NY, Vermont Have Highest Health Insurance Costs
POSTED on January 27, 2016
New York residents pay the most for basic health insurance, whereas residents of New Mexico pay the least, according to a new study released by personal finance website GOBankingRates.com.
The study compared silver plans -- the most popular plan according to the Department of Health and Human Services -- offered through the national or state-level insurance exchanges administered through the Affordable Care Act.
The lowest-cost silver plans for each state were ranked based on the favorability of the following cost factors:
"Higher insurance costs in many states are tied to high costs of living or being in rural areas," said Elyssa Kirkham, the lead GOBankingRates reporter on the study. "Where costs of living are high, like New York or South Carolina, care is also likely to be more expensive, a cost which insurers pass to enrollees through higher premiums."
"Competition is another key factor of health insurance costs," said Kirkham. "In rural states like Wyoming and Oklahoma, fewer residents means a smaller health insurance market with fewer options, where insurers can charge more without losing customers. Of course, subsidies can offset these costs, but this form of assistance also varies widely from state to state," she said.
The 10 States With the Highest Health Insurance Costs
The 10 States With the Lowest Health Insurance Costs
To see where your state ranked, click here.
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