Saturday, January 28, 2023

The State of Healthcare Insurance – The Top Five Highest and Lowest Costs of Health Insurance

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United Benefit Advisors

(317) 705-1800

CTA-2014-Benchmarking-SurveyBy Peter Freska
Benefits Advisor
The LBL Group
A UBA Partner Firm

With health care expenditures in the United States fast approaching 17.7% of gross domestic product (GDP), the cost of health care is a valid concern. Additionally, as employers of all sizes reel in the wake of the Patient Protection and Affordable Care Act (PPACA), the question they still beg to question is: How much does health care cost?

A common argument that permeates the halls of many employee benefits firms is which states have the highest and lowest cost of health care. Fortunately, the 2014 United Benefit Advisors (UBA) Health Plan Survey has the answers. The UBA Health Plan Survey is the largest in the country, representing more than 16,000 employer health plans.

The top five states with the highest cost of health insurance are primarily focused on the east coast, with one state jumping out of the bunch.

#5 Delaware $11,590 Nicknamed the Diamond State, Delaware comes in at #5.
#4  Massachusetts $11,594 The state with the original health care mandate comes in at #4.
#3 New York $11,740 The state with the Big Apple bites off the #3 spot on the list.
#2 New Jersey $11,895 The Garden State fills in the #2 spot.
#1 Alaska $12,584 The Last Frontier comes in at the #1 spot.

On the other end of the spectrum comes the list of the five states with the lowest cost of health insurance.

#5  Kentucky $7,722   The horses are healthy and running fast in the #5 state.
#4 Oklahoma     
$7,679 With the Oklahoma Surgery Center, sooner or later
this will top the list.
#3 Arizona $7,652 There is a depth of cost difference in this Grand Canyon state.
#2 Kansas $7,597 This state shines like a sunflower when it comes to costs.
#1 Arkansas $7,434 Naturally, this state is at the top of the list for the lowest
health care in the country

For the latest health plan cost trends, read our press release with industry findings and download the UBA Health Plan Survey Executive Summary. To benchmark your plan to others in your region, industry or size bracket, contact a UBA Partner near you to run a custom benchmarking report.

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