How much does a health insurance plan cost

The cost of a health insurance plan can vary based on several factors. You’ll pay some costs every month, and others when you receive care. Understanding these costs can help you choose a plan that fits your budget.

Look at the total cost

When comparing plans, it’s important to look beyond the monthly price. Think about the total cost of care over the year.

Some costs happen regularly, like your monthly premium. Others depend on how often you use care. While no one can predict the future, it may help to think about the care you used last year and what you expect in the year ahead.

Common health insurance costs

Here are some key terms to know:

• Premium: The amount you pay each month to keep your coverage, even if you don’t use care.
• Copayment, or copay: A set amount you pay when you visit the doctor, fill a prescription or receive certain services.
• Deductible: The amount you pay out of pocket for care before your plan starts to share the cost of covered services.
• Coinsurance: Your share of the cost after you meet your deductible. For example, you may pay a percentage while your plan pays the rest.
• Maximum out-of-pocket: The most you’ll pay for covered services in a plan year. Once you reach this limit, your plan pays 100% of covered costs.

Understanding how these pieces work together can help you estimate what you may spend throughout the year.

Tips for planning your costs

• Include your monthly premium in your budget.
• Think about how often you may need care, such as doctor visits or prescriptions.
• Take advantage of preventive care. Many plans cover checkups, screenings and vaccines at no cost to you.
• Plan for the unexpected, like injuries or sudden illness. Your deductible and out-of-pocket maximum help protect you from large expenses.
• Consider your current health and lifestyle when estimating your needs.

For detailed cost information, review the Summary of Benefits and Coverage (SBC) for any plan you’re considering.

Need help finding the right plan?

We’re here to help you choose coverage that fits your life and budget. Explore your options or connect with our team to get started.

To learn more, request an agent or get a quote. If you're ready to compare plans, click here to compare plans and get a quote. You can also call us at (844) 679-9733 to talk to one of our experts and start setting up your plan.

Current Security Health Plan members can access their summary of benefits and coverage through our secure member portal or by contacting customer service using the number listed on the back of their member ID card.