How Much Does Health Insurance Cost Per Month?2

How Much Does Health Insurance Cost Per Month?

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How Much Does Health Insurance Cost Per Month?

Most of us have a Health Insurance budget, whether we’re responsible for a household or are single and responsible only for ourselves. We hold ourselves responsible for paying the rent, utilities, groceries, car expenses, credit card bills, and other expenses every month. Although some of these costs are simple to predict, it can be a little more difficult to predict how much medical care will cost.

You can estimate how much health insurance might cost per month by considering the various factors that affect healthcare premiums.

 

 

How Much Does Health Insurance Cost Per Month?

 

 

How Much Is Health Insurance per Month for One Person

State-specific subsidies may be used to lower the monthly premiums for Affordable Care Act (ACA) Marketplace plans. For one person on an Affordable Care Act (ACA) plan without subsidies, the average monthly health insurance cost in 2022 will be $438.

The Affordable Care Act prohibits insurance companies from discriminating on the basis of gender, current health status, or medical history. If you’re wondering how insurance premiums are determined, read on. The following variables affect how much people pay for health insurance

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 Age
While some states, notably New York and Vermont, do not consider age when calculating health insurance premiums, most states heavily consider this factor.
The base age is 21 years old, and premium prices are raised for those who are in their thirties, forties, fifties, and sixties. The premium rate more than doubles the base rate around the age of 53.
Tobacco
 
Your monthly health insurance costs will be impacted by your use of tobacco. Smokers may actually pay up to 50% more for health insurance than non-smokers. Although some states have chosen to forbid insurance companies from charging smokers the maximum permitted, tobacco use still has an impact on costs.
 
Location
Because of the amount of (or lack of) competition in a given area or region, location also has an impact on the cost of the premiums. Rural regions of the country may only have one or two insurance companies, making prices higher for these residents while competition can be fierce in populated areas.
 
Plan Category
 
The average monthly cost of health insurance will also depend on the plan you choose. Bronze, Silver, Gold, Platinum, and Catastrophic are the different metal tiers that makeup plans. Depending on how much of the total cost of healthcare they cover, each has a different premium. The amount of family members on the plan as well as the deductibles, copays, and coinsurance have an impact on premiums.
 
How Much Does Health Insurance Cost per Month in Each State?
 
According to the Kaiser Family Foundation, the benchmark plan’s average national health insurance premium in 2022 will be $438. The benchmark plan’s average premium is equal to that of the second-cheapest silver plan in each state.
The average for the country as well as the average for each state is shown below, but any cost savings from subsidies are not included. Rates will differ based on location.
How Much Does Health Insurance Cost Per Month?
How Much Does Health Insurance Cost Per Month?
Average Monthly Health Insurance Premiums for Benchmark Plans by State Without a Subsidy
 
Location             2021        2022            Percent Change
United States     $452           $438                   -3%
Alabama             $590           $597                    1%
Alaska             $675        $712                    5%
Arizona             $436        $390                  -12%
Arkansas             $394           $387                   -2%
California     $426        $417                   -2%
Colorado             $351           $358                     2%
Connecticut     $580        $581                     0%
Delaware             $540        $548                      1%
District of Columbia $415 $387  -7%
Florida $457 $456  0%
Georgia $456 $394 -16%
Hawaii $478 $484  1%
Idaho $495 $461 -7%
Illinois $423 $18         -1%
Indiana $421 $398  -6%
Iowa $523 $502 -4%
Kansas $491 $450  -9%
Kentucky $476 $387  -23%
Louisiana $545 $541  -1%
Maine         $440        $427         -3%
Maryland $347 $328 -6%
Massachusetts $363 $389  7%
Michigan $347 $340  -2%
Minnesota $307 $327  6%
Mississippi $459 $448 -2%
Missouri $479 $442  -8%
Montana $471 $483 2%
Nebraska $699 $595 -17%
Nevada $393 $383  -3%
How Much Does Health Insurance Cost Per Month?
New Hampshire $357 $309 -16%
New Jersey $405 $424  4%
New Mexico $339 $389  13%
New York $597 $592  -1%
North Carolina $516 $504  -2%
North Dakota $493 $497 1%
Ohio $375 $375  0%
Oklahoma $554 $498  -11%
Oregon $437 $444  2%
Pennsylvania $455 $390 -17%
Rhode Island $349 $361  3%
South Carolina   $476  $444       -7%
South Dakota $618 $601       -3%
Tennessee $466 $445       -5%
Texas $436 $424       -3%
Utah $471      $456        -4%
Vermont $669 $749  11%
Virginia $479 $450  -6%
Washington $388 $396  2%
West Virginia $654 $752  13%
Wisconsin $457 $429  -7%
Wyoming $791 $762 -4%
Source: Kaiser Family Foundation Marketplace Average Benchmark Premiums.
How Much Does Health Insurance Cost per Month in Each State With a Subsidy?
 
After a premium subsidy* is used, the estimated national average price for a silver plan in 2022 is $66.72. In contrast to the previous chart, this one includes subsidies. The benchmark silver plan’s average monthly premium with subsidies for a particular city in your state is shown here.
Find out more on an official website of the United States government: https://www.usa.gov/health-insurance

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