Combined Insurance Optimization Calculator
Compare the cost of separate individual insurance policies vs combined family/bundled plans for health and auto insurance. Find your annual savings from consolidating coverage.
Financial Disclaimer
This calculator is for educational purposes only and does not constitute financial advice. Results are estimates based on the inputs provided. Consult a qualified financial advisor before making investment or financial planning decisions.
Inputs
Results
Total Annual Savings
$2,160.00
≈ 17 pairs of sneakers
Monthly Savings
$180.00
≈ 12 movie tickets
How to Use This Calculator
- Enter each partner's monthly health insurance premium and annual deductible on their current individual plan.
- Enter the monthly premium and annual deductible for a combined family health plan, plus your household's expected annual out-of-pocket medical costs.
- Enter each partner's individual monthly auto insurance premium and the combined monthly premium if both cars were bundled onto one policy.
- Review the total annual and monthly savings, broken out separately for health and auto insurance.
- Compare the separate vs. combined annual costs in the chart, then use the figures to evaluate real quotes from insurers offering family or bundled policies.
How the result changes with Family Health Plan Premium ($/mo)
| Family Health Plan Premium ($/mo) | Total Annual Savings | Monthly Savings |
|---|---|---|
| 2,000 | -$12,840.00 | -$1,070.00 |
| 7,000 | -$72,840.00 | -$6,070.00 |
| 13,000 | -$144,840.00 | -$12,070.00 |
| 18,000 | -$204,840.00 | -$17,070.00 |
What each input means
- Partner 1 Health Premium ($/mo)
- Partner 1's monthly health insurance premium on an individual plan.
- Partner 2 Health Premium ($/mo)
- Partner 2's monthly health insurance premium on an individual plan.
- Partner 1 Health Deductible ($)
- Annual deductible on Partner 1's individual health plan.
- Partner 2 Health Deductible ($)
- Annual deductible on Partner 2's individual health plan.
- Family Health Plan Premium ($/mo)
- Monthly premium if both partners join one family/couples health plan.
- Family Plan Deductible ($)
- Annual deductible on the combined family health plan.
- Expected Annual Medical Costs ($)
- Estimated out-of-pocket medical spending for the household per year.
- Partner 1 Auto Premium ($/mo)
- Partner 1's monthly auto insurance premium.
- Partner 2 Auto Premium ($/mo)
- Partner 2's monthly auto insurance premium.
- Bundled Auto Premium ($/mo)
- Combined monthly premium if both cars are on one policy.
What each result means
- Total Annual Savings
- Combined savings from switching to family/bundled plans. Negative means separate is cheaper.
- Monthly Savings
- Monthly savings from consolidating policies.
- Health Insurance Savings
- Annual savings on health insurance (including deductible impact).
- Auto Insurance Savings
- Annual savings from bundling auto policies.
- Separate Health Premiums (Annual)
- Total annual cost of two individual health plans.
- Family Health Premium (Annual)
- Total annual cost of the combined family health plan.
- Separate Auto Premiums (Annual)
- Total annual cost of two separate auto policies.
- Bundled Auto Premium (Annual)
- Total annual cost of the bundled auto policy.
How this is calculated
Worked example, using the default values
- Identify Input Parameters4 parametersPartner 1 Health Premium ($/mo) = 450, Partner 2 Health Premium ($/mo) = 420, Partner 1 Health Deductible ($) = 2000, Partner 2 Health Deductible ($) = 2000 = 10 input(s) provided
- Calculate Total Annual SavingsTotal Annual Savings = healthSavings + autoSavings2160 = $2,160
- Calculate Monthly SavingsMonthly Savings = totalAnnualSavings / 12180 = $180
- Calculate Health Insurance SavingsHealth Insurance Savings = separateHealthTotal - familyHealthTotal1440 = $1,440
- Calculate Auto Insurance SavingsAuto Insurance Savings = separateAutoAnnual - bundledAutoAnnual720 = $720
Engine last updated .
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