Cost Of Minnesota Health Insurance Premiums Below National Average
Monthly premiums for employer-based health insurance in Minnesota may not seem like a bargain, but they’re lower than the national average.
That’s according to new state-by-state figures released by United Benefit Advisors, the Indianapolis-based employee benefits consulting firm. The new data come from the UBA’s previously released 2016 Health Plan Survey, which is based on information from 19,557 health plans offered to employees by 11,524 employers in 2016.
Twin Cities Business previously reported the national results from the survey.
In its new data release, the UBA said the average monthly premium for employer-sponsored health benefits for an individual was $477 in Minnesota in 2016. For family coverage, it was $1,186. That placed the state 33rd and 29th, respectively, on the UBA’s ranking of 50 states and the District of Columbia for average monthly health insurance premiums for single and family coverage.
The average monthly premium for single coverage in Minnesota was $32 less than the national average of $509 last year. It was $50 less than the national average of $1,236 for family coverage.
The five states with the highest monthly premiums for single coverage were: Alaska ($780); Wyoming ($662); New York ($624); Vermont ($607); and New Jersey ($591). The five states with the highest monthly premiums for family coverage were: Alaska ($1,714); New York ($1,572); New Jersey ($1,520); Wyoming ($1,453); and Massachusetts ($1,430).