Health Insurance Calculator 2018
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Reviewed by Calculator Editorial Team
This health insurance calculator estimates your 2018 health insurance costs based on your age, coverage type, and family size. It helps you understand potential premiums, deductibles, and out-of-pocket expenses for different health insurance plans.
How to Use This Calculator
To calculate your estimated 2018 health insurance costs:
- Enter your age in the "Your Age" field
- Select your coverage type (Individual or Family)
- If selecting Family, enter the number of family members
- Choose your preferred plan type (Bronze, Silver, Gold, or Platinum)
- Click "Calculate" to see your estimated costs
The calculator provides estimates based on 2018 health insurance rates and assumes standard coverage levels. Actual costs may vary based on your specific health history and location.
Formula Used
The calculator uses the following formula to estimate health insurance costs:
Health Insurance Cost Formula
Estimated Cost = (Base Premium × Age Factor × Coverage Factor × Plan Factor) × Family Size
Where:
- Base Premium = $200 (average 2018 base premium)
- Age Factor = 1.0 for ages 18-34, 1.2 for 35-44, 1.5 for 45-54, 1.8 for 55-64, 2.2 for 65+
- Coverage Factor = 1.0 for Individual, 1.5 for Family
- Plan Factor = 0.8 for Bronze, 1.0 for Silver, 1.2 for Gold, 1.5 for Platinum
- Family Size = 1 for Individual, 2-6 for Family (depending on selection)
This formula provides a simplified estimate. Actual insurance costs are determined by complex factors including your health status, location, and specific plan details.
Example Calculation
Let's calculate the estimated cost for a 30-year-old individual with a Silver plan:
Example Scenario
Age: 30
Coverage: Individual
Plan: Silver
Calculation:
Estimated Cost = ($200 × 1.0 × 1.0 × 1.0) × 1 = $200
Result: $200 per month
This example shows that a 30-year-old individual with a Silver plan would pay approximately $200 per month in premiums.
Interpreting Results
The calculator provides several key metrics to help you understand your health insurance costs:
- Monthly Premium: The amount you pay each month for your insurance plan
- Annual Premium: The total amount paid for the year
- Deductible: The amount you pay out-of-pocket before your insurance starts covering costs
- Out-of-Pocket Maximum: The most you'll pay in a year before your insurance covers 100% of costs
Compare these estimates with different plan options to find the best balance between cost and coverage for your needs.
Frequently Asked Questions
The calculator provides estimates based on average 2018 rates and assumes standard coverage levels. Actual costs may vary significantly based on your specific health history, location, and plan details.
Health insurance costs are influenced by age, coverage type, plan level, family size, location, and individual health factors. The calculator accounts for the first four of these factors.
This calculator is specifically designed for 2018 health insurance estimates. For current year estimates, please use our updated health insurance calculator.
The calculator includes Bronze, Silver, Gold, and Platinum plans, which are the standard plan levels in the US health insurance marketplace.