Average Health Insurance Cost in 2024
Health insurance costs $584 per month on average for a 40-year-old with a Silver plan. That's 4% higher than last year.
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How much does health insurance cost?
How much is health insurance per month in 2024?
In 2024, a Silver health plan costs $584 per month on average for a 40-year-old. Rates depend on things like your age, the plan tier you choose and where you live.
For example, West Virginia residents pay $877 per month for a Silver plan on average. People in nearby Maryland pay an average of just $384 per month for the same coverage.
But most people who buy coverage from HealthCare.gov or a state marketplace don't pay the full monthly cost for health insurance. More than 90% of health insurance plans from HealthCare.gov or state marketplaces qualified for rate subsidies in 2023. These subsidies lower the monthly cost of health insurance. About 80% of people can get health insurance for $10 or less per month.
How much does health insurance cost monthly in my state?
The average cost of health insurance in Washington, D.C., for a 40-year-old on a Silver plan is $538 per month — up 13% from $475 in 2023.
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How much did health insurance rates change for 2024?
From 2023 to 2024, health insurance rates across the nation increased by 4%. Oregon saw the largest jump, at 17%.
Including Oregon, 35 states saw their average rates increase between 2023 and 2024.
Rates dropped the most in South Dakota and Arizona, where they fell by 10% and 9%, respectively. Overall, 12 states experienced a decrease in health insurance rates.
Why is the cost of health insurance going up?
Health insurance is getting more expensive mostly because healthcare is getting more expensive.
The cost of medical care has more than doubled since 2000. More expensive medical care means health insurance companies have to pay more when you see a doctor. The companies charge higher rates to make sure they have enough to pay for your care.
How much does health insurance cost at different ages?
Health insurance costs more as you get older. The older you are, the more likely you are to have health problems, which makes your rate higher.
Age doesn't affect your health insurance rates in New York or Vermont. And in six states, age affects rates differently than it does in the rest of the country.
Health insurance cost by age
Age | 2023 cost | 2024 cost | % change |
|---|---|---|---|
| 0-14 | $335 | $350 | 4% |
| 15 | $365 | $381 | 4% |
| 16 | $376 | $393 | 5% |
| 17 | $388 | $404 | 4% |
| 18 | $400 | $417 | 4% |
Average monthly rate for a Silver plan.
How much does health insurance cost from different companies?
Health insurance costs between $481 and $603 per month from the biggest companies.
Most large health insurance companies have cheap rates. Kaiser Permanente has the cheapest rates, while Blue Cross Blue Shield (BCBS) has the most expensive rates. But BCBS is made up of smaller regional companies, and its rates might be cheap in your area.
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You might also find cheap health insurance from a smaller company, depending on where you live. The best way to get cheap rates is to compare quotes from different companies.
Average health insurance cost by company
Company | 2023 cost | 2024 cost | % change |
|---|---|---|---|
| Kaiser Permanente | $454 | $481 | 6% |
| Aetna | $450 | $502 | 12% |
| Ambetter | $492 | $521 | 6% |
| UnitedHealthcare | $546 | $576 | 5% |
| Blue Cross Blue Shield | $607 | $603 | -1% |
Average monthly cost for a 40-year-old with a Silver plan.
Average health insurance cost by plan tier
Health insurance rates range from $335 per month for a Catastrophic plan to $813 per month for a Platinum plan. Bronze plans, the best cheap option for most people, cost $462 per month on average.
Silver plans cost $584 per month on average. These plans offer the best combination of moderate rates and middle-of-the-road costs that you're responsible for. Gold plans cost $641 per month on average.
Silver plans are the middle tier, with moderate deductibles , copays and coinsurance.
Silver plans are the best choice for most people because of their middle-of-the-road costs. If you have a Silver plan and you earn a low income, you may also qualify for further subsidies, called cost-sharing reductions (CSRs). Other plan tiers aren't eligible for CSRs.
Catastrophic and Bronze plans have the cheapest monthly rates, but you'll have to pay more when you visit the doctor. These plans are best if you're young and healthy.
Gold and Platinum plans are on the high end of coverage and price. You'll pay more each month with these plans, but you won't pay as much for medical care. Gold and Platinum plans may make sense if you have an ongoing condition that requires frequent trips to the hospital.
Monthly health insurance cost by tier
Tier | 2023 rate | 2024 rate | % change |
|---|---|---|---|
| Catastrophic | $332 | $335 | 1% |
| Bronze | $440 | $462 | 5% |
| Silver | $560 | $584 | 4% |
| Gold | $604 | $641 | 6% |
| Platinum | $737 | $813 | 10% |
Monthly rates are for 40-year-olds. Expanded Bronze was omitted due to a lack of data across states.
