How Much Are Family Insurance Plans?

When searching for health insurance for your family, cost may be one of your first concerns. How much can you expect to spend for your family insurance plan? The answer isn’t black and white. The cost of your family insurance coverage will largely depend on your individual family’s needs, and where you live.

When searching for a plan for you and your family, ask yourself these important questions:

 

 What prescriptions, if any, are you and your family members using regularly?

 How much can you spend on healthcare costs?

 What medical conditions affect you or any of your family members?

 Whether any planned procedures or surgeries are in the near future?

 Do you want to keep your hospitals, doctors and pharmacies?

 

These key questions will help you better determine what type of insurance plan you need, which will give you a better idea of how much your premiums will cost.

 

Average Premium Costs

While the cost of family insurance will vary greatly from one family to another, you can get an idea of how much you will need to spend by looking at the average overall cost of insurance.

 

Average Cost of Employer-Based Health Insurance in 2014

 

 Employee Contribution: $4,518

 Employer Contribution: $12,137

 

Average Cost of Individual Premiums

While there is limited data on family insurance costs, we do have information on individual plans.

 

These averages are based on a 40-year-old non-smoker making $30,000 a year:

 

 Catastrophic: $210

 Bronze: $256

 Silver: $314

 Gold: $369

 Platinum: $441

 

Please note: These premium averages are for an individual. Family premiums will likely behigher.When choosing a plan for your family, it’s important to keep your budget in mind. The cost of premiums should be considered, but low-cost plans come with higher out-of-pocket costs.