FreeCalculators

Health Plan Comparison Tool

Easily compare health insurance plans side by side to find the best option for your needs, including premiums, deductibles, and out-of-pocket costs.

Insurance · Reviewed by FreeCalculators Editorial · Updated 2026-09-01

Your details

Average healthy adult: $1,500–3,000. Chronic condition: $5,000–15,000.

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How it works

The Health Plan Comparison Tool allows you to evaluate two health insurance plans by calculating their total annual costs based on premiums, deductibles, and out-of-pocket maximums. The formula used is: Total cost = (Premium × 12) + Min(Expected spending, OOP max) − Min(Deductible, Expected spending). For instance, if you have Plan A with a premium of $400, a deductible of $3,000, and an out-of-pocket maximum of $8,000, and you expect to spend $3,000 on medical expenses, the calculation would be: Total cost for Plan A = (400 × 12) + Min(3000, 8000) − Min(3000, 3000) = $4,800 + $3,000 - $3,000 = $4,800. For Plan B with a premium of $250, a deductible of $6,000, and an out-of-pocket maximum of $12,000, the total cost would be: Total cost for Plan B = (250 × 12) + Min(3000, 12000) − Min(6000, 3000) = $3,000 + $3,000 - $3,000 = $3,000. This comparison shows that Plan B is the lower cost option, saving you $1,800 annually.

Formula


                Total cost = (Premium × 12) + Min(Expected spending, OOP max) − Min(Deductible, Expected spending)

Tips

  • Gather all relevant medical expenses and expected healthcare needs for accurate comparisons.
  • Consider both monthly premiums and potential out-of-pocket costs when evaluating plans.
  • Review the network of providers for each plan to ensure your preferred doctors are included.
  • Check for additional benefits like wellness programs or telehealth services that may add value.

Frequently asked questions

What is the purpose of the Health Plan Comparison Tool?
It helps users compare health insurance plans side by side, focusing on costs and coverage.
How do I calculate the total annual cost for each plan?
Use the formula: Total cost = (Premium × 12) + Min(Expected spending, OOP max) − Min(Deductible, Expected spending).
What factors should I consider beyond cost?
Evaluate the coverage network, benefits offered, and any exclusions or limitations of the plans.
Can I adjust the expected medical expenses in the tool?
Yes, you can input your anticipated medical expenses to see how they affect total costs.