Average health insurance rates by plan type
Your monthly rate also depends on the plan type you choose. For example, PPOs (preferred provider organizations) tend to cost more than HMOs (health maintenance organizations). For a higher monthly rate, PPOs give you more flexibility when it comes to the doctors you see.
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HMOs tend to have lower rates. However, you can't see doctors outside of your network, and you need a referral to visit a specialist.
Monthly health insurance cost by plan type
Type | 2023 rate | 2024 rate | % change |
|---|---|---|---|
| HMO | $480 | $512 | 7% |
| EPO | $507 | $526 | 4% |
| PPO | $576 | $613 | 7% |
Monthly rates are for 40-year-olds. POS plans weren't included due to a lack of data across states.
Cost of private health insurance
Private health insurance through the ACA marketplace costs $584 per month on average for a 40-year-old with a Silver health plan. The cost of your private health insurance plan will depend on factors such as your age, plan tier, the type of insurance you choose and where you live.
Private health insurance includes plans you buy on your own, called individual health insurance, and plans through your workplace, sometimes called group health insurance.
If you're not enrolling in a government-backed plan like Medicare or Medicaid, you're buying private health insurance.
Private health plans bought through a state or federal exchange are eligible for government subsidies. These can lower your monthly rate and help you pay for other insurance costs.
Eighteen states and Washington D.C. run their own health insurance marketplaces. If you don't have access to a state-run health exchange, you can buy a private health insurance plan through HealthCare.gov.
States with health marketplaces
- California
- Colorado
- Connecticut
- Idaho
- Kentucky
- Maine
- Maryland
- Massachusetts
- Minnesota
- Nevada
- New Jersey
- New Mexico
- New York
- Pennsylvania
- Rhode Island
- Vermont
- Virginia
- Washington
You can also buy private health insurance directly from an insurance company through an agent. Brokers also sell private health insurance directly to you. These plans are sometimes called "off-exchange" policies and include Affordable Care Act plans.
Off-exchange plans don't qualify for cost-saving subsidies. Before you buy, it's a good idea to compare on- and off-exchange plans to see which can save you more money.
Factors that impact health insurance rates
- Age: Generally speaking, your health insurance rates will increase as you get older until you reach age 65 and become eligible for Medicare.
- Where you live: Your rate also depends on the state and county you live in. For example, health insurance costs more than twice as much in Alaska compared to Indiana on average.
- Smoking/tobacco use: Smokers may pay up to 50% more than nonsmokers in some states.
- Number of people covered: Health insurance costs increase as you add more people to your plan. For example, coverage for a family of three typically costs more than coverage for a single person.
Your plan tier and whether you have an HMO or a PPO also impact your monthly rate.
Frequently asked questions
For 2024, the average cost of health insurance is $584 per month for a Silver plan. However, costs will vary by location, age, plan tier and other factors.
The average cost of health insurance increased by 4% between 2023 and 2024.
Private health insurance is any type of health insurance that's bought from a company. This includes individual and workplace coverage, called group health plans.
Government health insurance plans like Medicare and Medicaid are not included in this definition.
A Silver health insurance plan costs an average of $584 per month on the health insurance marketplace. However, subsidies can lower your monthly costs. If you earn $30,000 a year, a Silver plan could cost $56 per month. If you earn $45,000, the average cost is $233.
The cost of private health insurance will be different based on factors such as your age and where you live. For example, a 40-year-old in Alaska pays an average of $948 per month for a Silver plan, while the same plan in New Hampshire costs an average of $373.
Your cost also depends on the type of plan you buy, such as an HMO or PPO, the level of coverage and whether you get it through your job or elsewhere.
Methodology
Health insurance rates and plans are aggregated from public use files (PUFs) on the Centers for Medicare & Medicaid Services (CMS) government website. Plans and providers for which county-level data was included in the CMS Crosswalk file were used in our analysis; those excluded from this data set may not appear. Separately, data was aggregated from the websites of state-run marketplaces that don't utilize the federal marketplace.
Using the rates and rates for each plan, ValuePenguin determined averages for different variables. Average costs per state are for Silver plans for 40-year-olds.
Info about health and aging is from the World Health Organization (WHO). ValuePenguin determined the rates for various ages based on the rating guidelines from CMS.
Data for the Catastrophic tier and plan types is averaged from the 32 states that use HealthCare.gov.
Research on rising health insurance costs comes from the Peterson-KFF Health System Tracker report on medical inflation.
Editorial note: The content of this article is based on the author's opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.