Advance Auto's Health Insurance: Cost And Coverage Details

Health insurance costs vary depending on factors such as age, location, and income. In 2023, the average national cost of health insurance was $456 per month for an individual and $1,152 per month for a family. However, these costs can be higher or lower depending on the specific plan chosen and the number of family members included in the coverage. For example, the average monthly premium for a bronze ACA health insurance plan is $420 for a 40-year-old, while the average monthly cost for the same person increases to $549 for a silver plan and $713 for a gold plan. These averages do not take into account premium tax credits and subsidies that can reduce costs for an ACA plan based on household income. Additionally, the cost of health insurance is influenced by factors such as the size of the deductible, the narrowness of the network, and whether the insurance is obtained through an employer or purchased individually.

Average monthly health insurance costs for a single person

The average monthly health insurance cost for a single person in the United States varies depending on several factors, including age, location, tobacco use, and the chosen plan.

According to Forbes, the average monthly premium for a 40-year-old with a bronze Affordable Care Act (ACA) plan is $420. This increases to $549 for a silver plan and $713 for a gold plan. The cost of a platinum plan is not mentioned, but it is likely to be higher than that of a gold plan. These averages do not take into account premium tax credits and subsidies that can reduce costs based on household income.

The average national monthly health insurance cost for a single person on an ACA plan without premium tax credits in 2024 is $477, according to Healthmarkets. This figure is supported by Investopedia, which states that monthly premiums from an ACA plan for an individual average $477.

EHealth reports that the average national cost for health insurance in 2023 was $456 for an individual, while Ramsey Solutions states that the average monthly premium for an individual health insurance plan purchased from the HealthCare.gov marketplace is $456.

It is worth noting that employer-sponsored health insurance plans are generally cheaper than marketplace plans. According to Ramsey Solutions, in 2022, the average cost of an individual policy through an employer was $111 per month.

How much is health insurance for a single person with employer-sponsored coverage?

The cost of health insurance for a single person with employer-sponsored coverage can vary depending on several factors, including the size of the company, the age of the employee, and the specific plan selected. However, on average, the annual cost of employer-sponsored health insurance premiums per employee was $8,435 for single coverage in 2023. This amount represents a 2% increase from the previous year.

It's important to note that employers typically cover a significant portion of the premium cost. In 2022, the average share contributed by employers towards single coverage was 83%, amounting to $6,584 annually per employee. Employees, on the other hand, contributed the remaining $1,401 on average.

The cost of employer-sponsored health insurance has been steadily rising over the years. In 2021, the average annual premium for single coverage was $7,739, and in 2022, it was $7,911. These increases in premiums have outpaced the growth in workers' wages and inflation, making health insurance a significant expense for both employers and employees.

When selecting a health insurance plan, it's important to consider not only the monthly premiums but also other factors such as copayments, coinsurance, deductibles, and out-of-pocket maximums. These additional fees can significantly impact the overall cost of healthcare for employees.

Additionally, the type of plan chosen, such as a Preferred Provider Organization (PPO) or Health Maintenance Organization (HMO) plan, can also affect the total cost. PPO plans tend to offer more flexibility in choosing healthcare providers but may come with higher premiums. On the other hand, HMO plans usually have lower premiums and out-of-pocket costs but may restrict the network of doctors and hospitals available.

In summary, while the cost of health insurance for a single person with employer-sponsored coverage varies, the average annual premium in 2023 was $8,435, with employers contributing a significant portion of this amount.

How much is health insurance for a single person with marketplace coverage?

The cost of health insurance for a single person with marketplace coverage can vary depending on several factors. On average, a single person pays about $117 a month for employer-sponsored coverage and $477 a month for a plan on the health insurance marketplace, before any subsidies. The cost of health insurance in the marketplace depends on factors such as age, insurance company, family size, location, Affordable Care Act (ACA) metal level, and plan type.

For example, the average monthly cost of a bronze ACA plan for a 30-year-old is $373, while a 40-year-old would pay $420 for the same plan. The average monthly cost increases to $488 for a silver plan and $634 for a gold plan for a 30-year-old. For a 40-year-old, the average monthly cost is $549 for a silver plan and $713 for a gold plan.

