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

Uber Relaunches UberPool as UberX Share

With demand for travel continuing to rise, the ridesharing app Uber has announced a feature to help both travelers and commuters to get to their destinations while saving money. After previously pausing its UberPool service option during the pandemic, Uber is now rolling out a replacement called UberX Share. At this time, the new option is available to riders in New York City, Los Angeles, Chicago, San Francisco, Phoenix, San...

Split Payment Platform Kasheesh Launches as Alternative to BNPL

In recent months, "buy now, pay later" (BNPL) platforms have exploded in popularity. What's more, with Apple jumping into the space, the practice is likely to continue growing despite some concerns in regards to how BNPL services impact consumers' personal finances. With that in mind, one FinTech has just revealed its alternative: a payment-splitting platform for online retail. Today, Kasheesh exited stealth mode to announce the launch of its unique...

Credit Karma Money Spend Adds Cashback Offers for Cardholders

Those looking to add some extra cash back into their pocket will soon have a new option. This week, the popular credit monitoring site Credit Karma announced a new feature for its Credit Karma Money customers. Now, debit cardholders will be able to earn cashback when making purchases from select retailers. According to the site, the list of eligible retailers includes national chains, such as Adidas and Shake Shack, as...