Minnesota Among States with Lowest Health Insurance Costs Relative to Income

A WalletHub study reveals that Minnesota residents spend a lower percentage of their income on health insurance compared to most other states, with only 4.87% of median household income dedicated to health insurance premiums. The analysis focused on silver health insurance plans, which balance moderate deductibles with relatively affordable premiums. In contrast, residents in states like Wisconsin pay a higher proportion of their income, with 7.72% allocated to health insurance costs.
The study highlights a recent upward trend in health insurance premiums, noting a 6% increase for individual plans and a 7% rise for family plans in 2024 alone. Premium costs vary significantly across states, ranging from around 4% to as high as 20% of median household income in the most expensive locations. Additionally, a survey by eHealth, Inc. indicates many Americans underestimate healthcare costs in retirement, with current estimates projecting nearly $200,000 in expenses per retiree.