Minnesota’s Health Insurance Costs Stay Lower Than Most States

A recent study has found a new benefit for people living in Minnesota: cheaper individual health insurance premiums than most other states in the US.

WalletHub's study found that Minnesotans spend an average of $355 monthly for health insurance, which accounts for 4.87% of a Minnesotan's median monthly household income. That number makes The Land of 10,000 Lakes the fourth-cheapest in the country.

“Inflation has driven up health insurance premiums significantly in recent years, making it harder and harder for Americans to afford proper health care," said WalletHub's Chip Lupo. "Being without insurance is even more dangerous, though, as medical debt is one of the most common reasons people file for bankruptcy. People in certain states feel the pressure of high premiums more than others, as they can cost as much as 20% of the median income in some states and as little as 4% in others.”

The only states to see residents spend a smaller percentage of its income on health insurance were New Hampshire (4.02%), Maryland (4.27%), Virginia (4.85%).

Residents of New York (10.87%), Wyoming (13.76%), Alaska (13.97%), West Virginia (18.81%) and Vermont (19.61%) spend the largest portion of their monthly income on health insurance.

Vermont has just the 19th-highest median household income at $78,024 per year, but residents spend an average of $1,275 on health insurance per month.

WalletHub's study also provides some tips on saving money on health insurance including prioritizing the cost in your budget, considering high-deductible plans if healthy, choosing a job that covers health insurance, using preventative care and opting for in-network providers.