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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.
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