Americans will spend a record $584 per month, or a total of $7,008 in 2024 on health insurance, if they purchase a private health insurance plan on the marketplace, according to a new ValuePenguin.com analysis.
After a 0.67% increase in 2022, and a 4% increase in 2023, American families will face another 4% increase in the cost of private health insurance, driven by rising costs for healthcare providers and insurers. Residents of 35 states will likely see their rates increase, but there may be some relief for residents of the 15 states where premiums are set to decrease or stay the same.
ValuePenguin.com health insurance expert Divya Sangameshwar said, “Amid rising premiums – 57% of insured Americans worry about the future of their healthcare. While rising premiums and out of pocket expenses are Americans’ biggest worry, many also worry about the decline in the quality and access to healthcare, and a further 10% worry about losing healthcare coverage altogether.”
She added, “Even if you are worried about affording health insurance, having health insurance is better than going uninsured. Choosing a plan that’s right for you at a price point you can afford will give you the peace of mind that you have some financial protection against unexpected medical expenses. Americans whose incomes are between 100% – 400% the federal poverty level can qualify for heavily subsidized private health insurance plans, which should be easier on their wallets.”
The Average Cost of Health Insurance in 2024 | |||
State |
2024 cost |
2023 cost |
% change |
Alaska |
$948 |
$822 |
15 % |
Vermont |
$908 |
$810 |
12 % |
West Virginia |
$877 |
$871 |
1 % |
New York |
$873 |
$776 |
13 % |
Wyoming |
$838 |
$882 |
-5 % |
South Dakota |
$715 |
$792 |
-10 % |
Nebraska |
$691 |
$652 |
6 % |
Louisiana |
$666 |
$652 |
2 % |
Connecticut |
$665 |
$614 |
8 % |
Massachusetts |
$639 |
$553 |
16 % |
North Carolina |
$638 |
$666 |
-4 % |
Illinois |
$633 |
$561 |
13 % |
Florida |
$613 |
$599 |
2 % |
Kansas |
$602 |
$565 |
7 % |
California |
$600 |
$541 |
11 % |
Utah |
$599 |
$558 |
7 % |
Oklahoma |
$596 |
$634 |
-6 % |
Missouri |
$594 |
$626 |
-5 % |
Texas |
$584 |
$589 |
-1 % |
Alabama |
$584 |
$591 |
-1 % |
National |
$584 |
$560 |
4 % |
Wisconsin |
$583 |
$550 |
6 % |
Maine |
$582 |
$506 |
15 % |
Oregon |
$578 |
$493 |
17 % |
New Mexico |
$577 |
$551 |
5 % |
Pennsylvania |
$576 |
$532 |
8 % |
Montana |
$568 |
$519 |
9 % |
Delaware |
$567 |
$566 |
0 % |
Nevada |
$566 |
$575 |
-2 % |
Tennessee |
$558 |
$533 |
5 % |
New Jersey |
$550 |
$535 |
3 % |
North Dakota |
$548 |
$538 |
2 % |
Iowa |
$548 |
$552 |
-1 % |
South Carolina |
$541 |
$469 |
15 % |
Colorado |
$535 |
$489 |
9 % |
Ohio |
$535 |
$513 |
4 % |
Arizona |
$517 |
$569 |
-9 % |
Mississippi |
$511 |
$499 |
2 % |
Georgia |
$509 |
$474 |
7 % |
Washington |
$503 |
$470 |
7 % |
Michigan |
$497 |
$435 |
14 % |
Kentucky |
$497 |
$479 |
4 % |
Hawaii |
$490 |
$482 |
2 % |
Idaho |
$473 |
$483 |
-2 % |
Arkansas |
$461 |
$456 |
1 % |
Rhode Island |
$455 |
$424 |
7 % |
Indiana |
$436 |
$425 |
3 % |
Minnesota |
$423 |
$404 |
5 % |
Virginia |
$409 |
$425 |
-4 % |
Maryland |
$384 |
$385 |
0 % |
New Hampshire |
$373 |
$372 |
0 % |
For the full report, please visit: https://www.valuepenguin.com/average-cost-of-health-insurance
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