Which Is The Best State For Early Retirement Health Insurance Options

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10 most and least expensive states for health insurance. Cost of healthcare can vary greatly between states. If retirement or a move is in your future be sure to know all the facts. #obamacare #healthinsurance | financial independence | early retirement | saving money |

Early retirement health insurance options vary greatly by state.  Insurance can be a big expense for an early retiree.  Picking the best health insurance deal is essential.  Check out the 10 most and least expensive states for health insurance.

This article may contain affiliate links, full disclosure here

This is the first article in a series that I will be writing on health insurance for early retirement. Because the future of healthcare in our country is so uncertain, it’s even more important that we stay educated.

These numbers were pulled from GOBanking Rates and were published in January of 2018. The Affordable Care Act categorizes healthcare into 3 groups, bronze, silver, and gold.  Gold being the most expensive but with the least out of pocket. While bronze is the least expensive but you’ll pay more if you use services. Silver is by far the most popular choice and is what we will be focusing on.  The ratings are based on two factors: the average monthly insurance premium and the average annual deductible with a silver plan. These are averages across all age brackets.

Related articles:

The 10 Worst States For Early Retirement Health Insurance

  1. Alaska – Alaska takes first place as the most expensive state.
    • Average monthly premium: $780
    • Average silver deductible: $3,750
  2. Wyoming – Not only is Wyoming the 2nd worst it’s also been seeing significant increases over the years and may soon pass up Alaska
    • Average monthly premium: $662
    • Average silver deductible: $3,750
  3. Indiana – Indiana along with 20 other states claimed the Affordable Care Act was unconstitutional
    • Average monthly premium: $552
    • Average silver deductible: $6,763
  4. New Hampshire – Despite having high costs New Hampshire had a 3% increase in sign-ups from the previous year
    • Average monthly premium: $542
    • Average silver deductible: $6,163
  5. Illinois
    • Average monthly premium: $559
    • Average silver deductible: $5,325
  6. Washington– Has been working hard to lower its rates. For 2019 they are forecasting a 10% reduction.
    • Average monthly premium: $546
    • Average silver deductible: $5,763
  7. Florida – Despite its high costs, Florida has seen very good sign-up rates.
    • Average monthly premium: $515
    • Average silver deductible: $6,913
  8. West Virginia
    • Average monthly premium: $561
    • Average silver deductible: $4,925
  9. New York – While the premiums were high the deductibles were more reasonable. This in one of the most expensive states to live.
    • Average monthly premium: $624
    • Average silver deductible: $2,175
  10. Ohio – Despite its high costs Ohio had an impressive sign-up increase of 12%
    • Average monthly premium: $518
    • Average silver deductible: $6,625
      10 most and least expensive states for health insurance. Cost of healthcare can vary greatly between states. If retirement or a move is in your future be sure to know all the facts. #obamacare #healthinsurance | financial independence | early retirement | saving money |

The 10 Best States For Early Retirement Health Insurance

  1. Hawaii – Hawaii wins as the cheapest insurance by state. It did see some significant premium increases going into 2018 so only time will tell if it can hold on to the title.
    • Average monthly premium: $411
    • Average silver deductible: $2,750
  2. Oklahoma – A respectful 2nd place. Oklahoma has had very steady rates making it a safe bet.
    • Average monthly premium: $445
    • Average silver deductible: $1,863
  3. Utah
    • Average monthly premium: $423
    • Average silver deductible: $2,950
  4. Idaho – My home state, well done Idaho!
    • Average monthly premium: $415
    • Average silver deductible: $3,663
  5. Alabama
    • Average monthly premium: $439
    • Average silver deductible: $3,600
  6. Tennessee
    • Average monthly premium: $435
    • Average silver deductible: $3,938
  7. Pennsylvania – With the lowest deductible of any state, Pennsylvania would be a good choice for people who frequently use medical services
    • Average monthly premium: $490
    • Average silver deductible: $1,733
  8. Oregon – Over 95% of Oregon residents are signed up for health coverage, one of the highest in the states
    • Average monthly premium: $465
    • Average silver deductible: $2,813
  9. Kansas
    • Average monthly premium: $452
    • Average silver deductible: $3,500
  10. Iowa
    • Average monthly premium: $459
    • Average silver deductible: $3,500
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Now what?

It’s important to remember these are just averages and your actual costs based on your age will vary so be sure to check out several different states in the top 10.

You may be asking what’s the point if I’m not willing to move.  Well for a lot of people these numbers might influence their early retirement location choice. For us we plan to be mobile so we could pick any of these states. Healthcare.gov has a list of acceptable documents to show where you live. Surprisingly they aren’t very strict. They’ll even accept a USPS change of address confirmation. For those that have the flexibility to call somewhere else home, these prices could significantly impact your early retirement.

Later this week I will be doing a write up on the exact steps to sign up for these plans and also look at some other options that you likely are not aware of.

Chat soon

10 most and least expensive states for health insurance. Cost of healthcare can vary greatly between states. If retirement or a move is in your future be sure to know all the facts. #obamacare #healthinsurance | financial independence | early retirement | saving money |

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