Are you wondering what the average American pays for their health insurance premium? The cost will depend on a couple of factors. The main factor that determines your health insurance premiums is what federal advance premium tax credit you qualify for. Other factors include tobacco usage, location, age, plan structure, and the number of dependents.
Federal assistance is offered in each state which, most people qualify for and can help you pay for your health insurance. This federal assistance is called a subsidy, has two types of assistance. You may qualify for an Advanced Premium Tax Credit (APTC) which decreases your monthly payments. You could also qualify for cost-sharing – which will decrease your deductible, copays, coinsurance, and max out of pocket.
But exactly how much assistance does your state offer? According to an article published by Derek Silva from Policy Genius, the chart below is the average premium after Advanced Premium Tax Credit is applied.
| State | Average premium with APTC | Average final premiums across all enrollees | |
| Alabama | $73 | $122 | |
| Alaska | $91 | $197 | |
| Arizona | $130 | $219 | |
| Arkansas | $135 | $187 | |
| California | $146 | $187 | |
| Colorado | $152 | $228 | |
| Connecticut | $87 | $241 | |
| Delaware | $119 | $211 | |
| District of Columbia | $206 | $508 | |
| Florida | $73 | $104 | |
| Georgia | $81 | $136 | |
| Hawaii | $114 | $191 | |
| Idaho | * | * | |
| Illinois | $178 | $244 | |
| Indiana | $172 | $281 | |
| Iowa | $102 | $168 | |
| Kansas | $116 | $180 | |
| Kentucky | $119 | $199 | |
| Louisiana | $126 | $189 | |
| Maine | $120 | $187 | |
| Maryland | $100 | $182 | |
| Massachusetts | $150 | $228 | |
| Michigan | $143 | $192 | |
| Minnesota | $275 | $302 | |
| Mississippi | $81 | $110 | |
| Missouri | $102 | $172 | |
| Montana | $120 | $196 | |
| Nebraska | $54 | $95 | |
| Nevada | * | * | |
| New Hampshire | $148 | $236 | |
| New Jersey | $163 | $228 | |
| New Mexico | $117 | $195 | |
| New York | * | $256 | |
| North Carolina | $82 | $125 | |
| North Dakota | $84 | $135 | |
| Ohio | $163 | $243 | |
| Oklahoma | $61 | $106 | |
| Oregon | $150 | $246 | |
| Pennsylvania | $131 | $184 | |
| Rhode Island | $120 | $175 | |
| South Carolina | $85 | $128 | |
| South Dakota | $89 | $132 | |
| Tennessee | $101 | $162 | |
| Texas | $78 | $120 | |
| Utah | $62 | $91 | |
| Vermont | $294 | $461 | |
| Virginia | $100 | $171 | |
| Washington | $134 | $262 | |
| West Virginia | $221 | $323 | |
| Wisconsin | $118 | $185 | |
| Wyoming | $60 | $127 |
Because healthcare insurance prices vary in each state, the table below lists the average monthly premium by metal tier . These are the full prices without a tax credit.
| State | Average bronze plan premium | Average silver plan premium | Average gold plan premium |
| Utah | $332 | $485 | $591 |
| North Dakota | $369 | $589 | $557 |
| New Mexico | $374 | $531 | $504 |
| New Hampshire | $393 | $495 | $497 |
| Michigan | $414 | $554 | $567 |
| Texas | $456 | $601 | $645 |
| South Carolina | $465 | $716 | $717 |
| Oregon | $472 | $657 | $591 |
| Ohio | $475 | $588 | $642 |
| Arkansas | $483 | $567 | $650 |
| Oklahoma | $485 | $726 | $706 |
| Kentucky | $486 | $726 | $708 |
| Georgia | $491 | $611 | $631 |
| Hawaii | $493 | $680 | $663 |
| Virginia | $502 | $675 | $644 |
| Indiana | $504 | $627 | $759 |
| Maine | $505 | $638 | $609 |
| North Carolina | $509 | $710 | $735 |
| Montana | $520 | $668 | $647 |
| Iowa | $520 | $777 | $720 |
| Alabama | $527 | $761 | $865 |
| Tennessee | $529 | $687 | $865 |
| Arizona | $530 | $611 | $733 |
| Florida | $537 | $620 | $747 |
| Alaska | $537 | $946 | $786 |
| Kansas | $540 | $667 | $707 |
| Delaware | $547 | $764 | $713 |
| Missouri | $561 | $676 | $753 |
| Wisconsin | $573 | $677 | $727 |
| Illinois | $573 | $652 | $760 |
| Wisconsin | $580 | $711 | $749 |
| South Dakota | $589 | $820 | $770 |
| Mississippi | $594 | $626 | $816 |
| Nebraska | $599 | $870 | $846 |
| Louisiana | $605 | $805 | $838 |
| Wyoming | $680 | $1,062 | $860 |
| Wyoming | $755 | $1,169 | $956 |
| West Virginia | $985 | $1,067 | $1,124 |
Other Factors
Tobacco
Due to the likelihood of developing health issues in the future and the risk that it imposes on the health insurance company, tobacco users may see higher premiums.
Location
You might be wondering why my premium is affected by where I live? This is due to the amount of competition, if any, in the place where you reside. For example, in the more populated areas, there is a higher chance that there will be more insurance companies therefore, creating more competition. Competition makes the premiums become lower because of more competition. In conclusion, this makes rural areas with less competition up their premium costs.
Age
Although the states of New York and Vermont do not use age as a determining factor for premium price, most of the states use the age of 21 to determine premium costs. However as you progress in age so does your premium price.
Plan Category
Your premium is also affected by the type of healthcare insurance plan you choose. In health insurance, there are four categories of healthcare plans starting from lowest premium cost to the highest; Bronze, Silver, Gold, Platinum and Catastrophic.
Number of Dependents
Finally, your premium is affected by the number of dependents you have in your insurance policy. For example, if you add a spouse your monthly premium may increase. The more dependents you have, the more tax credit you will qualify for so adding a spouse and dependents may be more cost effective than you think.
Conclusion
Now that you know what factors affect the price of your healthcare insurance, how do you find affordable healthcare insurance for you and/or your family?
Although finding healthcare insurance may sound like a tedious task, a Compass Agent can simplify the process. Compass Insurance Advisors is a brokerage, so our agents can look at your best options, help you know what tax credit and/or cost sharing that you qualify for, and answer any questions you might have.
Get FREE advice from Compass Insurance Advisors or call 801-901-3519 to speak to a licensed Agent.
