expenses you are responsible for paying when you actually receive health care. Separate from your monthly premium.

Annual deductible

The deductible is the amount of money you must pay in out-of-pocket costs before the insurer starts to pay their share of costs. If the deductible is $1,000, you would be required to pay the first $1,000 in health care you receive each year, after which the insurance company would start paying its share.


A fixed upfront amount you must pay each time you receive care that is subject to a copay. For example, you might be required to pay a $30 copayment each time you visit the doctor.


The percentage of costs you pay once you've met your annual deductible. A gold tier plan beneficiary, for example, pays 20% of costs once they have paid their deductible, with the insurer covering the remaining 80%.

Annual out-of-pocket maximum

The maximum amount of deductible, copays, and coinsurance you are responsible for the year. Once met, the insurance provider will cover 100% of your expenses for the remainder of the year.

Health Insurance Rates by Plan Level
Based on 40 year old Applicant
Health Insurance Rates by Age
Based on Silver Health Insurance Plans
Health Insurance Rates by Company
Based on 40-year old purchasing a Bronze or Expanded Bronze Plan in Arizona, Georgia, Missouri, North Carolina, Ohio, Oregon, Texas and Wisconsin

Executive Summary and Methodology

Data Sourcing

Health insurance premiums and plans in the above report were aggregated from public use files (PUF)
on the Centers for Medicare & Medicaid Services (CMS) government website. Using the rates and
premiums for each plan, averages were calculated for various variables. Average costs per state were
calculated from silver plans for 40-year-olds.

Data Source Implementation

The CMS PUF Rates (2023) and CMS Plan Attributes PUF (2023) files were utilized in this exercise to
generate the below visuals. The CMS Plan Attributes file was used in order to cross reference the
“PlanID” field in the PUF Rate file to the “Metal Level” field and “Issuer Market Place Marketing Name”
field in the Plan Attributes PUF file. This allowed for the Plan level and Company visuals to be created
(graphs 1 and 3). Graphs 2 and 4 were created using the Age and Location data within the PUF Rates file
itself and filtration using the Plan Attributes PUF data (from the aforementioned columns). All rates
were calculated using the “Individual Rate” field. Any filters or specific designations for each visual are
listed at the bottom of each graph.

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What You Should Look At When Comparing Health Plans

The monthly premium isn't the only cost you'll have to think about when comparing insurance providers.

How to Compare Health Insurance Tiers

Health insurance plans are separated into four different metal tiers: Bronze, Silver, Gold, and Platinum. The higher the tier, the higher the proportion of medical expenses the plan covers. However, increased coverage, of course, comes with a more expensive monthly premium.
Insurance Company Pays 60%
You Pay 40%
Insurance Company Pays 70%
You Pay 30%
Insurance Company Pays 80%
You Pay 20%
Insurance Company Pays 90%
You Pay 10%
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Cost Of Health Insurance

How much your 2023 health insurance plan will cost depends on a range of factors, namely, the state in which you live, the level of coverage you purchase, and your age.
In 2022, annual premiums for health coverage for a family of four averaged $22,221, but employers picked up 73% of that cost.
The Kaiser Family Foundation. - Accessed July 12, 2022
The highest benchmark plan premium for a 40-year-old in 2022 was West Virginia, at $621; the lowest was New Hampshire's, at $273.
The Kaiser Family Foundation. Average Marketplace Premiums by Metal Tier, 2018-2022 - Accessed July 12, 2022
Average Marketplace Premiums
Wyoming: $791
*data and pricing are representative of the latest information available and will be updated continually throughout the year.
It is easy to get roped into paying for insurance policies and medical plans you don't need. With our expertise, you'll find that paying for useless coverage is a wasteful habit of the past.
Our specialists will provide you with a breakdown of plans available from the best health insurance companies.

Why Do You Need
Health Insurance?

Health care in the United States is notoriously expensive.

A single visit to the doctor can cost hundreds of dollars, and if a hospital stay is required with specialist care, tens of thousands of dollars can build up in the blink of an eye.

According to a recent analysis by independent nonprofit FAIR Health, those hospitalized with the coronavirus paid anywhere from $51,389 to $78,569 if uninsured or if they received care that's deemed out-of-network by their insurance company.

There aren't many individuals who could afford that bill. That's where health insurance comes in.

In exchange for a monthly premium, a health insurance provider shares the risk and covers a percentage of the expense – reducing your health care costs to a more manageable amount.

Health Insurance In The Affordable Care Act

The Affordable Care Act standardized health insurance plan coverage. Before the Affordable Care Act, benefits varied drastically from plan to plan. Now, when you shop for health insurance on the Marketplace, all plans are required to offer ten essential benefits.
Ambulatory patient services (outpatient)
Emergency services
Maternity and newborn care
Mental health and substance use disorder services
Prescription drugs
Pediatric services (oral and vision)
Laboratory services
Preventive and wellness services and chronic disease management
Rehabilitative and habilitative services and devices
Frequently Asked Questions
Health Insurance FAQs
How much is individual health insurance?

For individual health insurance In 2022, the average monthly premiums for a Bronze ACA health insurance plan is $928.

When can you buy individual health insurance?

Individual or family health insurance can be purchased from the Affordable Care Act marketplace or directly from a health insurance company during the Open Enrollment Period (OEP). For the majority of the states, the OEP takes place from November 1 to December 15 each year.

What Is A MultiPlan PPO?

MultiPlan PPO is a PPO that contracts with over 1,000,000 healthcare providers across the United States. This means that if you have MultiPlan insurance, you have access to these providers at a lower cost than if you went outside of the network.

