West Virginia, New York, Wyoming, Vermont and Louisiana residents pay the highest health insurance premiums in the country, ValuePenguin.com finds.
PR Newswire
NEW YORK, Nov. 19, 2020
NEW YORK , Nov. 19, 2020 /PRNewswire/ -- With Open Enrollment underway, a new ValuePenguin.com analysis has found that in 2021, Americans will spend an average of $496 per month, or $5,952 per year on health insurance, if they purchase a Health Insurance Marketplace plan. There was a slight 1.59% decrease in premiums from the 2020 plan year, but analysts found significant variations across states, and health insurance plan type:
- West Virginia , New York , Wyoming , Vermont and Louisiana residents pay the highest health insurance premiums in the country — premiums here are 43.14%, 41%, 34.73%, 30.50% and 26.45% above the national average.
- New Hampshire , Maryland , New Mexico , Minnesota and Washington residents pay the lowest health insurance premiums in the country — premiums here are 32.55%, 30.19%, 29.68%, 27.26% and 20.66% below the national average.
- Indiana , New Jersey and Delaware had the largest increase in health insurance costs year over year — 10%, 9% and 8% respectively ( $42 , $43 and $37 ).
- Iowa , Maryland and Maine had the largest decrease in health insurance costs year over year — 20%, 17%, and 15% respectively ( $110 , $69 and $78 ).
- Notably, New Jersey saw rates increase 9% from 2020, after the introduction of their new state run health insurance marketplace . Pennsylvania , which also introduced a state run health insurance marketplace, saw health insurance costs decrease 8% from 2020.
- The most restrictive health insurance policies - namely HMO (health maintenance organization) and POS (point of service) saw the biggest drop in premiums, compared to other types of plans, falling close to 10.67% and 9.04% compared to 2020. By metal tier, Bronze tier health plans saw the sharpest decrease in premiums, falling 6.86% compared to the 2020 plan year.
According to ValuePenguin.com Health Insurance expert Sterling Price , "Despite decreases in average premiums nationally, most Americans will see their premiums increase slightly for the 2021 plan year, due to COVID-19." He adds, "Insurers are anticipating a surge in medical claims from the many Americans who delayed surgeries or medical procedures in 2020 due to the pandemic, and the COVID-19 Vaccination. These factors have led to some insurers adding a slight bump to premiums for the 2021 plan year."
ValuePenguin.com analysts looked at the thousands of Health Insurance plans available from the Centers for Medicare & Medicaid Services. Using the rates and premiums for each plan, averages were calculated for a variety of variables such as metal tier, family size, county and state. To view the full report, visit: https://www.valuepenguin.com/average-cost-of-health-insurance
How Much Will Health Insurance Cost In Your State in 2021? | |||||||
Rank | State | Monthly | Annual | % Change from | 2021 | 2020 Average | % change |
1 | West Virginia | $712 | $8,540 | 43.14% | $712 | $666 | 6.82% |
2 | New York | $701 | $8,413 | 41.00% | $701 | $698 | 0.43% |
3 | Wyoming | $670 | $8,039 | 34.73% | $670 | $766 | -12.54% |
4 | Vermont | $649 | $7,786 | 30.50% | $649 | $631 | 2.86% |
5 | Louisiana | $629 | $7,545 | 26.45% | $629 | $596 | 5.42% |
6 | Nebraska | $615 | $7,379 | 23.68% | $615 | $648 | -5.17% |
7 | Massachusetts | $599 | $7,184 | 20.41% | $599 | $568 | 5.45% |
8 | California | $588 | $7,056 | 18.27% | $588 | $576 | 2.03% |
9 | Alaska | $572 | $6,869 | 15.13% | $572 | $614 | -6.70% |
10 | Nevada | $566 | $6,792 | 13.84% | $566 | $556 | 1.85% |
11 | South Dakota | $561 | $6,730 | 12.79% | $561 | $556 | 0.91% |
12 | Missouri | $548 | $6,572 | 10.15% | $548 | $578 | -5.21% |
13 | New Jersey | $543 | $6,521 | 9.29% | $543 | $501 | 8.54% |
14 | Oklahoma | $539 | $6,464 | 8.34% | $539 | $588 | -8.32% |
15 | Florida | $528 | $6,336 | 6.19% | $528 | $554 | -4.75% |
16 | North Carolina | $521 | $6,247 | 4.70% | $521 | $490 | 6.19% |
17 | Illinois | $517 | $6,203 | 3.97% | $517 | $537 | -3.70% |
18 | Alabama | $514 | $6,163 | 3.29% | $514 | $488 | 5.21% |
19 | Delaware | $513 | $6,154 | 3.14% | $513 | $475 | 7.88% |
20 | Kansas | $511 | $6,138 | 2.87% | $511 | $517 | -1.06% |
21 | Tennessee | $495 | $5,937 | -0.50% | $495 | $491 | 0.73% |
22 | Texas | $492 | $5,900 | -1.12% | $492 | $508 | -3.18% |
23 | Arizona | $490 | $5,877 | -1.50% | $490 | $487 | 0.66% |
24 | Georgia | $489 | $5,874 | -1.56% | $489 | $490 | -0.16% |
25 | Mississippi | $485 | $5,821 | -2.43% | $485 | $500 | -2.98% |
26 | Utah | $477 | $5,730 | -3.97% | $477 | $493 | -3.22% |
27 | Idaho | $477 | $5,723 | -4.08% | $477 | $485 | -1.76% |
28 | Kentucky | $470 | $5,641 | -5.46% | $470 | $455 | 3.30% |
29 | Oregon | $467 | $5,603 | -6.09% | $467 | $441 | 5.81% |
30 | South Carolina | $462 | $5,550 | -6.98% | $462 | $501 | -7.67% |
31 | Indiana | $462 | $5,543 | -7.10% | $462 | $420 | 9.92% |
32 | Wisconsin | $461 | $5,527 | -7.37% | $461 | $486 | -5.16% |
33 | Iowa | $451 | $5,411 | -9.32% | $451 | $561 | -19.56% |
34 | Montana | $449 | $5,393 | -9.62% | $449 | $448 | 0.32% |
35 | Pennsylvania | $449 | $5,218 | -9.69% | $449 | $471 | 5.00% |
36 | Hawaii | $446 | $5,353 | -10.27% | $446 | $456 | -2.09% |
37 | Virginia | $443 | $5,318 | -10.87% | $443 | $466 | -4.93% |
38 | Ohio | $435 | $5,223 | -12.46% | $435 | $456 | -4.56% |
39 | Maine | $431 | $5,172 | -13.32% | $431 | $509 | -15.32% |
40 | Arkansas | $426 | $5,112 | -14.33% | $426 | $405 | 5.18% |
41 | Rhode Island | $417 | $4,999 | -16.22% | $417 | $387 | 7.64% |
42 | North Dakota | $410 | $4,923 | -17.49% | $410 | $387 | 6.13% |
43 | Michigan | $402 | $4,828 | -19.08% | $402 | $417 | -3.49% |
44 | Washington | $394 | $4,734 | -20.66% | $394 | $409 | -3.50% |
45 | Minnesota | $362 | $4,340 | -27.26% | $362 | $362 | -0.20% |
46 | New Mexico | $350 | $4,196 | -29.68% | $350 | $364 | -3.89% |
47 | Maryland | $344 | $4,122 | -30.91% | $344 | $413 | -16.75% |
48 | New Hampshire | $335 | $4,024 | -32.55% | $335 | $383 | -12.38% |
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Additional Information: https://www.valuepenguin.com/health-insurance
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SOURCE ValuePenguin.com