Like everything else in the world, the cost of health insurance usually rises per year. But how much exactly does it go up and how much will your premiums cost in 2024? Here at Cuspide we conducted a small survey sample through the official Healthcare.gov website to find out the average health insurance cost in 2024. Let’s dive into the costs of healthcare in the United States!
The information provided in this article is intended for general informational purposes only and should not be construed as legal, financial, or professional advice. Health insurance premium statistics, including the estimates and projections found here, are subject to change based on various factors, and the accuracy of the data presented may depend on the sources available at the time of writing. Readers are encouraged to verify information independently and consult with qualified professionals for personalized advice. Cuspide Insurance Agency disclaims any liability for any loss or damage resulting from reliance on the information presented herein, including estimates and projections.
Table of Contents
How much is health insurance per month?
According to Cuspide, the average health insurance cost in 2024 is $52.02 with a subsidy and $408.86 without a subsidy. The state with the lowest premium was Washington and the state with the highest premium was New York. Keep in mind this is based on the lowest-cost silver plans in the ACA marketplace. To find out how much you will pay for your health insurance, use our Obamacare calculator tool!
The basis was a 35-year-old with the average income in the United States ($31,133). We also go into the average premium cost in each state as well. It’s important to know that in the Affordable Care Act (ACA), there are 5 factors that go into the price of your premiums. But what are they?
The younger the applicant is the lower their premiums will be, while the older the individual is the higher the premiums. This is because as you age you will have increased health risks which means the insurance companies have to raise premiums to balance everything out.
Another reason that affects premiums is where you live. Plans are offered by states and counties. Local healthcare costs and how many providers (doctors, hospitals, clinics, etc.) are available in that area may affect the prices. As well as areas that have higher health risks will have higher premiums. Your friend that lives 30 minutes away can have a completely different plan and costs!
This one seems self-explanatory because smoking can cause many health problems. This means that to the insurance companies you will have more risk to them which means they will have to charge you higher for your premiums. Another reason to quit smoking!
Health insurance plans have different categories at different prices. They include Bronze, Silver, Gold, and Platinum. Bronze plans are the cheapest while Platinum plans are the most expensive. Depending on which one you choose will tell you how much you will pay.
By household size we mean the amount of people applying for coverage. A family of 3 will generally pay higher premiums monthly than a single person who is applying.
Now that you know what determines the price of health insurance premiums, you should know that every state is different. Let’s dive into the premiums in every state to find out how much you will pay.
Average healthcare cost with subsidies in 2024
Below are the health insurance costs per state with subsidies. This is based on a 35-year-old with the average United States income of $31,133 and the cheapest silver plans that appeared in the official Healthcare.gov enrollment website. Remember that these are just estimates and are based on the lowest-cost silver plans in each state! If you want to see how much you will pay you can contact us at Cuspide!
Monthly health insurance cost with subsidies
| State | WITH subsidy in 2024 | State | WITH subsidy in 2024 |
|---|---|---|---|
| Alabama | $61 | Montana | $56 |
| Alaska | $4 | Nebraska | $64 |
| Arizona | $33 | Nevada | $63 |
| Arkansas | $63 | New Hampshire | $52 |
| California | $65 | New Jersey | $14 |
| Colorado | $52 | New Mexico | $42 |
| Connecticut | $63 | New York | $30 |
| Delaware | $60 | North Carolina | $64 |
| Florida | $60 | North Dakota | $52 |
| Georgia | $63 | Ohio | $58 |
| Hawaii | $25 | Oklahoma | $64 |
| Idaho | $61 | Oregon | $59 |
| Illinois | $45 | Pennsylvania | $62 |
| Indiana | $63 | Rhode Island | $46 |
| Iowa | $62 | South Carolina | $50 |
| Kansas | $63 | South Dakota | $37 |
| Kentucky | $55 | Tennessee | $32 |
| Louisiana | $64 | Texas | $62 |
| Maine | $66 | Utah | $64 |
| Maryland | $22 | Vermont | $24 |
| Massachusetts | $43 | Virginia | $63 |
| Michigan | $64 | Washington | $0 |
| Minnesota | $79 | West Virginia | $55 |
| Mississippi | $64 | Wisconsin | $64 |
| Missouri | $61 | Wyoming | $63 |
Source: Cuspide itself did a survey based on a 35-year-old with the average income. This is based on the first silver plan that pops up in the most populated zip code in the state.
Top 5 states with the lowest health insurance premiums (with subsidies):
- Washington: $0/mo
- Alaska: $4/mo
- New Jersey: $14/mo
- Maryland: $22/mo
- Vermont: $24/mo
Top 5 states with the highest health insurance premiums (with subsidies):
- Minnesota: $79/mo
- Maine: $66/mo
- California: $65/mo
- Louisiana: $64/mo
- Mississippi: $64/mo
As you can see the state with the lowest premium was Washington with the first plan popping up at $0 a month. The most expensive premium with subsidy goes to Minnesota with the first plan at $79 a month. It’s important to note that this is all WITH subsidy and getting Premium Tax Credit to help pay for your plan. Let’s go into the average cost without health subsidies to compare.
