A new report has come out detailing which state residents are purportedly paying the highest health insurance prices.
As published and conducted by WalletHub, the study took a look at the premiums of silver health insurance plans across each state. Researchers then compared costs against median monthly income data to finalize the report.
The top three states where health insurance costs the most were found to be Wyoming in third; Vermont in second; and West Virginia in first.
“West Virginians spend the most on health insurance, with average costs reaching nearly 21 percent of the median household income in the state,” the report elaborates. “This is due to a combination of high premiums and low incomes.
“The average monthly health care premium for a silver plan in West Virginia is $1,036, which is the third-highest in the country. At the same time, West Virginia has the second-lowest median household income, at $59,608.”
The states spending the least on health insurance, on the other hand, were Massachusetts (third least), New Hampshire (second), and Maryland (first).
“Inflation has driven up health insurance premiums significantly in recent years, making it harder and harder for Americans to afford proper health care,” said WalletHub Analyst Chip Lupo. “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 percent of the median household income in some states and less than five percent in others.”