As health insurance premiums continue to climb nationwide, a new WalletHub study ranks New York among the top five states where residents spend the highest percentage of their income on coverage.
According to the report released Thursday, New Yorkers pay an average of $766 per month for health insurance—amounting to 10.87% of the median monthly household income. That figure places New York fifth nationally for the heaviest insurance cost burden.
The WalletHub analysis compared average premiums in all 50 states against median household incomes to measure affordability. In some states, health insurance costs consume nearly 20% of residents’ monthly income.
“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 analyst Chip Lupo.
Health experts warn that the stakes are high. “Not having coverage can be far more costly if you experience a major medical emergency,” said Paul Shafer, associate professor and co-director of the Medicaid Policy Lab at Boston University. Shafer noted that even though inflation has eased, health care costs continue to rise faster than incomes, squeezing household budgets.
Melinda J.B. Buntin, a health economist at Johns Hopkins University, advised consumers to “carefully consider the tradeoff between a low premium and a low deductible” and to review all options during open enrollment to avoid unexpected costs.
New York’s ranking follows Vermont, which tops the list with residents spending nearly 20% of their income on health insurance. Meanwhile, neighboring New Hampshire residents spend just 4%, underscoring stark regional disparities.
WalletHub’s full report and state-by-state rankings are available at wallethub.com.
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