Health Insurance Plan Comparison Calculator
Compare the true annual cost of different health insurance plans by factoring in premiums, deductibles, copays, and your expected medical usage.
Health insurance cost is more than just your monthly premium. The true annual cost of a health plan depends on your premium, deductible, copays, coinsurance, out-of-pocket maximum, and how much healthcare you actually use. Comparing plans requires looking at the full picture.
Formulas: Annual Premium Cost = Monthly Premium × 12 Total Annual Cost (healthy year) = Annual Premium + Routine Visits + Prescriptions Total Annual Cost (sick year) = Annual Premium + Min(Actual Medical Bills, Out-of-Pocket Max) Break-even Point = (Premium Difference between plans) ÷ (Cost-per-use Difference)
Key insurance terms:
- Premium — what you pay monthly regardless of use
- Deductible — amount you pay out-of-pocket before insurance starts paying (resets annually)
- Copay — fixed fee per visit after deductible is met (e.g., $30 per doctor visit)
- Coinsurance — percentage you pay after deductible (e.g., you pay 20%, insurer pays 80%)
- Out-of-pocket maximum — the most you’ll pay in a year; insurance covers 100% after this
Plan comparison example:
| Feature | Plan A (HDHP) | Plan B (PPO) |
|---|---|---|
| Monthly premium | $180 | $420 |
| Deductible | $3,000 | $500 |
| Coinsurance | 20% | 20% |
| Out-of-pocket max | $6,500 | $4,000 |
| HSA eligible | Yes | No |
Annual premium cost: Plan A: $180 × 12 = $2,160 | Plan B: $420 × 12 = $5,040 Premium savings with Plan A: $2,880/year
Scenario — $8,000 in medical bills: Plan A: $2,160 premium + $3,000 deductible + 20% of $5,000 = $2,160 + $3,000 + $1,000 = $6,160 (hits OOP max) Plan B: $5,040 premium + $500 deductible + 20% of $7,500 = $5,040 + $500 + $1,500 = $7,040 (hits OOP max) Plan A saves $880 even in a high-medical-use year.
HSA advantage: With Plan A (HDHP), you can contribute to a Health Savings Account (HSA) — $4,150 single / $8,300 family (2024 limits). Contributions are pre-tax, growth is tax-free, and withdrawals for medical expenses are tax-free. Unused funds roll over indefinitely.