When you’re trying to manage your money and figure out your budget, here’s a question to add to your list: How much does health insurance cost per month?
Whether you’re in charge of a household or single and in charge of only yourself, most of us have a budget. Each month we hold ourselves accountable to pay for things like:
- Mortgage/Rent
- Utilities
- Groceries
- Car expenses
- Credit card bills
- And more
While some of these obligations are easy to estimate, the cost of medical care can be a little trickier.
Below are several factors that influence healthcare premiums and will help you answer the question: How much does health insurance cost per month?
How much does health insurance cost per month for one person?
Monthly premiums for Affordable Care Act (ACA) Marketplace plans vary by state and can be reduced by premium tax credits. The average national monthly health insurance cost for one person on an Affordable Care Act (ACA) plan without premium tax credits in 2024 is $477.1
Wondering how insurance premiums are decided?
The Affordable Care Act ensures that insurance companies cannot discriminate based on gender, current health status, or medical history.
Here are factors that determine health insurance premiums:2
Age
While some states, specifically New York and Vermont, do not use age when determining health insurance premiums, this is a major contributing factor for most states.4
- The age of 21 is used as the base age, with premium costs being adjusted upwards for those in their thirties, forties, fifties, and sixties.
- Around age 53, the premium rate becomes more than double the base rate.
Tobacco
Tobacco use will affect how much health insurance costs you per month.4
- In fact, health insurance companies can charge smokers up to 50% more than non-tobacco users.
- While some states have elected not to allow insurance carriers to charge smokers the maximum allowed, tobacco use does still affect pricing.
Location
Location affects the price of the premiums, too, mostly due to the amount of (or lack of) competition in a particular area or region.
While competition can be intense in populated areas, rural parts of the country may only have one or two insurance companies, making pricing higher for these residents.
Plan Category
Finally, your choice of plan will also influence the average health insurance cost per month.
Plans are broken down by metal tiers:5
- Bronze
- Silver
- Gold
- Platinum
- Catastrophic
Each carries different premiums based on what percentage of overall healthcare costs they cover.
Premiums are also affected by the plan’s:
- Deductibles
- Copays
- Coinsurance
- Number of family members on the plan.
How much does health insurance cost per month in each state?
The national average health insurance premium for a benchmark plan in 2024 is $477, according to the Kaiser Family Foundation.1 A benchmark plan is the average premium for each state’s second lowest cost silver plan.
The following data reflects the national average, and each state’s average, but does not include any reduction in cost from premium tax credits. Rates will vary by area.
Average Monthly Health Insurance Premiums for Benchmark Plans by State Without Premium Tax Credits
| Location | 2023 | 2024 | Percent Change |
|---|---|---|---|
| United States | $456 | $477 | 5% |
| Alabama | $567 | $564 | -1% |
| Alaska | $762 | $889 | 17% |
| Arizona | $410 | $403 | -2% |
| Arkansas | $416 | $424 | -2% |
| California | $432 | $468 | 8% |
| Colorado | $380 | $451 | 19% |
| Connecticut | $627 | $661 | 5% |
| Delaware | $549 | $533 | -3% |
| District of Columbia | $428 | $532 | 24% |
| Florida | $471 | $489 | 4% |
| Georgia | $413 | $463 | -12% |
| Hawaii | $469 | $468 | 0% |
| Idaho | $420 | $417 | -1% |
| Illinois | $453 | $473 | 4% |
| Indiana | $397 | $399 | 1% |
| Iowa | $484 | $451 | -7% |
| Kansas | $471 | $486 | 3% |
| Kentucky | $422 | $431 | 2% |
| Louisiana | $565 | $563 | 0% |
| Maine | $457 | $515 | 13% |
| Maryland | $336 | $346 | 3% |
| Massachusetts | $417 | $419 | 0% |
| Michigan | $362 | $381 | 5% |
| Minnesota | $335 | $343 | 2% |
| Mississippi | $461 | $485 | 5% |
| Missouri | $473 | $501 | 6% |
| Montana | $477 | $504 | 6% |
| Nebraska | $550 | $570 | 4% |
| Nevada | $386 | $387 | 0% |
| New Hampshire | $323 | $335 | 4% |
| New Jersey | $441 | $461 | 5% |
| New Mexico | $445 | $471 | 6% |
| New York | $627 | $736 | 17% |
| North Carolina | $512 | $495 | -3% |
| North Dakota | $475 | $486 | 2% |
| Ohio | $413 | $435 | 5% |
| Oklahoma | $554 | $508 | -8% |
| Oregon | $510 | $488 | -4% |
| Pennsylvania | $462 | $445 | -4% |
| Rhode Island | $379 | $400 | 6% |
| South Carolina | $496 | $492 | -1% |
| South Dakota | $626 | $616 | -2% |
| Tennessee | $473 | $501 | 6% |
| Texas | $461 | $475 | 3% |
| Utah | $471 | $507 | 8% |
| Vermont | $841 | $950 | 13% |
| Virginia | $371 | $371 | 0% |
| Washington | $395 | $415 | 5% |
| West Virginia | $824 | $847 | 13% |
| Wisconsin | $456 | $476 | 4% |
| Wyoming | $802 | $821 | 2% |
| Source: Kaiser Family Foundation Marketplace Average Benchmark Premiums. | |||
How Much Does Health Insurance Cost per Month in Each State With a Premium Tax Credit?
