With the cost of everything piling pressure on household finances, Americans are facing another year of significant increases in the cost of private health insurance.
While the increase in 2022 was 0.67%, last year saw a 4% surge and 2024 is set to repeat this to take the average cost of private health insurance premiums to $584 per month or $7,008 per year, according to an analysis of plans available on the ValuePenguin marketplace.
The increase is driven by rising costs for health care providers and insurers and will mean increases for consumers in 35 states, while 15 may see their premiums stay at last year’s levels or even decrease.
The highest monthly cost will be in Alaska, where a 15% year-over-year increase will take the average private health insurance premium to $948. There are also double-digit increases predicted for Vermont, New York, Massachusetts, Illinois, California, Maine, Oregon, South Carolina, and Michigan.
The biggest decreases are expected in South Dakota, where premiums could fall 10%, although at $715 per month they will remain well above the national average. The state with the lowest average premium will be New Hampshire with a $372 monthly average premium, in line with last year.
"Amid rising premiums - 57% of insured Americans worry about the future of their health care,” said Divya Sangameshwar, ValuePenguin.com health insurance expert. “While rising premiums and out of pocket expenses are Americans' biggest worry, many also worry about the decline in the quality and access to healthcare, and a further 10% worry about losing healthcare coverage altogether."
| The average cost of health insurance in 2024 | |||
| State | 2024 cost | 2023 cost | % change |
| Alaska | $948 | $822 | 15% |
| Vermont | $908 | $810 | 12% |
| West Virginia | $877 | $871 | 1% |
| New York | $873 | $776 | 13% |
| Wyoming | $838 | $882 | -5% |
| South Dakota | $715 | $792 | -10% |
| Nebraska | $691 | $652 | 6% |
| Louisiana | $666 | $652 | 2% |
| Connecticut | $665 | $614 | 8% |
| Massachusetts | $639 | $553 | 16% |
| North Carolina | $638 | $666 | -4% |
| Illinois | $633 | $561 | 13% |
| Florida | $613 | $599 | 2% |
| Kansas | $602 | $565 | 7% |
| California | $600 | $541 | 11% |
| Utah | $599 | $558 | 7% |
| Oklahoma | $596 | $634 | -6% |
| Missouri | $594 | $626 | -5% |
| Texas | $584 | $589 | -1% |
| Alabama | $584 | $591 | -1% |
| National | $584 | $560 | 4% |
| Wisconsin | $583 | $550 | 6% |
| Maine | $582 | $506 | 15% |
| Oregon | $578 | $493 | 17% |
| New Mexico | $577 | $551 | 5% |
| Pennsylvania | $576 | $532 | 8% |
| Montana | $568 | $519 | 9% |
| Delaware | $567 | $566 | 0% |
| Nevada | $566 | $575 | -2% |
| Tennessee | $558 | $533 | 5% |
| New Jersey | $550 | $535 | 3% |
| North Dakota | $548 | $538 | 2% |
| Iowa | $548 | $552 | -1% |
| South Carolina | $541 | $469 | 15% |
| Colorado | $535 | $489 | 9% |
| Ohio | $535 | $513 | 4% |
| Arizona | $517 | $569 | -9% |
| Mississippi | $511 | $499 | 2% |
| Georgia | $509 | $474 | 7% |
| Washington | $503 | $470 | 7% |
| Michigan | $497 | $435 | 14% |
| Kentucky | $497 | $479 | 4% |
| Hawaii | $490 | $482 | 2% |
| Idaho | $473 | $483 | -2% |
| Arkansas | $461 | $456 | 1% |
| Rhode Island | $455 | $424 | 7% |
| Indiana | $436 | $425 | 3% |
| Minnesota | $423 | $404 | 5% |
| Virginia | $409 | $425 | -4% |
| Maryland | $384 | $385 | 0% |
| New Hampshire | $373 | $372 | 0% |
From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.
Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.
“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.
Sellers shift focus: It's not about succession anymore.
Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