What are health sharing plans?

Health sharing plans are typically faith-based health programs that facilitate sharing funds amongst members for qualified medical expenses. According to the specific guidelines each health sharing plan holds, members pool their monthly shares together (much like a premium) that are then used to help others in their network with medical expenses.

How do you buy private health insurance?

If you are not eligible for Medicare or Medicaid and your company does not currently sponsor an employer-sponsored plan, your only available option is to buy an insurance policy directly from a private insurance company. You can do this through your state's health insurance marketplace.

How do you read a health insurance plan?

There are several important factors to evaluate when reading a health insurance plan. These include what you're paying for, how much it costs, and whether or not the coverage is sufficient to meet your needs. The five main types of plans are as follows:

Health Maintenance Organization (HMO)

An HMO covers enrollees with coverage through a specific network of healthcare providers. These plans are typically more affordable, but patients must use specific doctors and specialists to get the costs covered.

Preferred Provider Organization (PPO)

A PPO provides enrollees with the flexibility to see healthcare providers outside of the network without a referral, but the rates the expanded provider options this type of insurance offer will typically be more expensive.

Point-of-Service Plan (POS)

A POS plan offers a little of both. It operates like an HMO if you stay within the network but gives you the ability to use out-of-network doctors if you receive a referral.

High-Deductible Health Plan (HDHP)

An HDHP has a higher deductible but typically features lower premiums than other plans. This makes it ideal for young and healthy people who are less likely to need medical care.

Catastrophic Plan

Catastrophic plans are available to individuals under 30 years of age. These plans feature low monthly premiums and prioritize protecting you from high medical bills for catastrophic health events.

All these plans have different pros and cons that can make one more attractive than another in certain cases. It's important to read up on theme before deciding which plan is right for you!

How much does health insurance cost?

The amount you pay for health insurance varies depending on the location where you receive coverage and other factors. For 2022, the average cost of individual health insurance per month is around $541. People who receive health care coverage from an employer or a federal program like Medicaid or Medicare will typically pay an amount that substantially differs from the above number.

When is the open enrollment period for Health Insurance?

The Open Enrollment Period or OEP for Health Insurance in 2023 starts November 1, 2022 and end on January 15, 2023.

What happens if I miss the open enrollment period for health insurance?

There are a number of things you can consider or have available to you if you miss open enrollment period for health insurance firstly review your options here with CoverageHaven or call a licensed agent at 1-844-956-0520 to see if any options are available to you.

What is short term health insurance?

Short-Term Health Insurance or "gap health insurance" is a type of temporary coverage when you are outside enrollment periods, between health plans, or need emergency coverage and can last from one month to one year.

As they are not required to comply with ACA guidelines, short-term insurance only covers major medical events such as; preventive care, doctor visits, urgent care, emergency care, and does not cover pre-exisiting conditions.

Learn more about Short-Term Coverage and see if it is best for you talk with a licensed agent.

What is COBRA Insurance?

COBRA Health Insurance or Consolidated Omnibus Budget Reconciliation Act essentially allows employees to continue to receive their health coverage even after leaving the company. According to the Department Of Labor , employers who have more than 20 employees are required to offer COBRA Coverage to employees who qualify.

What are the cheapest health insurance quotes I can get?

Typically, Medicaid offers the cheapest health insurance. However, the program is not available to everyone: qualifying for Medicaid coverage depends on your household income and the state you live in. In general, in most states, to qualify for income a person must have income that is below 138% of the federal poverty level.

What is Health Insurance?

Proper health insurance can be an essential part of staying healthy. With a comprehensive plan, you'll have the peace of mind that comes with knowing your family is covered in terms of medical emergencies or unforeseen circumstances. Without it, your entire life savings could be wiped out with a single medical bill.

Health insurance helps pay for medical expenses incurred through illness, injury, emergency surgery, and general health problems. Depending on your medical plan and scope of coverage, you might be required to immediately pay for these medical expenses at the hospital or doctor's office. You then make a claim, and the insurance company provides a reimbursement.

The good news? You're in the right place to learn about the options and plans available to you! With the right health insurance plan by your side, you and your family are fully protected, giving you one less thing to worry about.

With the help of Coverage Haven, you'll save on benefits such as preventive care and prescription drugs to ensure all members are always well cared for!

What is a premium?

A premium, in insurance terminology, is the amount you pay, typically on a monthly basis, to purchase coverage. As long as you pay the premium, you will continue to be covered by the policy

With all health plans, consumers pay a monthly insurance premium whether or not they use healthcare services. Premiums are typically higher for plans that pay more of your medical expenses when you receive care, such as Gold and Platinum plans. In general, premiums are also higher for plans that have lower deductibles and lower coinsurance amounts.

What is a deductible?

When you use health care services, the deductible is the amount you must pay before your coverage kicks in and the insurer begins paying its portion of your healthcare costs. For example, if you have a $500 deductible, you would be responsible for paying the first $500 in costs during the coverage period (typically one year). After the deductible is met, your health insurance would pay for any covered health expenses, minus co-pays and coinsurance.

What is a out-of-pocket maximum?

The maximum amount you can pay out-of-pocket is a combination of your deductible and the coinsurance and co-pay expenses you incur. Once this out-of-pocket maximum is reached, your health insurer would pay for all covered healthcare expenses beyond that amount.

When selecting health insurance, it’s important to look at all three of these factors. Paying a higher premium may allow you to have a lower deductible and out-of-pocket maximum, giving you more certainty as to how much you are likely to pay in health-related costs.

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