How much does health insurance cost in USA 2024

According to HealthCare.gov, insurance companies can only account for five factors when determining premiums under the healthcare law. These are:

Age: Premiums can be up to three times higher for older people than for younger ones.

Location: Differences in competition, state, local regulations, and cost of living also impact health insurance rates.

Tobacco use: Insurers can charge tobacco users up to 50% more than those who do not smoke.

Individual vs. family enrollment: Insurance providers can also charge more for a plan that also covers a spouse and dependents.

Plan category: The different plan categories – Bronze, Silver, Gold, and Platinum – also has an effect on premium prices.

The government website noted that states can limit how much impact these factors have on insurance rates but prohibited them from using medical history and gender in calculating premiums.

“Insurance companies can’t charge women and men different prices for the same plan,” HealthCare.gov explained. “They also can’t take your current health or medical history into account. All health plans must cover treatment for pre-existing conditions from the day coverage starts.”