Health Insurance Plan Cost Comparison Tool

Total Annual Cost Formula:

Total Cost = (Monthly Premium x 12) + Out-of-Pocket Costs

Out-of-Pocket Cost Calculation:

• If your estimated medical expenses are below the deductible, you pay 100% of those expenses.
• Once you exceed the deductible, you pay the coinsurance percentage on remaining expenses, up to the out-of-pocket maximum.
• Any costs above the out-of-pocket maximum are fully covered by the plan.

Step-by-step:

1. Calculate annual premium: Monthly Premium x 12
2. If medical expenses less than or equal to deductible: OOP = medical expenses
3. If medical expenses greater than deductible: OOP = deductible + (expenses - deductible) x coinsurance rate, capped at OOP max
4. Total Annual Cost = Annual Premium + OOP Costs

This gives you a realistic "true cost" of each plan based on your expected healthcare usage, not just the premium.