More than three dozen insurance companies are offering new insurance options that could be cheaper than traditional policies, including policies that offer lower rates, lower deductibles and higher co-pays, according to a new analysis.
These options come at a time when many consumers are facing financial hardship, and many companies have announced their intention to cut back on their coverage.
According to a survey conducted by the Insurance Information Institute, about 12 percent of people are currently paying more for insurance than they are able to afford, and that number could rise to more than 17 percent by 2020.
The average policy costs $11,958 a year.
By contrast, an average family policy cost $14,966 a year in 2015.
For people who qualify for the most generous insurance options, the average premium would increase from $7,724 to $12,099 a year, the study said.
The average cost for a family policy would increase by $1,566 a month to $26,062.
To be eligible for these higher premiums, policies would need to offer a minimum of three out of four of the following benefits: a plan with a primary deductible of $2,000, $1 the cost of medical services, and a deductible of at least $5,000.
The cheapest premium would cost $8,868, according the report.
Many policies currently offer no deductible, meaning coverage cannot exceed the value of the policy.
In the new analysis, the companies that offer the most affordable policies will be offering low-cost options that would lower deductible and co-pay premiums.
In addition to these lower premiums, these policies would have a higher coverage percentage than traditional insurance policies.
Only 8.5 percent of policies would cover 100 percent of medical costs, according with the report, while a 10 percent coverage percentage would cover 95 percent of costs.
More than 3,600 companies offered the most popular types of coverage options in the survey, including some that offer low-premium policies and high-premier plans.
These policies will likely be less expensive than a traditional policy, according for the insurers, and are more affordable for those who qualify.
These low- and high/premium-level insurance options are more cost-effective than the most commonly offered plans and could help people who are struggling to make ends meet, according insurance experts.
The number of people currently paying a premium for insurance has risen by more than 40 percent since 2014.
As the cost for health insurance has increased, the percentage of Americans who are uninsured has also increased.
The insurance industry has been struggling to provide affordable coverage for many years.
According to the Centers for Medicare and Medicaid Services, between 2010 and 2014, the number of uninsured Americans in the United States rose by nearly 13 million, while the number who were in paid employment dropped by more then 9 million.