NEW YORK — With individual health insurance premiums rising significantly in recent years, the personal-finance company WalletHub today released its report on the States Where People Spend the Most & Least on Health Insurance to shed light on where Americans are struggling the most to stay covered.
To identify where Americans are shelling out the most and least for health insurance, WalletHub analyzed average premiums in each of the 50 states, then compared it to the median household income.
“Inflation has driven up health insurance premiums significantly in recent years, making it harder and harder for Americans to afford proper health care. Being without insurance is even more dangerous, though, as medical debt is one of the most common reasons people file for bankruptcy. People in certain states feel the pressure of high premiums more than others, as they can cost as much as 21% of the median income in some states and less than 5% in others,” said Chip Lupo, analyst at WalletHub.
“West Virginians spend nearly 21% of their income on health insurance premiums, the highest share in the nation. The state's average monthly silver-plan premium is the third-highest in the country, while its median household income of $59,608 is the second-lowest,” he added.
| Highest % of Income Spent | Lowest % of Income Spent | |
| 1. West Virginia (20.86%) | 41. Colorado (6.72%) | |
| 2. Vermont (19.05%) | 42. Rhode Island (6.67%) | |
| 3. Wyoming (17.16%) | 43. Hawaii (6.37%) | |
| 4. Arkansas (14.87%) | 44. California (6.32%) | |
| 5. Mississippi (14.05%) | 45. New Jersey (6.23%) | |
| 6. Alaska (13.18%) | 46. Minnesota (5.89%) | |
| 7. Louisiana (12.58%) | 47. Virginia (5.86%) | |
| 8. Tennessee (12.19%) | 48. Massachusetts (5.49%) | |
| 9. Alabama (11.85%) | 49. New Hampshire (4.77%) | |
| 10. Montana (11.27%) | 50. Maryland (4.66%) |
To view the full report and your state’s rank, please visit:
https://wallethub.com/edu/states-where-people-spend-the-most-least-on-health-insurance/145713
More resarch from WalletHub
- States Where People Spend the Most & Least on Health Care
- States Where People Spend the Most & Least on Groceries
- States Where People Spend the Most & Least on Housing
- Best & Worst States for Health Care
- Best States to Live In
- States With the Best & Worst Budgeters
- Changes in Inflation by City
- Best & Worst State Economies
- States Where People Have the Highest Income