Average health insurance cost without subsidies in 2024
Below is the chart of the Obamacare plans cost per state without subsidies. This means that you/your household make more than the 400% Federal Poverty Level (more on this later) and you will not get any premium tax credit to help lower your premiums. These are just estimates and may not be accurate. Also, these are based on the lowest-cost silver plan in each state.
Monthly health insurance cost without subsidies
| State | WITHOUT subsidy in 2024 | State | WITHOUT subsidy in 2024 |
|---|---|---|---|
| Alabama | $602 | Montana | $386 |
| Alaska | $490 | Nebraska | $519 |
| Arizona | $317 | Nevada | $349 |
| Arkansas | $405 | New Hampshire | $309 |
| California | $448 | New Jersey | $389 |
| Colorado | $383 | New Mexico | $381 |
| Connecticut | $677 | New York | $770 |
| Delaware | $505 | North Carolina | $450 |
| Florida | $393 | North Dakota | $392 |
| Georgia | $341 | Ohio | $340 |
| Hawaii | $437 | Oklahoma | $460 |
| Idaho | $383 | Oregon | $422 |
| Illinois | $362 | Pennsylvania | $346 |
| Indiana | $381 | Rhode Island | $363 |
| Iowa | $419 | South Carolina | $488 |
| Kansas | $436 | South Dakota | $424 |
| Kentucky | $387 | Tennessee | $459 |
| Louisiana | $497 | Texas | $410 |
| Maine | $502 | Utah | $431 |
| Maryland | $326 | Vermont | $566 |
| Massachusetts | $384 | Virginia | $361 |
| Michigan | $308 | Washington | $377 |
| Minnesota | $307 | West Virginia | $521 |
| Mississippi | $473 | Wisconsin | $384 |
| Missouri | $457 | Wyoming | $529 |
Source: Cuspide conducted a survery through the official federal marketplace. This is based on a 35-year-old that is past the 400% FPL and the first silver plan that comes up in the most popular zip code in the state.
Top 5 states with lowest marketplace premiums (no health subsidies):
- Minnesota: $307/mo
- Michigan: $308/mo
- New Hampshire: $309/mo
- Arizona: $317/mo
- Maryland: $326/mo
Top 5 states with highest marketplace premiums (no health subsidies):
- New York: $770/mo
- Connecticut: $677/mo
- Alabama: $602/mo
- Vermont: $566/mo
- Wyoming: $529/mo
Like stated above, the state with the lowest health insurance premiums without subsidies was Minnesota. The state with the highest premiums with no subsidy was New York at $770/mo. Keep in mind this data was captured by us at Cuspide. It was based on the most popular zip code and the cheapest silver plan that pops up. These are just estimates and will not be accurate to you!
Remember this was based on silver plans (which are the most common and popular in the ACA marketplace) so now let’s stake a look at the difference in metal tiers.
Average health insurance cost by metal tiers
Obamacare plans (ACA) are categorized into different tiers. There is Bronze, Silver, Gold, and Platinum. The higher you go up the tier, the more you pay. Silver plans are the most popular due to their perfect balance between coverage and premium payments. However, there are 3 other tiers that we must measure. The chart below shows the projected average monthly premium price in the United States based on the annual 4% increase each year. These are all without ACA subsidies.
Monthly premium cost by metal levels
| Metal Tier | 2024 | 2023 | % Increase |
|---|---|---|---|
| Bronze | $447 | $430 | 4% |
| Silver * | $576 | $554 | 4% |
| Gold | $684 | $658 | 4% |
| Platinum | $832 | $800 | 4% |
Source: Cuspide gathered this from other sources across the web and applied the annual 4% increase in premiums. These are close estimates and are not accurate.
Like previously said, depending on which category you choose will tell you how much your health insurance plan will cost. Bronze plans are the cheapest but have the highest copays, deductibles, and out-of-pocket maximums. The silvers are balanced. The gold and platinum plans have higher premiums but lower copays. Make sure to contact an insurance agent/broker to help you with choosing one.
Average cost of a bronze health plan in 2024
The average lowest-cost bronze health plan in 2024 is $364. That is a 22% decrease than the silver plans at $104 less in premiums monthly.
Source: Cuspide gathered this from KFF.org where they show the average marketplace premiums by metal tier.
Cost of health insurance premiums by age
Like previously stated, age is a major factor when it comes to finding how much health insurance costs. If you are looking for ACA plans (Obamacare) the older you are, the more you will have to pay. But just how much will you pay as you age in 2024? Let’s find out with an age chart from 25 to 65 years old.
