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How much will health care insurance premiums increase in 2023?
Prices are rising for Americans looking for health coverage for the coming year though costs in some states have reduced.
Healthcare costs are increasing for most Americans in 2023. Without a public healthcare system price rises in some states may put thousands onto worse coverage plans and potentially leave them staring at financial ruin for a problem that was not their fault.
According to valuepenguin.com, the average monthly cost of health insurance in the United States is $560, a 4% increase on 2022′s $531. This is based upon the average silver plan cost for a 40-year old applicant.
Here is the table of averages for the different plans.
| Tier | 2023 monthly premium | 2022 monthly premium | Year-on-year change |
|---|---|---|---|
| Catastrophic | $332 | $316 | 5.20% |
| Bronze | $440 | $398 | 10.61% |
| Silver | $560 | $542 | 3.29% |
| Gold | $604 | $594 | 1.59% |
| Platinum | $737 | $685 | 7.55% |
Two states, Wyoming and West Virginia, have healthcare costs that are 50% more expensive compared to the national average, with both having annual costs of over $10,000 a year on the silver plan alone.
Three states have silver plans that cost less than half of this crazy figure: New Hampshire, Maryland, and Minnesota.
The states that are becoming much more expensive in 2023 compared to 2022 are: Georgia (20.30%), Colorado (19.56%), and Wyoming (15.45%). The states becoming more affordable are: Virginia (-16.99%), Louisiana (-10.44%) and Idaho (-6.40%).
How is medicare changing with the 2023 COLA?
For the first time in more than a decade some Medicare recipients will see a decrease in their premiums. Those in receipt of Part B coverage will have their standard monthly premium lowered by $5.20 in 2023, to $164.90.
Part B coverage focuses on two types of service: the medically necessary and preventative treatments. This covers everything from ambulance services and medical equipment to mental health support and a selection of outpatient prescription drugs.
Medicare Part A premiums will increase slightly in 2023, with monthly costs fixed between $278 and $506, depending on how long you or your spouse worked for and the amount of Medicare taxes paid.
The costs for Part C and Part D coverage will vary greatly between individuals because they are reflective of local state funding efforts and the price of drugs that you may be claiming through the insurance.