Besides the individual or family plan decision, other factors can affect the cost of health insurance. Some of the most common factors that influence health insurance costs include:

Insurance company rates. Different insurance companies may have different pricing structures and underwriting criteria which affect their health insurance premium rates. It’s important to choose a company that offers competitive rates.

Location. The cost of healthcare can vary depending on where an individual resides . Healthcare costs are higher in some states and counties, so health insurance premiums are typically higher in states and counties where healthcare costs are higher.

Age. Younger individuals typically pay less for health insurance premiums than older individuals. This is because insurance companies assume less risk to cover a young adult, so they don’t charge as much in premiums. Affordable options for older individuals may also be available.

Choice of plan. Different types of plans have varying costs, benefits, and healthcare provider networks. For example, an individual may choose a plan that has a higher deductible and a lower monthly premium.

Tobacco product use. In some states, individuals who use tobacco products pay more for health insurance premiums due to the increased health risks associated with the use of tobacco products. The insurance company assumes higher risk of having to pay for healthcare services if an insured uses tobacco products, so they may charge higher premiums for those individuals.

Income. Individuals with higher incomes may pay more for health insurance. Some employers subsidize employees’ premiums based on their income. Additionally, individuals with higher incomes who enroll in health insurance coverage through a health insurance exchange may not qualify for premium and/or cost-share subsidies.

There are other factors that can affect the cost of health insurance, but these are some of the most common ones.