If you’re wondering about the cost of private health insurance in 2024, you’re not alone. It’s a hot topic, and I’ve got some insights to share with you. It is expected that health insurance premiums are going up a bit in 2024. If you’re buying a private plan, you might be spending around $584 per month on average. That adds up to about $7,008 a year. Yes, it’s a 4% increase from last year, but let’s put that into perspective. It’s part of a trend we’ve been seeing for a while now, and understanding it can help us plan better.
Where You Live Matters
Now, where you live plays a big role in how much you’ll pay. It’s a bit of a mixed bag across the states:
- The Highs Premium States: Alaska, Vermont, West Virginia, New York, and Wyoming are topping the charts. In these states, premiums are soaring way above the national average – we’re talking 43% to 62% higher. Alaska wins (or loses, depending on how you see it) with the highest premiums in the country.
- The Lows premium states: On the brighter side, if you’re in New Hampshire, Maryland, Virginia, Minnesota, or Indiana, you’re in luck. These states have some of the lowest premiums, going as much as 25-36% below the national average.
Rising costs can be worrying. In fact, about 57% of insured Americans share this concern, especially about out-of-pocket expenses and the quality of healthcare. And yes, a small percentage are even worried about losing coverage. Being insured is definitely better than not having any insurance at all.
| Rank | State | 2024 Cost (USD) | 2023 Cost (USD) | % Change |
|---|---|---|---|---|
| 1 | New Hampshire | $373 | $372 | 0% |
| 2 | Maryland | $384 | $385 | 0% |
| 3 | Virginia | $409 | $425 | -4% |
| 4 | Minnesota | $423 | $404 | 5% |
| 5 | Indiana | $436 | $425 | 3% |
| 6 | Rhode Island | $455 | $424 | 7% |
| 7 | Arkansas | $461 | $456 | 1% |
| 8 | Idaho | $473 | $483 | -2% |
| 9 | Hawaii | $490 | $482 | 2% |
| 10 | Kentucky | $497 | $479 | 4% |
| 11 | Michigan | $497 | $435 | 14% |
| 12 | Washington | $503 | $470 | 7% |
| 13 | Georgia | $509 | $474 | 7% |
| 14 | Mississippi | $511 | $499 | 2% |
| 15 | Arizona | $517 | $569 | -9% |
| 16 | Ohio | $535 | $513 | 4% |
| 17 | Colorado | $535 | $489 | 9% |
| 18 | South Carolina | $541 | $469 | 15% |
| 19 | Iowa | $548 | $552 | -1% |
| 20 | North Dakota | $548 | $538 | 2% |
| 21 | New Jersey | $550 | $535 | 3% |
| 22 | Tennessee | $558 | $533 | 5% |
| 23 | Nevada | $566 | $575 | -2% |
| 24 | Delaware | $567 | $566 | 0% |
| 25 | Montana | $568 | $519 | 9% |
| 26 | Pennsylvania | $576 | $532 | 8% |
| 27 | New Mexico | $577 | $551 | 5% |
| 28 | Oregon | $578 | $493 | 17% |
| 29 | Maine | $582 | $506 | 15% |
| 30 | Wisconsin | $583 | $550 | 6% |
| 31 | National | $584 | $560 | 4% |
| 32 | Alabama | $584 | $591 | -1% |
| 33 | Texas | $584 | $589 | -1% |
| 34 | Missouri | $594 | $626 | -5% |
| 35 | Oklahoma | $596 | $634 | -6% |
| 36 | Utah | $599 | $558 | 7% |
| 37 | California | $600 | $541 | 11% |
| 38 | Kansas | $602 | $565 | 7% |
| 39 | Florida | $613 | $599 | 2% |
| 40 | Illinois | $633 | $561 | 13% |
| 41 | North Carolina | $638 | $666 | -4% |
| 42 | Massachusetts | $639 | $553 | 16% |
| 43 | Connecticut | $665 | $614 | 8% |
| 44 | Louisiana | $666 | $652 | 2% |
| 45 | Nebraska | $691 | $652 | 6% |
| 46 | South Dakota | $715 | $792 | -10% |
| 47 | Wyoming | $838 | $882 | -5% |
| 48 | New York | $873 | $776 | 13% |
| 49 | West Virginia | $877 | $871 | 1% |
| 50 | Vermont | $908 | $810 | 12% |
| 51 | Alaska | $948 | $822 | 15% |
Wrapping It Up: How much will private health insurance cost in 2024
So, there you have it! While we’re seeing some changes in private health insurance costs in 2024, it’s all about staying informed and making smart choices. Remember, where you live can make a big difference in your premiums, and there are options out there to help manage the costs. Stay positive and proactive in finding the best plan for you and your family!