By GOBankingRates, Special for USDR
New York residents pay the most for basic health insurance, whereas residents of New Mexico pay the least, according to a new study released today by leading 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.2
The lowest-cost silver plans for each state were ranked based on the favorability of the following costfactors:
- The plan’s monthly premium
- The deductible
- The emergency care copay
- The copay for care from a primary physician
To see full details on the methodology, visit:
“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 Vermont, 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
- New York
- South Carolina
- New Jersey
The 10 States With the Lowest Health Insurance Costs
- New Mexico
- District of Columbia
To see where your state ranked, click here.
- The state with the highest monthly premium is Vermont, at $469 a month, compared with New Mexico, which has the lowest monthly premium at $181 a month.
- Primary doctor copays vary widely by state. West Virginia and Indiana have no copays, but Californians’ copays are the highest ―$250.
- Deductible costs range from $1,300 in North Dakota to $6,850 in South Carolina, which is more than five times the price.
- Despite New Mexico’s low costs, many residents have encountered difficulties in January 2016 getting their health coverage due to a high volume of December 2015 health insurance applications still being processed.
GOBankingRates.com is a leading portal for personal finance and consumer banking information, offering visitors the latest on everything from finding a good interest rate to strategies for saving money, investing for retirement and getting a loan. Its editors are regularly featured on top-tier media outlets, including U.S. News & World Report, Forbes, Business Insider, Daily Finance, Huffington Post and more. It specializes in connecting consumers with the best financial institutions and banking products nationwide.