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Average Cost of Health Insurance
A major factor in the cost of individual health insurance is your location, as prices will vary by state and county where you live. In this first table, we look at health insurance premiums in 2023. and how they vary by state.
How much will health insurance cost in 2023?
From 2022 to 2023, health insurance prices across the country will rise by 4 percent. Georgia experienced the largest year-over-year jump in health insurance costs for people in their 40s with a silver plan, at 20 percent. Including Georgia, 36 states saw average increases from 2022 to 2023.
The year-over-year declines were largest in Virginia and Louisiana, with declines of 17% and 10%, respectively. A total of 13 states saw their health insurance premiums decrease. One state, Vermont, saw no change from year to year.
Average health insurance premiums by category
Health insurance plans are tiered based on the percentage of health care costs that the insurance plan is expected to cover.
The Silver plan falls in the middle, with average deductibles, co-payments, and co-insurance. The Catastrophic and Bronze plans offer the least coverage, while the Platinum plan offers the most.
The average price paid for a health insurance plan is generally inversely proportional to the amount of coverage provided, with platinum plans being the most expensive and catastrophic, and bronze plans being the least expensive. The table shows the average price a 40-year-old will pay for individual health insurance by category. For seniors, their rates will increase according to the age scale set by federal guidelines.
Average health insurance rates by plan type
Another difference that can change the price you pay is the type of network the plan uses.
Depending on whether the plan is a health maintenance organization (HMO), preferred provider organization (PPO), exclusive provider organization (EPO), or point of service (POS), access to health care providers will be managed in different ways.
Private health insurance costs
Private health insurance is also called individual health insurance or the Affordable Care Act. Therefore, the costs shown on this page apply to the same type of insurance, regardless of name. If you are not enrolled in a government-sponsored program such as Medicare or Medicaid, you purchase private health insurance.
The average cost of private health insurance varies depending on several factors, including how you purchased your plan. When you buy private health insurance through a state or federal exchange, you may be eligible for subsidies to help pay your monthly plan premium and other insurance costs.
You can also purchase private health insurance directly from the insurance company through an agent or broker. These policies are sometimes called “over-the-counter policies” and include Affordable Care Act plans and short-term health insurance. Non-exchange plans are not eligible for cost-savings subsidies. Before you buy, it's a good idea to compare exchange and non-exchange plans to see which option will save you money.
Factors affecting health insurance prices
For some health insurance plans, the cost of coverage is determined by certain factors set by law. The state can determine how these factors affect your rates. For example, some states, such as California and New York, do not allow health insurance costs to vary based on tobacco use.
Age: The cost of health care for each insured person is determined by their age, with rates increasing as the individual gets older. Children under the age of 14 will be charged a flat rate that is added to the health plan, but premiums generally increase each year starting at age 15.
Where you live: Health insurance companies determine the policy offered and the cost of coverage based on the state and county in which you live. For example, residents of Miami-Dade County in South Florida may pay lower rates for the same policy than residents of Jackson County in the Florida Panhandle.