Since at least 10 years ago, health insurance prices have been rising. There are still affordable options for single men who want to get health insurance.
What determines the cost of health insurance for a single man?
A few factors are considered when insurance companies calculate premium rates: age, location and tobacco use. They also consider whether you are purchasing a family or single plan.
However, age (premiums can increase by 3 times) and tobacco use (premiums can be affected by 50%) are large determinants of health insurance premiums.1 Young, non-smoking people receive some of the lowest health insurance rates.
Other factors that can influence your costs are metal tiers. There are bronze, silver, gold, and platinum plans to choose from (each with a different actuarial value). These tiers will determine how much your insurance provider will cover for your healthcare costs. Higher premium plans usually have lower out of pocket costs. 1
The Affordable Care Act (ACA), which has a few key features, has helped to lower the cost of health insurance for a single male in a number of ways. The ACA allows males younger than 26 years old to continue on their parent’s health insurance plan.2 It also provides subsidies, such as cost-sharing reductions and tax credits for premiums. Single, low-income males may qualify for these savings that lower premiums or out-of-pocket expenses (like copays and deductibles).3
What is the average cost of health insurance for a single male?
In 2021, the average cost of health insurance for a single male with a benchmark plan was $452. When shopping for health insurance, keep the following points in mind: age, plan choice, subsidies and tobacco use. The cost of health insurance can be affected by any one factor.
A quote is the best way to find out how much health insurance costs for one man. HealthMarkets offers free quotes and a Best price guarantee. HealthMarkets provides recommendations based on your individual circumstances and preferences.
Is Insurance Cheaper through an Employer?
It is not surprising that employer-sponsored insurance is more affordable than those offered by the marketplace.
Kaiser Family Foundation estimates that covered workers pay 17% of the cost for single coverage. This amounts to $101 on average for HMO plans, and $111.25 on average for PPO plans. This compares to the eHealth data which revealed that the average cost of a single person for any gender was $456.
Prices vary from one state to the next. In Hawaii, for example, the average annual cost of a worker is $718. However, Massachusetts workers may be paid $1,793 annually. This is the highest cost end of the cost spectrum. Below is the state by state breakdown from the Kaiser Family Foundation to see the differences by region.
Savings Options
Affordable Care Act was a cost-saving tool. You can still stay on your parents’ plan if you are a young adult under 26. You may be eligible if you are a single man under 26 years old and your parents have insurance. This will help you avoid paying out of your pocket.
7 Factors that Influence Your Health Insurance Rate
Health insurers look at many factors when figuring out how much your premium will cost. These factors include:
- Localization
- Age (Note: New York and Vermont have different age ratings.
- Coverage level (More coverage equals higher premiums. Costs for marketplace plans vary depending on the tier you choose to take.
- Smoking or using tobacco
- You can save money by choosing cost-saving options. For example, higher deductibles can reduce your premiums. If you have an HSA/FSA, tax breaks are available. (78
- Your income and eligibility for ACA subsidies, tax credits or other programs such as Medicaid.
- If your plan is sponsored either by the government, or an employer
Are Women Paid More?
According to the eHealth report women pay an average $35 more per month than men. Women’s health insurance costs averaged $473 each month. Average monthly cost of men’s insurance was $438.
These numbers would indicate that women were paid more than men. However, plan selection can explain some of this difference. Census data also shows that men are more likely to be uninsured than women. The uninsured male rate is 3.1 percentage point higher than the uninsured female rate.
Open Enrollment: How to Get Health Insurance
Out of the open enrollment period, you can only sign up for a new plan if you have a qualifying life event. You could sign up through the marketplace if your job is lost. You could also buy a new plan if you are married or have children. You may be eligible to move to another county.
Single-male health insurance options
These are some sources of coverage for health insurance that you should look at before you make a decision about a plan.
- Your employer
- The market
- The health plan of your domestic partner. Some people consider themselves single but don’t realize they may qualify for coverage as domestic partners.
- If you are younger than 26, your parents health plan, or the health plans offered by your school
- If you are unemployed or have low income, review sources for affordable coverage
You should always check to see if you are eligible for tax breaks. These can help you cut down on your monthly expenses.
How to Get the Best Health Insurance Price
If you are a single man, the best way for you to get the lowest price on your health insurance and to keep your costs down is to:
- Be aware of your options
- Select the policy that is most effective for you and review it every year
- Ask about subsidies
- Get the best deal
