Americans are on track to spend a record $584 per month – or $7,008 per year – on health insurance in 2024 if they purchase a private health insurance plan on the marketplace, according to a new study from ValuePenguin.com, a division of LendingTree (NASDAQ:TREE).
Both New York and Connecticut are expected to experience premiums above the national average. New York is forecast to see a 13% private health insurance premium hike, with a 2024 cost of $873 compared to the $776 in 2023. Connecticut will see an 8% hike from 2023’s $614 to 2024’s $665.
“Amid rising premiums – 57% of insured Americans worry about the future of their health care,” said ValuePenguin.com health insurance expert Divya Sangameshwar. “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.”
Sangameshwa added, “Even if you are worried about affording health insurance, having health insurance is better than going uninsured. Choosing a plan that’s right for you at a price point you can afford will give you the peace of mind that you have some financial protection against unexpected medical expenses. Americans whose incomes are between 100% to 400% the federal poverty level can qualify for heavily subsidized private health insurance plans, which should be easier on their wallets.”
