How much does health insurance cost in 2024? (2024)

Key points

  • Your health insurance premium will depend on factors like the size of your deductible, how narrow your network is and whether you get insurance on the job or buy a plan on your own.
  • On average, a single person pays about $117 a month for employer-sponsored coverage and $477 a month for a plan on the health insurance marketplace, before any subsidies.
  • Besides monthly premiums, health insurance expenses include copayments, coinsurance and spending to meet your deductible.

Health insurance is an essential safeguard against unexpected and unaffordable medical expenses, but policies can be pricey. You can spend thousands a year on premiums, and even with health insurance, you may face copayments, coinsurance and a deductible. The costs can add up.

In fact, health care costs make up an average of 8.15% of all consumer spending in the United States.

How much is health insurance? Here’s how much premiums could set you back, plus what other costs you can face.

Compare health insurance costs

Kaiser Permanente

How much does health insurance cost in 2024? (1)

How much does health insurance cost in 2024? (2)

Learn More

Via Healthcare Marketplace’s Website

Provider network

23,900+ physicians in 39 hospitals and 622 medical facilities.

NAIC complaint level

Very low


How much does health insurance cost in 2024? (3)

How much does health insurance cost in 2024? (4)

Learn More

Via Healthcare Marketplace’s Website

Provider network

More than 1 million providers

NAIC complaint level


How much is health insurance for the average plan?

When calculating the cost of health care, most people think about health insurance premiums — how much you have to spend each month to maintain coverage. Premiums vary based on the type of coverage you have and whether you get your health insurance through an employer or purchase a policy on your own.

Employer-sponsored plans

With an employer-sponsored plan, or health insurance you get at work, costs vary based on the plan you choose and how much of your premiums your employer covers.

The average annual premium for employer-sponsored health insurance was $8,435 for an individual policy in 2023 and $23,968 for a family plan. According to the Kaiser Family Foundation, premiums for family coverage increased by 22% over the past five years, and 44% over the past 10 years.

Keep in mind those totals include what your employer pays. On average, workers contribute 17% of the premium for single coverage and 29% of the premium for family coverage. So in 2023, the average annual worker contribution was $1,401 for an individual plan and $6,575 for a family plan.

Individual plans

If you don’t have access to health insurance via your employer, you can purchase an individual policy through the Health Insurance Marketplace at, or through your state’s health insurance exchange.

Each state has its own benchmark health insurance plan, which is the plan used to determine premium subsidies (more on those later) as well as the plan that serves as the standard to establish essential benefits. Premiums for benchmark plans vary by state, but for 2024 nationwide the average benchmark premium is $477 per month or $5,724 per year.

How to calculate health insurance costs

Your monthly premiums are only a portion of your overall health care expenses, even when you have insurance. When choosing a health insurance plan, consider these other costs.


Your health insurance deductible is how much you have to pay out of pocket for health care services before your insurance will start covering costs.

Let’s say you have a plan with a $2,000 deductible. You’re responsible for all of your health care costs except for certain preventive care services until you reach your deductible. After that, your insurance company covers the costs of care, though you may owe a copayment or coinsurance.

Typical deductibles vary based on several factors, including the type of coverage you have:

Employer-sponsored coverage

The average deductible for an employer-sponsored plan is $1,992 for an individual plan and $3,811 for family coverage.

Marketplace plans

For plans purchased through the Health Insurance Marketplace, the average deductible is $2,825 for single coverage.

Copays and coinsurance

Copayments and coinsurance are what you put toward health care once you reach your deductible. Copayments are flat dollar amounts — say, $25 for a doctor’s visit — while coinsurance is a percentage of the cost of the health care service. Depending on your plan and the type of care, you could owe one or both.

Employer-sponsored coverage

Average copayments are $26 for primary care and $44 for specialty care. The average coinsurance rate is 19% for primary care and 20% for specialty care.

Marketplace plans

For coverage purchased through the Health Insurance Marketplace, your coinsurance could be 10% to 40% of the bill, depending on the health plan category you choose.

Out-of-pocket maximums

The out-of-pocket maximum is how much you have to pay for covered services during the plan year, beyond your premiums. After you spend that amount on deductibles, copayments or coinsurance, your health plan will cover 100% of your remaining costs.

Employer-sponsored coverage

For workplace health insurance plans that are compliant with the Affordable Care Act, the out-of-pocket maximum limits for the 2024 plan year are $9,450 for individual plans and $18,900 for a family plan. The average out-of-pocket maximum for employer-sponsored plans was $4,346 in 2023.

