Minnesota is among the states where people spend the least on health insurance

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MINNEAPOLIS (FOX 9) - Minnesotans pay less for health insurance compared to other states, according to a study by WalletHub. 

To identify where Americans are shelling out the most and least for health insurance, financial company WalletHub analyzed the average premiums for a silver health insurance plan (which has a moderate deductible but fairly low premiums) in each of the 50 states, then compared it to the median household income.

Minnesota health insurance costs

By the numbers:

Minnesota is one of the states where its residents spend the least amount of their income on health insurance. 

Minnesotans spend on average 4.87% of their income on health insurance, ranking 47th, the study shows. 

The next states whose residents pay the least are Virginia at 4.85%, Maryland at 4.27% and New Hampshire at 4.02%. 

How does Wisconsin compare? 

The other side:

Residents of Wisconsin pay a significant amount more of their income than Minnesotans when it comes to health insurance, the data shows. 

Wisconsin residents pay 7.72% of their income for health insurance, ranking 26th. 

Health insurance premiums soar

Dig deeper:

According to the study, health insurance premiums have gone up a lot in recent years, rising by 6% for individual plans and 7% for family plans just in 2024. 

Insurance premiums can cost as much as 20% of the median monthly household income in the most expensive states, but just 4% in the least expensive states.

On Thursday, eHealth, Inc., a private health insurance marketplace, released a survey showing that most Americans (76%) underestimate or don’t know the average cost of healthcare in retirement. Over one third (40%) said they expect to spend $100,000 or less, but current estimates show the average retiree will have nearly $200,000 in costs.