Figure · More money, fewer insured
An individual health policy costs 91.5% of a full year of remittances
In 2023, an individual health policy cost $878 on average. That is the price actually paid, not a quote.
That policy takes between a quarter and half of annual income. These are the brackets the country publishes above the minimum wage.
Against a remittance, the math is harsher. The policy costs 91.5% of a full year of remittances.
Entry-level quotes made it look cheaper. The real price exceeds them by 1.41 to 2.71 times. They are low-coverage products, not what sells on average.
For a C-suite executive who designs products, the consequence is direct. The income layer that can pay for an individual policy is thin.
Before launching an individual product, it pays to measure how many households can really afford it.
- $878
- is what an individual health policy cost on average in 2023, at the price actually paid
- Source: C4Accel study, series More money, fewer insured · medium confidence
- Between a quarter and half
- of the annual income of the published brackets above the minimum wage goes to that policy
- Source: C4Accel study, series More money, fewer insured · medium confidence
- 91.5%
- of a full year of remittances is what that policy costs
- Source: C4Accel study, series More money, fewer insured · medium confidence
- 1.41 to 2.71 times
- is how far that price exceeds each of the three entry-level quotes used as a reference
- Source: C4Accel study, series More money, fewer insured · medium confidence
Read the article: Group health policies fell 32% while insurance grew in dollars