According to a recent study, the average yearly premiums to be paid across the US will be $5,952.
As Americans look to their 2021 coverage options, a recent ValuePenguin study shows that the average annual cost of health insurance will be falling.
The amount individual households will pay will vary from one state and one home to the next.
The study showed that Americans, on average across the country, will be paying nearly $500 per month for their plans. The annual cost of health insurance as a national average was based on the prices set through the Health Insurance Marketplace. Of course, this $496 per month is the average. The actual amount Americans will pay will vary widely depending on the state in which they live, how much coverage they need, as well as a range of other factors.
That said, for many people, it will be a relief, as this figure represents a 1.59 percent drop from what the average prices had been for 2020 plans.
The states in which consumers will be paying the highest prices for their health insurance policies are West Virginia, New York, Wyoming, Vermont, and Louisiana. Residents of West Virginia pay 43.14 percent more than the national average. Residents of Louisiana pay 26.45 percent more than the national average. Residents of New York, Wyoming and Vermont pay 41 percent, 34.73 percent and 30.50 percent more than the national average respectively.
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That said the annual cost of health insurance is notably lower in certain specific states.
The research showed that New Hampshire, Maryland, New Mexico, Minnesota, and Washington state residents would be paying the lowest average annual premiums in the country. They are expected to be 32.55 percent, 30.19 percent, 29.68 percent, 27.26 percent, and 20.66 percent lower than the average cost across the country.
It is important to note, said Sterling Price, health insurance expert at ValuePenguin, that even though the average prices may be falling across the country, there will still be many Americans paying slightly more for their coverage in 2021.
“Insurers are anticipating a surge in medical claims from the many Americans who delayed surgeries or medical procedures in 2020 due to the pandemic, and the COVID-19 Vaccination. These factors have led to some insurers adding a slight bump to premiums for the 2021 plan year.” Price explained that the annual cost of health insurance would be rising for the 2021 plan year for some people because of the pandemic.