Average cost of private health insurance hits record high $7452 As health insurance becomes more expensive in 2042, the annual According to ValuePenguin.com.
Charlotte, North Carolina, December 3, 2024 /PRNewswire/ — In 2025, the average cost of a private health insurance plan will be $621 monthly or $7,452 Annually – According to 7% increase from 2024 new report From the insurance research site ValuePenguin.com. Health insurance premiums will increase by 15% starting in 2022, following four consecutive years of increases. Rising health care costs nationwide will result in higher premiums for residents in 42 states by 2025.
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Premiums for all types of private health insurance will increase in 2025. Platinum tier plans, catastrophic plans, EPO, HMO, and PPO plans will see the largest increases in premiums, ranging from 8% to 13%.
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Health insurance will be the most expensive in 2025 vermont state, alaska and new york. Premiums in these states are 86%, 75%, and 67% higher than the national average. new hampshire, maryland and virginiamakes it the cheapest health insurance, with premiums 32% to 40% lower than the national average.
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In eight states, premiums are expected to increase by more than 10%. vermont state The biggest rate hike of 27% is expected, followed by new york, alaska, north dakota, michigan, Utah, montanaand new mexico. of vermont 27% tax hike means state health insurance costs will be record high $13,884/year ($1157/month) – Best in Japan.
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Health insurance premiums are expected to decrease slightly in six states. The biggest decline is seen in iowa, south dakota and Alabamawill decline by 7% to 3% in 2025. tennesseeand north dakota Health insurance rates will remain unchanged in 2025.
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Despite the high costs, more than 90% of enrollees qualify for subsidies, significantly reducing the cost of their health insurance plans. $800. 4 out of 5 subscribers pay: 10 dollars/month for subsidized health insurance. And by 2025, 97% of insurance buyers will be able to compare plans from three or more health insurance companies to find one that fits their needs and budget.
Divya Sangameshwar, health insurance expert at ValuePenguin.com, said: “Private health insurance premiums will rise 7% in 2025 due to rising health care costs. “It’s passed on to policyholders, but most medical insurance plans are purchased from healthcare.” .gov or state marketplaces receive rate subsidies, which significantly reduce the monthly premiums that enrollees pay. ”
She added, “In 2021, the American Rescue Plan introduced an enhanced health insurance subsidy program that lowers premiums for all members and caps premiums at 8.6% of income. Congress “This is set if the United States does not extend the enhanced health insurance subsidy program,” it added. Because it expires in 2025, millions of Americans are expected to pay significantly more for health insurance after 2026. ”