The type of plan also affects the cost of health insurance. Health Maintenance Organization (HMO) and Exclusive Provider Organization (EPO) plans are usually cheaper than Preferred Provider Organization (PPO) plans. The metal tier of the plan also impacts costs, with bronze and silver plans having lower premiums but higher out-of-pocket costs, while gold and platinum plans have higher premiums but lower out-of-pocket costs.

Additionally, the cost of health insurance varies by state. The highest premiums are found in Vermont, Alaska, West Virginia, Wyoming, and New York, while the lowest premiums are in New Hampshire, Minnesota, Maryland, Virginia, and Michigan.

It's important to note that these costs are averages, and individual circumstances can vary. When choosing a health insurance plan, it's essential to consider factors such as monthly premiums, deductibles, copayments, coinsurance, and out-of-pocket maximums.

How much is auto insurance billed in advance?

Auto insurance is usually billed a month, six months, or a year in advance, depending on the provider. The prepayment serves as a safeguard in the event a policyholder needs to file a claim.

Most car insurance companies write their policies for six months, but car insurance companies also offer monthly payment plans.

The monthly average cost of car insurance for drivers in the U.S. is $194 for full coverage and $53 for minimum coverage. The average cost of car insurance varies between states for many reasons, like accident and claim frequency, the cost of labor and vehicle parts, vehicle theft frequency, and even road conditions.

Some of the cheapest car insurance companies in the nation include Auto-Owners, Erie, and Geico.

How much is auto insurance on average?

The average cost of auto insurance varies depending on several factors, including the driver's age, gender, location, driving record, credit score, vehicle type, and coverage level. Here is an overview of the average costs based on these factors:

Average Cost by Coverage Level:

The cost of auto insurance depends on whether you choose minimum coverage or full coverage. Minimum coverage refers to the legal insurance requirements in your state, while full coverage includes additional protections such as comprehensive and collision insurance. The average monthly cost for minimum coverage in the United States is around $53, while full coverage costs an average of $194 per month.

Average Cost by Age and Gender:

Age and gender also impact auto insurance rates. Younger drivers, especially teens and those under 25, typically pay higher premiums due to their lack of driving experience and higher risk of accidents. On average, male drivers tend to pay more than female drivers, particularly at younger ages. For example, male drivers aged 20 and 25 pay about 11% and 5% more, respectively, compared to their female counterparts. However, the difference between male and female drivers becomes negligible after age 30. It's worth noting that some states, such as California, Hawaii, and Pennsylvania, prohibit the use of gender as a factor in determining insurance rates.

Average Cost by Driving Record:

Your driving record also plays a significant role in determining auto insurance costs. Drivers with a clean driving record generally pay lower premiums. On the other hand, those with a history of accidents, speeding tickets, or DUI convictions will face higher rates. For example, drivers with an at-fault accident on their record pay around 45% more, while a DUI conviction can increase rates by 95% on average.

Average Cost by Credit Score:

In most states, your credit score is a factor in calculating auto insurance rates. Drivers with poor credit scores are considered higher-risk and, therefore, pay higher premiums. On average, drivers with poor credit pay nearly 87% more for full coverage insurance compared to those with good credit. However, some states, including California, Hawaii, and Massachusetts, prohibit or limit the use of credit scores in setting insurance rates.

Average Cost by Vehicle Type:

The type of vehicle you drive also influences your auto insurance costs. Factors such as the vehicle's make, model, safety features, repair costs, and the likelihood of theft can affect your premium. For example, luxury or sports cars tend to be more expensive to insure due to their higher value and powerful engines. SUVs and larger vehicles may have lower base rates but can cause more damage in an accident, leading to higher liability costs.

Average Cost by Location:

Your location, including your state and ZIP code, can significantly impact your auto insurance rates. The average cost of auto insurance varies by state due to factors such as accident frequency, cost of labor and vehicle parts, vehicle theft rates, and road conditions. For example, Idaho, Vermont, and Ohio have some of the lowest average annual rates for full coverage, while New York, Louisiana, and Florida have the highest rates.

Average Cost by Company:

Different insurance companies use their own underwriting systems to determine rates, so it's essential to compare quotes from multiple providers. Some of the cheapest average rates for full coverage are offered by companies like Auto-Owners, Erie, and Geico. However, the cost will vary depending on your personal circumstances and the coverage you choose.

Frequently asked questions