Goodwill Health Insurance Cost Per Month Health insurance is an essential component of financial planning for individuals and families to meet their medical needs without straining their finances. P How much you pay for premiums is a key factor in selecting health insurance. If you are weighing health insurance via Goodwill, it is helpful to understand how coverage through them works, what factors contribute to the price, and what options are out there for you.
This article explores what consumers should know about the Goodwill health insurance cost per month, the factors influencing premiums, and an overview of the coverage options available.
What is Goodwill Health Insurance?
Goodwill is a nonprofit organization that operates across the U.S. and is focused on providing employment services, education, and community support. In certain locales, Goodwill partners with nearby health insurance providers or the Health Insurance Marketplace to present coverage options to both its employees and the wider community. Goodwill may also offer employee-sponsored insurance plans for full-time employees—but the monthly cost can differ based on a number of factors, including your region.
How to Determine Health Insurance Cost
The cost of monthly premiums for health insurance through Goodwill or any provider is influenced by a variety of factors, including:
Type of Plan
Employer-Sponsored Plans: If you are an employee at Goodwill, the monthly premium for your health insurance will vary based on the plan that you have, as offered by Goodwill. Employer plans tend to have lower premiums, too, because the employer pays for part of it. Goodwill may also have a HMO, PPO, or HDHP plan. How much you will have to pay will depend on which plan you choose.
Marketplace Plans: Goodwill may also assist with navigating the Health Insurance Marketplace, and premiums can vary significantly depending on which plan you choose and how much income you bring in.
Location
The price of health insurance will differ from state to city to county. Goodwill health insurance offerings may differ depending on where you live, as costs, availability of providers, and state-specific regulations or subsidies can impact the options you’ll see.
Coverage Level
Insurance coverage: There are insurance plans that have different coverage levels — some offer basic plans that do not offer a lot of benefits, while comprehensive plans cover most medical services. The premium increases with the extent of coverage. What coverage is essential to you, like preventive care, prescription coverage and specialist visits, since these will drive your monthly premium?
Age and Family Size
For employees, healthcare costs might also vary by age and family status. Premiums may be higher for older employees or employees with dependents than for younger or single employees. Family plans usually cost more than individual coverage because they cover medical care for children or spouses.
Income and Subsidies
Your premium necessarily can be less, if you qualify for subsidies through the Health Insurance Marketplace. These subsidies, which are based on income, can lower the cost of health insurance plans for low- to moderate-income people. Goodwill, too, may offer assistance or even guidance in seeking these subsidies.
Average Affordability of Health Insurance from Goodwill
Note that Goodwill health insurance plans premiums vary based on your coverage types, location and other individual factors. Here’s a rundown of possible monthly prices:
Employer-Sponsored Plans
Employee of Goodwill — For employer-sponsored plans, monthly premiums will normally cost, in the neighborhood of, about $100 to $500 per month for individual coverage.* Family plans can range from $400 to $1,200 per month, depending on how many dependents are enrolled and how much the coverage costs.
In some cases Goodwill may offset a portion of your premium which saves you money on coverage.
Marketplace Plans
Premiums can vary significantly depending on your income, age, and coverage needs if you are buying health insurance through the Health Insurance Marketplace from Goodwill. Individual customers can expect to pay $200-$600 per month for the premiums based on the tier of coverage selected (Bronze, Silver, Gold, Platinum).
Subsidies: If you qualify for subsidies based on your income, you could pay much less than these baseline costs, with some individuals qualifying for plans with premiums as low as $0 to $100 per month.
High Deductible Health Plans (HDHP)
If you select an HDHP through Goodwill or the Marketplace, your monthly premiums could be lowered, probably between $150-$400 a month (individual coverage). Just remember that when premiums are lower it typically means deductibles are higher — so you’ll be paying more out-of-pocket before insurance comes into play.
Other Expenses to Factor In
While monthly premiums are the most visible element — and have become the signature number for most consumers evaluating the costs of care — there are additional costs to consider when gauging the overall cost of health insurance:
Deductibles**: What you pay out of pocket before the insurance begins to cover costs.
Co-pays and Co-insurance** : These are extra costs you’ll pay when you see a doctor or fill prescriptions. They can vary from a set dollar amount per visit (say, $20 for a doctor’s visit), to a percentage of the overall cost of care (say, 20 percent of the bill).
– Out-of-Pocket Maximum: The most you’ll pay in a year before the insurance pays 100% of the costs.
Saving Health Insurance Costs Via Goodwill
Use Employer Contributions: If you work for Goodwill, the company may provide a subsidy for a portion of the insurance premium, offsetting your monthly cost considerably.
Utilize Preventive Care: Most health insurance plans cover preventive care services without cost. By utilizing these services, you can avoid costly treatments down the road.
Use a Health Savings Account (HSA): If you go with a high-deductible plan, open an HSA. This means you have money taken out before taxes that you can spend on medical expenses, lowering your overall costs.
Look for Subsidies: If you’re eligible for subsidies via the Health Insurance Marketplace, you may be able to dramatically decrease how much you pay monthly for your premium. Goodwill can help you to apply for these and/or give you resources.
Conclusion
To determine the monthly payment for Goodwill health insurance, a number of factors are taken into consideration, from your employment status and the level of coverage you require, to your location to your personal health needs. Employee-sponsored plans generally have lower premiums and possibly employer contribution, while those enrolling through the Health Insurance Marketplace should know there are income-based subsidies available.
Considering all of the factors that impact premiums and carefully evaluating your healthcare needs can help you make an informed decision on which health insurance option is most appropriate for your budget and lifestyle. Goodwill is a great resource to help navigate these options, whether you are seeking coverage through an employer-sponsored or through the Marketplace.
