Health Insurance Marketplace Premiums Mostly Stay Steady for 2022

In recent months, the main economic story in America has been inflation. Two weeks ago, the Bureau of Labor Statistics’ October Consumer Price Index showed prices increasing by 6.2% over the past 12 months, marking the largest yearly increase since 1990. Yet, despite prices climbing on a number of everyday items, it looks as though health insurance premiums purchased on state and federal marketplaces will remain relatively unchanged from 2021.

According to a new analysis from ValuePenguin, the national average for health insurance premiums will stay virtually unchanged for 2022. This puts the average monthly premium payment at $541 and the average annual cost at $6,487. Looking more closely, the various tiers of plans have seen some adjustments, with Platinum Tier (the top tier) plans down an average of 4.35% while Bronze Tier plans increased 2.47% and Expanded Bronze Tier plans were up 3.21%. Catastrophic, Silver, and Gold Tier plans all moved less than 1% from their 2021 averages.

Of course, while that $541 figure is the national average, there are several states well above or below that figure For example, in West Virginia and South Dakota, the average premiums are more than 50% higher than they are nationally, coming in at to $831 and $811 a month respectively. What’s more, those average prices are up 23% in South Dakota and 19% in West Virginia for 2022. On the other hand, those in Georgia enjoy prices more than 42% below the nationwide number, averaging just $309 a month. That also happens to be down 41% from 2021’s average, which is far and away the biggest year-over-year drop seen in any state. Other states far off the average include Wyoming (+41%), Vermont (+40%), Louisiana (+34%), New Hampshire (-33%), Maryland (-32%), Minnesota (-28%), and Colorado (-24%).

Commenting on ValuePenguin’s findings, the site’s Health Insurance expert Robin Townsend stated, “Nationally, the cost of full-price Affordable Care Act (ACA) plans rose by less than 1% for 2022. For states with larger rate increases, insurers cite an overall jump in health care costs, including prescription drug prices, as drivers. Townsend continued, “Other factors mentioned by insurers include the ongoing COVID-19 pandemic, with an increase in vaccine administration and the impact of the delta variant prompting higher rates in 2022.”

Even though the situation varies in many of these United States, the good news is that average 2022 ACA health insurance premiums are largely in line with 2021 rates. On that note, HealthCare.gov’s open enrollment period is now underway, accepting applications through December 15th for coverage starting January 1st — although those with qualifying events can apply throughout the year. Therefore, those who don’t have insurance through an employer should be sure to explore their coverage options before that deadline.

Author

Jonathan Dyer

I'm a small town guy living in Los Angeles looking to make solid financial decisions. I write for a number of finance websites, including HuffingtonPost and Business2Community. I founded DyerNews.com in 2015 to focus on personal finance and the emerging FinTech markets.

Other Articles by Jonathan Dyer

Credit Bureaus Once Again Extend Free Weekly Credit Reports

An offer that was introduced at the beginning of the pandemic has once again been extended. This week, the three major credit bureaus in the United States — Equifax, Experian, and TransUnion — announced that they'd be continuing their free weekly credit report program for consumers. Now, the feature will be valid until the end of 2023. Prior to the pandemic, consumers were entitled to download a copy of their...

Marriott Bonvoy Unveils New Cobranded Cards From Amex, Chase

In a much-expected move, Marriott Bonvoy has announced the launch of two new cards that will join their cobranded line up. These cards are the Marriott Bonvoy Bevy American Express card and the Marriott Bonvoy Bountiful Card from Chase. Both the Bevy and Bountiful cards earn 6x Marriott Bonvoy Points on purchases at participating Marriott Bonvoy properties, 4x points on purchases at restaurants worldwide as well as at U.S. supermarkets (up...

Small Business Banking App Lili Introduces Lili Academy

Oftentimes, when people think of the "entrepreneur spirit," they assume it means striking out completely on your own. While setting your own course and working for yourself can be key reasons why individuals elect to start a small business, the truth is that there's no shame in seeking some help. Luckily, there are now a number of free resources entrepreneurs can utilize to help teach them important business topics and...