New York residents pay the most for basic health insurance, while residents of New Mexico pay the least, a new study released by GOBankingRates.com indicates.
New York’s cheapest silver plan has a higher $3,000 deductible and the highest monthly premiums among the top 10 states with the most expensive health insurance costs in the study, at $366, compared with New Mexico, which has the lowest monthly premium at $181 a month.
[RELATED: [REPORT] On-Demand Workers Like Job Flexibility But Want Benefits]
“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.”
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:
- The plan’s monthly premium
- The deductible
- The emergency care copay
- The copay for care from a primary physician
Consumers who live in one of these states
where premiums are the highest, according to the study, should expect to pay more each month for health insurance, with all premiums totaling at least $3,336 annually. They’ll also pay more for each doctor or emergency room visit, as the most expensive plans charge higher co-insurance rates and copays.Those who live in states with lower premiums are able to save money in their monthly budgets, and with lower deductibles and copays, these residents are also more likely to pay less when they need to use health insurance.
More findings from the study:
The 10 States With the Highest Health Insurance Costs
New York
Vermont
South Carolina
Alabama
New Jersey
Mississippi
Oklahoma
Indiana
Delaware
Wyoming
The 10 States With the Lowest Health Insurance Costs
New Mexico
Utah
California
Texas
Pennsylvania
Michigan
District of Columbia
Hawaii
Oregon
Idaho