Oregon ranked among the top 10 states with the lowest health insurance costs, according to a nationwide analysis released by GOBanking Rates.com, a personal finance website.
According to its press release, New York and Vermont have the highest costs, while Oregon consumers are paying as low as $230 a month for a silver plan from Providence Health Plan, with a $2,000 deductible. It noted that emergency services carry a $250 copay after the deductible is met, and the copay for care from a primary doctor is $25, with out-of-pocket costs capped at $6,850.
GOBankingRates conducted a study of popular health plans offered on ACA exchanges in each state and the District of Columbia to see what residents in each state are paying for health insurance and what they're getting for their money.
Each state was ranked based on the favorability of four cost factors:
- The plan’s monthly premium
- The deductible
- The emergency care copay
- The copay for care from a primary physician
“The Affordable Care Act's effects are still unfolding, but overall Americans are paying more for health coverage this year,” said Elyssa Kirkham, editor for GOBankingRates. “However, these higher costs also come with some positives, like plans that provide more comprehensive coverage and lower rates of uninsured Americans.”
The study compared silver plans ― the most popular plan according to the Department of Health and Human Services ― offered through the national or state-level insurance exchanges administered through the Affordable Care Act.
To see full details on the methodology, visit: http://www.gobankingrates.com/personal-finance/10-best-worst-states-health-insurance-costs/
“Higher insurance costs in many states are tied to high costs of living or being in rural areas,” said Elyssa Kirkham, the lead GOBankingRates reporter on the study. “Where costs of living are high, like New York or Vermont, care is also likely to be more expensive, a cost which insurers pass to enrollees through higher premiums.”
“Competition is another key factor of health insurance costs,” said Kirkham. “In rural states like Wyoming and Oklahoma, fewer residents means a smaller health insurance
market with fewer options, where insurers can charge more without losing customers. Of course, subsidies can offset these costs, but this form of assistance also varies widely from state to state,” she said.
The 10 States With the Highest Health Insurance Costs
1. New York
2. Vermont
3. South Carolina
4. Alabama
5. New Jersey
6. Mississippi
7. Oklahoma
8. Indiana
9. Delaware
10. Wyoming
The 10 States With the Lowest Health Insurance Costs
1. New Mexico
2. Utah
3. California
4. Texas
5. Pennsylvania
6. Michigan
7. District of Columbia
8. Hawaii
9. Oregon
10. Idaho
To see where your state ranked, click here
.
Additional insights:
- The state with the highest monthly premium is Vermont, at $469 a month, compared with New Mexico, which has the lowest monthly premium at $181 a month.
- Primary doctor copays vary widely by state. West Virginia and Indiana have no copays, but Californians’ copays are the highest ― $250.
- Deductible costs range from $1,300 in North Dakota to $6,850 in South Carolina, which is more than five times the price.
- Despite New Mexico’s low costs, many residents have encountered difficulties in January 2016 getting their health coverage due to a high volume of December 2015 health insurance applications still being processed.