Marketplace plans

For the 2024 plan year, the maximum out-of-pocket limit is $9,450 for an individual plan, $18,900 for a family plan.For high deductible health plans, the 2024 maximum out-of-pocket limit is $8,050 for single coverage and $16,100 for family coverage.

Typical health insurance costs for a single person


Employer- sponsored coverage


($1,401 is the average employee portion)



$26 primary care

$44 specialty care


19% primary care

20% specialty care


Health Insurance Marketplace coverage




10% to 40%


How to choose the best health insurance

There is no right health insurance plan for everyone. “Choosing the right health insurance is highly subjective to the individual, based on their health care needs, risk tolerance, financial situation and how they consume health care,” said Ross Baker, benefits strategist with American Exchange.

“You want to strike a balance between prepaying through premiums for the amount of care you need and limiting your out-of-pocket exposure in the case of a high-cost health care event,” said Baker.

“Cheaper plans typically have coverage gaps, or a very high deductible and maximum out-of-pockets, which can leave you exposed,” he said. “That being said, for some with low health care needs and the ability to cover that higher exposure in a worst case scenario, the cheapest plan can be the best.”

What affects the cost of health insurance?

  1. Health plan category: When you buy insurance through the Health Insurance Marketplace, you choose between tiers: bronze, silver, gold and platinum. Bronze plans have the lowest monthly premiums, but have higher deductibles, making them best for healthy people who want coverage for worst-case scenarios. On the other end of the spectrum are platinum plans, which have the highest premiums but very low deductibles. They are best for those with chronic health conditions. While an employer-sponsored plan may not go by metal tiers, you similarly may have a choice of plans with higher and lower cost-sharing.
  2. Network type: Insurance plans can limit you to a certain network of doctors and medical facilities. A Health Management Organization (HMO) is the most restrictive plan since you can only see doctors within the network, and you need a referral to consult with a specialist. By contrast, a Preferred Provider Organization (PPO) offers more flexibility and won’t require referrals. Because of that flexibility, PPO plans tend to be more expensive. “Network has a significant impact on the premium, and this is very important in rural areas where certain providers or facilities can be hours away,” said Baker. “Generally, a thinner network, like an HMO, can save you in monthly premiums, but you will have to decide if that network will meet your health care needs.”
  3. Employer contributions: If you are eligible for insurance through your employer, your employer will likely cover some of the premiums. On average, workers are responsible for just 17% of the premiums for single coverage, and 29% of the premiums for family coverage.
  4. Subsidies: If you’re purchasing coverage through the Health Insurance Marketplace or your state’s exchange, you may be eligible for a tax credit that reduces your monthly premiums. These subsidies are based on your income. You can use the calculator at to estimate your tax credit.
  5. Location: Premiums and other costs can vary by location. For example, the average benchmark premium in Vermont was $950 per month. On the other end, the average premium in New Hampshire is just $335 per month.

Buying health insurance

Health insurance is a critical part of staying healthy, but it can be expensive. The good news is that there are some affordable health insurance plans to choose from, and you may be eligible for subsidies to help reduce your costs if you buy an individual plan on the marketplace. When evaluating your options, make sure to consider how often you typically need medical care.

“Start by gaining an understanding of your health care needs and the cost of those needs,” advised Baker. “Health insurance is merely the vehicle we choose to use to pay for health care. Look at things from an annual perspective and evaluate your needs and coverage every year as your life changes. Compare all of your options and find the balance of premium cost and coverage that works for you.”

If you’re overwhelmed or don’t know where to start, a health insurance agent, broker or what’s called an insurance assister can help you identify your needs and evaluate your options. You can find assistance by using the searchable database.

How much is health insurance FAQs

On average, a single person pays about $117 a month for employer-sponsored coverage and $477 a month for a plan on the health insurance marketplace, before any subsidies.

In addition to health insurance premiums, a single person will need to consider the cost of health care copayments, coinsurance and spending to meet the health insurance deductible.

Use the searchable database to find a health insurance agent, broker or insurance assister who can help you identify your needs and evaluate your options.

You are eligible for Medicare coverage at age 65, but you may be able to get it earlier if you have a disability, ALS or End-Stage Renal Disease.

You can apply for Medicare during your seven-month initial enrollment period, which begins three months before your 65th birthday month and continues three months after your birthday month.

If you enroll in Medicare before the month you turn 65, coverage will start the month of your 65th birthday.

How much does health insurance cost in 2024? (2024)


Will health insurance costs go up in 2024? ›

Every type of private health plan will see premiums increase in 2024. Platinum & Gold tier plans, along with HMO & PPO plans, will see the largest increase in premiums ranging from 6% to 10%. In 2024, health insurance will cost the most in Alaska, Vermont, West Virginia, New York and Wyoming.

