Cost of health Insurance for retirees in 2024

Cost of Health Insurance for Retirees

It costs an average of $994 per month for health insurance for a 60-year-old, Forbes Advisor’s analysis of ACA plan rates found. The average health insurance cost for a 60-year-old couple is $1,987.

The average cost of health insurance is much cheaper for younger people. Here’s a look at the differences by age for an ACA plan.

Average health insurance cost by age

Age Average cost per month for single coverage
21-year-old $365
30-year-old $412
40-year-old $469
50-year-old $655
60-year-old $994

The type of health plan you choose also influences costs. Health maintenance organization (HMO) insurance plans generally cost less than preferred provider organization (PPO) health plans.

An HMO health insurance plan covers only the cost of medical services involving an in-network doctor or hospital, except for emergency care. You typically must have a referral to see specialists.

Exclusive provider organization (EPO) insurance plans also generally cost less than PPO health insurance plans. Similar to an HMO plan, an EPO health insurance plan doesn’t pay for out-of-network care unless it’s an emergency.

With EPO health insurance, you don’t need a referral to see specialists, though you must choose a specialist in the network for benefits to apply.

PPO health insurance plans have greater flexibility in coverage than HMO and EPO plans. PPO health plans cover care outside the provider network but at a much lower percentage. Smaller PPO health plans don’t usually require you to get a referral from your primary care doctor to see a specialist.

Health Insurance: We are at the Tipping Point, BFSI News, ET BFSI

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button