Private health insurance premiums reach a record high of $7,008/year in 2024

With the annual insurance open enrollment just concluded, an analysis from insurance consultancy website ValuePenguin, found that in 2024, Americans will spend a record average $584 per month, or $7,008 per year, on health insurance, if they purchase a private health insurance plan on the marketplace.

After a 0.67 percent increase in 2022 and a 4 percent increase in 2023, American families will face another 4 percent increase in the cost of private health insurance, driven by rising costs for healthcare providers and insurers. Residents of 35 states will likely see their rates increase, but there may be some relief for residents of the 15 states where premiums are set to decrease or stay the same.

Utahns face a 7 percent hike from $558 per month ($6,696 per year) in 2023 to Please log in to see the rest of this story.