Average ACA marketplace plan cost by age
| Year | 25 y/o | 35 y/o | 45 y/o | 55 y/o | 65 y/o |
|---|---|---|---|---|---|
| 2023 | $379 | $458 | $512 | $763 | $1,075 |
| 2024 | $394 | $476 | $532 | $793 | $1,119 |
Source: Cuspide got information from several other sources and based this estimate on the annual premium increase of 4% every year. These are projections and are not accurate.
Keep in mind that these are all based on unsubsidized ACA plans. You can go back to the previous chart that shows subsidized plans and just add a 4% increase as you age to get a closer estimate. However, the most accurate way is to contact an insurance professional.
Average health insurance cost by plan type
Another crucial factor of premiums is the type of plan you choose. Inside the Obamacare (ACA) there are 2 main plan types which are HMOs (Health Maintenance Organizations) and EPOs (Exclusive Provider Organizations). HMOs are usually cheaper than EPOs, but they lack flexibility. Learn more about them here.
There are 2 others that exist like PPOs (Preferred Provider Organization) and POS (Point of Service) but they aren’t worth mentioning because PPOs aren’t in the Affordable Care Act and POS plans are rare and nobody selects them. This is just a projection based on the annual increase of 4% in premiums a year. They are based on Obamacare plans without Premium Tax Credit. Let’s see how they differ for 2024.
EPO vs HMO premiums difference
| EPO | HMO | Year |
|---|---|---|
| $515 | $480 | 2023 |
| $535 | $499 | 2024 |
Source: We got this through the Healthcare.gov website and just applied a 4% increase to get these projected estimates that you see in this chart.
Federal Poverty Level for Health insurance
The Federal Poverty Level (FPL) is a measure that is used in the United States to determine the eligibility for subsidies for health insurance through the Affordable Care Act. The FPL is an income threshold set by the federal government and it differs based on age, location, and most of all income. The closer your annual income is to 100% the cheaper your ACA plan will be. The closer your income is to 400% the more expensive it will be. Let’s breakdown the FPL and ACA subsidies.
Obamacare subsidy chart 2024
| Family size | 100% of FPL | 400% of FPL |
|---|---|---|
| One person | $14,580 | $58,320 |
| Two people | $19,720 | $78,880 |
| Three people | $24,860 | $99,440 |
| Four people | $30,000 | $120,000 |
| Five people | $35,140 | $140,560 |
| Six people | $40,280 | $161,120 |
| Seven people | $45,420 | $181,580 |
| Eight people | $50,560 | $202,240 |
To receive a premium tax credit (the credit that lowers your monthly premium) you must be inside the 100-400% range in the chart. To qualify for a subsidy, the minimum income for a single person is $14,580. This chart is for the household size (the amount of people in taxes). It doesn’t matter if they aren’t applying for coverage, you must have them inside the application. This chart will give you an idea of your premium costs.
Future projections of health insurance premiums
Mainly due to inflation, you can except the price of premiums to go up. On average, health insurance premiums rise around 4% every year. If we were to keep that going, then by 2030, health insurance premiums will cost around $724 a month. This is of course without subsidies. But it’s just an estimate, it could be a bit less or more (we think more.) Below is a 10-year chart of the projected rising healthcare costs in the United States.
There was a small dip in price around the time Covid-19 happened. That is because the United States government gave everyone a bit more help with paying their health plan. However, once that ended, premiums came back up to their normal prices. As you can see, we predict that they will keep climbing. Make sure you contact an insurance agent/broker like us at Cuspide to help with your health insurance!
FAQ about health insurance costs
If you are a single person, your health plan will be around $52 a month with a subsidy and $576 without a subsidy. (Average based on a silver plan.) This is all mainly connected to your income. The more money you make yearly, the more you will have to pay for your plan because you will get less Premium Tax Credit (the credit applied that makes your plan cheaper.) To find out the exact amount, contact Cuspide today! We will give you quotes at no cost and browse the whole marketplace for the most affordable plans.
The are many reasons as to why healthcare costs are rising. The main reasons are higher prescription drug prices, the aging population, and most importantly, obesity and general health. The average American is becoming less “healthy”. The less healthy you are, the more medical attention you require. Which means more resources are needed, so the health insurance companies are going to bump up their prices. And, if you mix that in with inflation and prices going up in every other sector, you will get your answer. U.S. healthcare spending was around $4.3 trillion dollars in 2021, and it’s rising.
The main reason why your premium may be too high is because you make too much money. Other factors are location, age, and household size as well. The closer you are to 400% of FPL the more you will pay for your health plan. Also, make sure you contact an agent/broker that sells ALL the companies because some will only sell you what they can sell and not what’s available. There are a few things you can do to lower your premiums, so make sure to contact us at Cuspide today to learn more!
The bottom line
We think the average health insurance cost will continue to rise year by year. However, there are some things that you can do to help lower your monthly premium. Here at Cuspide we take pride in finding our clients affordable health plans. Keep in mind these were just estimated and the only accurate answer is applying.