The estimated national average cost in 2024 for a silver plan after a premium tax credit* is applied is $66.3 This chart, unlike the previous one, takes into account premium tax credits. Here, you can find the average monthly premium with tax credits, for a benchmark silver plan in a select city within your state.
Monthly Health Insurance Rates by State With a Premium Tax Credit
(40-year-old making $30,0000 per year)
| State | Major County | After Tax Credit in 2022 | After Tax Credit in 2023 | |
|---|---|---|---|---|
| Alabama | Jefferson | $77 | $57 | |
| Alaska | Anchorage | $0 | $9 | |
| Arizona | Maricopa | $82 | $66 | |
| Arkansas | Pulaski | $71 | $66 | |
| California | Los Angeles | $68 | $53 | |
| Colorado | Denver | $78 | $71 | |
| Connecticut | Hartford | $37 | $27 | |
| District of Columbia | D.C. | $78 | $69 | |
| Delaware | Sussex | $72 | $64 | |
| Florida | Miami-Dade | $82 | $71 | |
| Georgia | Fulton | $82 | $71 | |
| Hawaii | Honolulu | $37 | $3 | |
| Iowa | Polk | $78 | $68 | |
| Idaho | Ada | $78 | $69 | |
| Illinois | Cook | $83 | $69 | |
| Indiana | Marion | $71 | $70 | |
| Kansas | Johnson | $83 | $65 | |
| Kentucky | Jefferson | $78 | $68 | |
| Louisiana | East Baton Rouge Parish | $83 | $52 | |
| Massachusetts | Middlesex | $84 | $69 | |
| Maryland | Montgomery | $74 | $69 | |
| Maine | Cumberland | $74 | $62 | |
| Michigan | Wayne | $83 | $69 | |
| Minnesota | Hennepin | $78 | $63 | |
| Missouri | St. Louis | $83 | $70 | |
| Mississippi | Yazzo | $83 | $71 | |
| Montana | Beaverhead | $72 | $61 | |
| North Carolina | Robeson | $81 | $64 | |
| North Dakota | McKenzie | $70 | $68 | |
| Nebraska | Cherry | $74 | $70 | |
| New Hampshire | Coos | $79 | $65 | |
| New Jersey | Burlington | $59 | $64 | |
| New Mexico | Catron | $53 | $51 | |
| Nevada | Clark | $82 | $70 | |
| New York | Kings | $37 | $63 | |
| Ohio | Franklin | $79 | $68 | |
| Oklahoma | Oklahoma | $75 | $66 | |
| Oregon | Multnomah | $81 | $70 | |
| Pennsylvania | Philadelphia | $82 | $64 | |
| Rhode Island | Providence | $63 | $57 | |
| South Carolina | Greenville | $66 | $70 | |
| South Dakota | Minnehaha | $77 | $43 | |
| Tennessee | Shelby | $77 | $63 | |
| Texas | Harris | $78 | $70 | |
| Utah | Salt Lake | $63 | $60 | |
| Virginia | Fairfax | $83 | $58 | |
| Vermont | Chittenden | $66 | $67 | |
| Washington | King | $57 | $62 | |
| Wisconsin | Milwaukee | $83 | $68 | |
| West Virginia | Kanawha | $83 | $70 | |
| Wyoming | Laramie | $80 | $70 | |
| Source: How ACA Marketplace Premiums Are Changing by County in 2023. |
Find out how much health insurance costs per month
Want a little help answering the question: How much does health insurance cost per month?
Our licensed insurance agents can help you find a plan that works for you. Give us a call at (833) 665-1412 or talk with a licensed health insurance agent in your area.
Sorce: www.healthmarkets.com