It costs an average of $994 per month for health insurance for a 60-year-old, Forbes Advisor’s analysis of ACA plan rates found. The average health insurance cost for a 60-year-old couple is $1,987.
The average cost of health insurance is much cheaper for younger people. Here’s a look at the differences by age for an ACA plan.
Average health insurance cost by age
| Age | Average cost per month for single coverage |
|---|---|
21-year-old | $365 |
30-year-old | $412 |
40-year-old | $469 |
50-year-old | $655 |
60-year-old | $994 |
Source: Healthcare.gov. Based on unsubsidized ACA plans.
The type of health plan you choose also influences costs. Health maintenance organization (HMO) insurance plans generally cost less than preferred provider organization (PPO) health plans. An HMO health insurance plan covers only the cost of medical services involving an in-network doctor or hospital, except for emergency care. You typically must have a referral to see specialists.
Exclusive provider organization (EPO) insurance plans also generally cost less than PPO health insurance plans. Similar to an HMO plan, an EPO health insurance plan doesn’t pay for out-of-network care unless it’s an emergency. With EPO health insurance, you don’t need a referral to see specialists, though you must choose a specialist in the network for benefits to apply.
PPO health insurance plans have greater flexibility in coverage than HMO and EPO plans. PPO health plans cover care outside the provider network but at a much lower percentage. Smaller PPO health plans don’t usually require you to get a referral from your primary care doctor to see a specialist.
Here’s a look at how health insurance costs vary by plan type for a 60-year-old.
Average health insurance costs by plan type
| Type of health insurance marketplace plan | Average cost per month |
|---|---|
HMO | $930 |
EPO | $1,037 |
PPO | $1,095 |
Source: Healthcare.gov. Based on unsubsidized ACA plans.
A health plan’s costs also differ by its metal tier. The ACA marketplace classifies a plan’s costs by metal tier: Bronze, Silver, Gold and Platinum health insurance plans. Bronze and Silver plans have the cheapest premiums but the highest out-of-pocket costs when you need care. Gold and Platinum have higher premiums and lower out-of-pocket costs when you need care.
Here’s a look at the average cost for a 60-year-old by metal tier (note: we didn’t include Platinum plans, which make up a minuscule portion of ACA plans and generally have the highest premiums).
Average health insurance costs by metal tier
| Health plan metal tier | Average cost per month |
|---|---|
Bronze | $850 |
Silver | $1,115 |
Gold | $1,225 |
Source: Healthcare.gov. Based on unsubsidized ACA plans.
Those averages don’t take into account premium tax credits. Some people with ACA plans are eligible for tax credits that can reduce the cost of health insurance.
To know exactly how much you will pay for an ACA health insurance plan, enter your household income and family size into the marketplace website, which will offer estimates by type of plan in your area.
