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Best Affordable Health Insurance Plans Of 2024

A bronze health insurance plan on the Affordable Care Act marketplace costs an average of $373 monthly for a 30-year-old.

A 40-year-old pays an average of $420 monthly for the same coverage.

A 50-year-old pays $587 monthly.

A 60-year-old pays $890 monthly.

Bronze plans have the lowest health insurance premiums on the ACA marketplace. Silver plans have the next lowest premiums. A silver health insurance plan costs an average of $488 monthly for a 30-year-old, $549 for a 40-year-old, $767 for a 50-year-old and $1,164 for a 60-year-old.

None of these averages factor in subsidies or tax credits, which will lower your overall cost. ACA plans are the only ones that have those tax credits, which can reduce your costs. People with household incomes below 400% of the federal poverty level qualify for subsidies on ACA plans.

Average Cost of Health Insurance by Age

Age plays an important role in how much you pay for ACA marketplace coverage.

Source: HealthCare.Gov. Based on unsubsidized ACA plans.

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Health insurance costs in the ACA marketplace vary based on multiple factors, including:

The health insurance company.

The metal tier.

The type of health plan.

Your age.

The out-of-pocket costs, including deductibles and coinsurance.

Your smoking status.

Average Monthly Health Insurance Costs by Tier

Average costs for a 27-year-old. Source: HealthCare.Gov. Based on unsubsidized ACA plans.

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Patrick Padgett

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Get Subsidies if You Can

If you are purchasing a plan through the ACA marketplace, subsidies make all of the difference in how much you will pay in premiums and are dependent on your annual income. If you are not yet 65 and retired, look for ways to keep your taxable income below the maximum level to obtain subsidies.

Compare Quotes

If you're buying a health plan through the ACA marketplace, I think it's wise to compare health insurance quotes on the marketplace website. Make sure to compare the costs for the same metal tier, so you can gauge the plans accurately.

Make Sure Your Doctors Take the Plan

Make sure that your providers accept a health insurance plan before you buy it. I would check with your providers to confirm that they take that specific insurance plan. Don't rely on the health insurance company's online provider directory, which can be incorrect or out of date.

Get on a Spouse or Parent's Plan

Getting added to a spouse or parent's health plan may cost less than buying your own health insurance. I suggest reviewing all of your health insurance options, including a spouse or parent's health plan, before choosing a plan.

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Health

A coalition of advocates call for full Medicaid expansion in Mississippi at a rally at the State Capitol in Jackson, Miss., Wednesday, April 17, 2024. The gathering drew supporters from throughout the state representing religious, social and human service organizations, medical professionals and legislators. Rogelio V. Solis/AP hide caption

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