Our health is one of the most important things we have, yet it is estimated that 8.8% of Americans live without health insurance. Health insurance can be a complex topic to navigate because there are so many providers offering various coverage levels at different prices. Healthcare costs can vary widely depending on your plan and also on your medical conditions.
Here at Weiss & Paarz, we thought it would be interesting to take a look at how much the country spends on health insurance overall. To investigate, our independent marketing team analyzed U.S. Census Bureau and U.S. Department of Labor data to determine the average spend per person across different types of health insurance (including dental, eye care, and prescriptions) throughout each state.
When comparing the average annual healthcare spend per person, the Northeast ranks highest. Maine came in first for the most overall spend with an average yearly spend of $1,779.05. Vermont and North Hampshire came in second and fourth place spending $1,768.81 and $1,735.81 respectively.
So, what’s the state where people spend the least on healthcare? Mississippi, where the average spend on healthcare is $1,308.90 per person.
If we take the average salary into account by state and then compare the average annual health insurance spend, West Virginians have the highest percentage of their salaries going towards healthcare costs with an average of 4.06% of their salaries spent on healthcare.
Maryland, on the other hand, only spends 1.90% of their salary on healthcare.
Looking at health insurance spending by type and state, Americans spend more on general healthcare than any other type. Patients spend comparable amounts on dental care and prescription drugs. Americans spend the least on any other medical services, including eye care.
As we reviewed the statistics, we also began to wonder which states spend the most (and least) on their citizens’ healthcare. Out of all the United States, California ranks the highest in spend at a whopping $45 billion+ in the last year alone. Unsurprisingly, Texas ranked 2nd in spend, having over $33 billion spent on healthcare during the last year.
Wyoming spends the least amount on healthcare, having spent just over $821 million in the last year. This is most likely a result of its being the least-populated state in the country.
With respect to individual health insurance spending across types of service, Maine spends the most on general health insurance and prescription drugs and New Hampshire spends the most on dental, eye care, and other medical services.
So, there you have it! Maine spends the most on healthcare per person, Mississippi spends the least, and if you want a chance to spend the least amount of your salary on healthcare, it may be worth it to move to Maryland to help your chances!