In 2021, Americans Will Spend An Average of $5,952/Year for Health Insurance.

NEW YORK , Nov. 19, 2020 /PRNewswire/ -- With Open Enrollment underway, a new ValuePenguin.com analysis has found that in 2021, Americans will spend an average of $496 per month, or $5,952 per year on health insurance, if they purchase a Health Insurance Marketplace plan. There was a slight 1.59% decrease in premiums from the 2020 plan year, but analysts found significant variations across states, and health insurance plan type:

• West Virginia , New York , Wyoming , Vermont and Louisiana residents pay the highest health insurance premiums in the country — premiums here are 43.14%, 41%, 34.73%, 30.50% and 26.45% above the national average.
• New Hampshire , Maryland , New Mexico , Minnesota and Washington residents pay the lowest health insurance premiums in the country — premiums here are 32.55%, 30.19%, 29.68%, 27.26% and 20.66% below the national average.
• Indiana , New Jersey and Delaware had the largest increase in health insurance costs year over year — 10%, 9% and 8% respectively ( $42 , $43 and $37 ).
• Iowa , Maryland and Maine had the largest decrease in health insurance costs year over year — 20%, 17%, and 15% respectively ( $110 , $69 and $78 ).
• Notably, New Jersey saw rates increase 9% from 2020, after the introduction of their new state run health insurance marketplace . Pennsylvania , which also introduced a state run health insurance marketplace, saw health insurance costs decrease 8% from 2020.
• The most restrictive health insurance policies - namely HMO (health maintenance organization) and POS (point of service) saw the biggest drop in premiums, compared to other types of plans, falling close to 10.67% and 9.04% compared to 2020. By metal tier, Bronze tier health plans saw the sharpest decrease in premiums, falling 6.86% compared to the 2020 plan year.

According to ValuePenguin.com Health Insurance expert Sterling Price , "Despite decreases in average premiums nationally, most Americans will see their premiums increase slightly for the 2021 plan year, due to COVID-19." He adds, "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."

ValuePenguin.com analysts looked at the thousands of Health Insurance plans available from the Centers for Medicare & Medicaid Services. Using the rates and premiums for each plan, averages were calculated for a variety of variables such as metal tier, family size, county and state. To view the full report, visit: https://www.valuepenguin.com/average-cost-of-health-insurance

About ValuePenguin.com: ValuePenguin.com, part of LendingTree (NASDAQ: TREE), is a personal finance website that conducts in-depth research and provides objective analysis to help guide consumers to the best financial decisions. ValuePenguin focuses on value, assessing whether the return of a particular decision is worth the cost or risk of that option, and how this stacks up with the other possible choices they may have. For more information, please visit www.valuepenguin.com , like our Facebook page or follow us on Twitter @ValuePenguin.

Additional Information: https://www.valuepenguin.com/health-insurance

Media Contact:
Divya Sangam (Ms.)
646 693 8445
Divya@lendingtreenews.com

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SOURCE ValuePenguin.com