Minnesota Health Insurance Costs Rank Among The Lowest In The Nation

With the cost of health insurance ever-rising, it's good to know that Minnesotans are among the lowest spenders in the country when it comes to securing that important necessity.

Over the last year, individual insurance plans have risen by 5%, while family plans have gone up 6% in that same time frame. While costs are rising everywhere, some states have managed to lessen their respective resident's burden.

“Inflation has driven up health insurance premiums significantly in recent years, making it harder and harder for Americans to afford proper health care," said WalletHub's Chip Lupo.

 

"Being without insurance is even more dangerous, though, as medical debt is one of the most common reasons people file for bankruptcy. People in certain states feel the pressure of high premiums more than others, as they can cost as much as 21% of the median income in some states and less than 5% in others.”

Minnesotans spend an average of $437 on health insurance premiums every month, which represents just 5.89% of the average resident's monthly budget. That figure is the fifth-lowest in the country and more than only Maryland (4.66%); New Hampshire (4.77%); Massachusetts (5.49%) and Virginia (5.89%).

The state spending the largest portion of their monthly income on health insurance is West Virginia at a whopping 20.86%, followed by Vermont (19.05%); Wyoming (17.16%); Arkansas (14.87%) and Mississippi (14.05%).