What is the average deductible for health insurance in 2024? ›

BY Carly Plemons Published on April 29, 2024

As a general rule, the higher the deductible, the lower your premium, and vice-versa. The average individual yearly deductible was $5,101 during the Open Enrollment Period in 2024. For families had an average deductible of $10,310.

What is the medical inflation rate in 2024? ›

A pair of new surveys finds that U.S. health costs will jump in the new year, which may have significant implications for organizations. According to WTW's Global Medical Trends Survey, the cost of medical care benefits in the U.S. is projected to increase about 8.9 percent in 2024, compared with 8.2 percent in 2023.

What is the average cost of health insurance in the US? ›

The average national monthly health insurance cost for one person on an Affordable Care Act (ACA) plan without premium tax credits in 2024 is $477.

What is the affordability rate for 2024? ›

The IRS announced that the 2024 health plan affordability threshold—which is used to determine if an employer's lowest-premium health plan meets the Affordable Care Act's (ACA's) affordability requirement—will be 8.39 percent of an employee's household income.

Will Medicare premiums go up in 2024? ›

In 2024 the standard monthly premium will be $174.70, up $9.80 from $164.90 in 2023. The annual deductible for all Medicare Part B beneficiaries will be $240 in 2024, is $14 more than the 2023 deductible of $226. You'll pay more if you're a high earner.

Does everyone pay $170 for Medicare? ›

If you don't buy Part A when you're first eligible for Medicare (usually when you turn 65), you might pay a penalty. Most people pay the standard Part B monthly premium amount ($174.70 in 2024). Social Security will tell you the exact amount you'll pay for Part B in 2024.

How much is Obamacare a month for a single person? ›

Average Obamacare costs per month by plan type
Health insurance plan memberAverage monthly cost for an HMO planAverage monthly cost for a PPO plan
Adult individual age 21$342$404
Adult individual age 27$361$423
Adult individual age 30$390$458
Adult individual age 40$438$516
17 more rows
Jan 3, 2024

What is the most expensive health insurance? ›

Platinum health insurance is the most expensive type of health care coverage you can purchase. You pay low out-of-pocket expenses for appointments and services, but high monthly premiums. Plans typically feature a small deductible or no deductible and cheap copays or coinsurance.

Why is healthcare so expensive? ›

There are many possible reasons for that increase in healthcare prices: The introduction of new, innovative healthcare technology can lead to better, more expensive procedures and products. The complexity of the U.S. healthcare system can lead to administrative waste in the insurance and provider payment systems.

What will happen to inflation in 2024? ›

We expect inflation to average 1.9% from 2024 to 2028—falling just under the Fed's 2.0% inflation target. If inflation proves stickier than expected, the Fed stands ready to do whatever's necessary—including inducing a recession—to bring inflation down to 2%.

What is the medical cost trend in 2025? ›

According to the most recent CMS projections, by 2025 national health spending will reach $5.6 trillion, or $16,000 spent on health care for every American.

Is $200 a month good for health insurance? ›

Is $200 a month a lot for health insurance? The value of $200 per month for health insurance can vary based on individual needs and location. For some, especially those with employer-sponsored coverage or receiving subsidies under the ACA, $200 might seem high.

What happens in America if you can't afford healthcare? ›

What Are the Consequences of Having No Health Insurance? Not having health insurance can lead to large debt, affect your health if you delay care and may even hurt you at tax time, depending on your state.

What does the average US citizen pay for health insurance? ›

On average, a single person pays about $117 a month for employer-sponsored coverage and $477 a month for a plan on the health insurance marketplace, before any subsidies. Besides monthly premiums, health insurance expenses include copayments, coinsurance and spending to meet your deductible.

How much is Federal BCBS going up in 2024? ›

2024 Approved Rates:

Self Only biweekly premiums will be $55.30. Self Plus One biweekly premiums will be $118.88. Self and Family biweekly premiums will be $130.76.

Will healthcare be more expensive in the future? ›

Volatile economic conditions, such as changing health employment and periods of inflation, can also impact the cost of health services. Per capita health expenditures are projected to grow from $13,413 in 2022 to $20,425 in 2031, which is an average annual growth rate of 4.3%.

What is the growth forecast for health insurance? ›

The Health insurance market market worldwide is projected to reach a market size (gross written premium) of US$2.38tn in 2024. The average spending per capita in the Health insurance market market is expected to amount to US$306.70 in 2024.

How much will homeowners insurance increase in 2024? ›

While an intense hurricane season has the potential to cause premium increases next year, Insurify predicts Americans will see a more modest premium increase of 6% in 2024, putting the average annual homeowners insurance rate at $2,522 by the end of the year.


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