How Much is Family Health Insurance?

How Much is Family Health Insurance?

While health insurance may seem unnecessary, especially if you and your family are healthy and are on a tight budget, it’s cheaper to pay the premium every month than to wait until you need medical care and then pay out-of-pocket. 

Family health insurance protects your family’s health and your wallet from unexpected healthcare costs. It is possible to break anyone’s bank if a family member has a medical emergency and they do not have insurance. But how much is family health insurance?

The average cost of family health insurance ranges from $500-$700 per month, depending on the state in which you live and the coverage that you need. This means that, over time, buying health insurance saves money – both in dollars and in peace of mind.

Average Cost of Family Insurance Monthly

An insurance premium is a monthly fee you must pay to stay on the books with your carrier. Your life insurance policy premium could change depending on the number of members in your family, where you live, and the type of coverage you purchase. A recent study shows that the average monthly cost of a family’s health insurance plan in 2020 was $1,152.

At Goldstein Healthcare, we are licensed insurance brokers who will help you find the plan that meets your budget while providing your family’s coverage to maintain good health. All of these services are at affordable fees.

Here is a breakdown of the average health insurance premiums by family size.

Family Type   Average Monthly Cost
Individual (40-Year-Old$477
Couple (Two 40-Year-Olds$954
Couple w/ a Kid (Age 0–14)$1,230
Couple w/ Two Kids (Ages 0–14)$1,506
Couple w/ Three Kids (Ages 0–14)$1,782

Average Cost of Family Insurance Annually

Another medical insurance cost you can expect is a deductible. Deductibles play a big role when it comes to the cost of family insurance. Your deductible is the money you need to spend for your healthcare before your insurance starts paying the bills. In general, when you’ve hit this dollar limit, your health insurance will pay for the majority of covered medical expenses for the rest of the year.

With family health insurance, you may have two deductibles: an individual deductible and a family deductible. Check your plan details before buying, and educate yourself about how deductibles work for your chosen plan before buying. 

In 2020, family health insurance plans had an average annual deductible of $8,439, according to a recent study.