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Is Health Insurance More Expensive in New York?

Health Insurance More Expensive in New York

Until 2022, New York had some of the highest healthcare costs in the country. But in 2023, the state government took steps to slow things down by limiting how much insurance companies could raise their prices each year.

How Much Do Health Insurance Premiums Cost in New York?

Health Insurance More Expensive in New York

On average, an individual in New York pays about $600 per month for health insurance.
A couple would pay around $1,200 monthly, and adding more dependents increases the total cost. Prices also vary based on the type of plan, the coverage you choose, and even which county you live in.

In fact, New Yorkers pay about 18% more than the national average for healthcare.

A Look Back at 2022 Costs

Here’s what healthcare looked like in New York in 2022:

  • Single employees paid an average of $8,936 a year, which was the highest in the country and 18% above the national average.
  • For employees with one dependent, the cost was around $16,702 a year—ranking second highest in the U.S.
  • Family coverage came to about $24,368 a year, 11% above average and the fourth highest in the country.

How Do Healthcare Costs Compare?

If you have insurance, here are the average copayments for common services:

Health Insurance More Expensive in New York
Health Insurance More Expensive in New York
  • Primary care visit: $25
  • Specialist visit: $40
  • Ambulance ride: $150
  • Emergency room: $150 (waived if you’re admitted)
  • Therapies (physical, occupational, speech): $30
  • Surgery (inpatient or outpatient): $100
  • Hospital stay: $1,000 per admission
  • Prescriptions: $10 to $70, depending on the medication tier

These numbers can change depending on where you live, the type of care you need, and which insurance provider you have. For example, urban areas like New York City tend to be more expensive than rural parts of the state.

Other things that affect the cost include:

  • Type of care: Specialists and advanced treatments cost more.
  • Providers: Different hospitals and doctors charge different rates based on reputation and quality.

How Does New York Compare to Nearby States?

According to Forbes Advisor, New York ranks 41st in healthcare affordability (1 being most expensive). Here’s how nearby states rank:

  • Vermont: 13
  • Connecticut: 15
  • New Jersey: 31
  • Pennsylvania: 46
  • Massachusetts: 47

Also Read: What’s the Difference Between In-Network and Out-of-Network Coverage?

Long-Term Care in New York

Health Insurance More Expensive in New York
Health Insurance More Expensive in New York

Long-term care in New York is pricey. Depending on where you live, a nursing home can cost $401 to $482 per day, adding up to about $176,000 a year.

  • A semi-private room costs about $12,000/month.
  • A private room costs even more.
  • In-home care, like hiring a home health aide, costs about $25 per hour or around $4,800/month for full-time help.

Planning for these costs is important. Long-term care insurance can help, but it’s smart to prepare early.

Individual vs. Family Healthcare Costs

Here’s a quick comparison:

Monthly Premiums

  • Individuals: ~$600
  • Families: ~$1,700

Annual Deductibles

  • Individuals: ~$1,840
  • Families: ~$3,535

Also Read: What Documents do I Need to Enroll in Health Insurance?

Out-of-Pocket Maximums

  • Individuals: ~$7,000
  • Families: ~$14,000

You can use a healthcare cost calculator to estimate your personal costs more accurately.

How to Save on Healthcare in New York

Here are some helpful tips to cut down your healthcare costs:

Health Insurance More Expensive in New York
Health Insurance More Expensive in New York
  • Choose a high-deductible health plan (HDHP) with a Health Savings Account (HSA) to save on premiums and taxes.
  • Use preventive care services covered by your insurance to avoid bigger medical bills later.
  • Pick a family plan with better coverage and lower deductibles if you have dependents.
  • Go through your employer’s health plan if available—it usually has better rates.
  • Stay in-network to avoid extra charges.
  • Compare plans and shop around before choosing a provider.
  • Talk to an advisor to make sure you’re picking the best option for your needs.

Common Medical Visit Costs (Without Insurance)

Here’s what common medical visits cost in New York, compared to New Jersey and Connecticut:

Annual Checkups

  • New York: $150–$250
  • New Jersey: $120–$200
  • Connecticut: $130–$210

Dental Cleanings

  • New York: $100–$200
  • New Jersey: $90–$180
  • Connecticut: $95–$185

Eye Exams

  • New York: $100–$200
  • New Jersey: $85–$175
  • Connecticut: $90–$180

As you can see, healthcare is generally more expensive in New York than in neighboring states. This is mostly due to higher living costs and increased demand in cities.

Also Read: How does a Health Savings Account Work?

Final Thoughts: Managing Healthcare Costs in New York

Managing your healthcare expenses in New York takes planning. Here are some practical things you can do:

  • Pick the right insurance plan for your needs and budget.
  • Use a Health Savings Account (HSA) if you have one.
  • Don’t be afraid to negotiate medical bills—ask about discounts or payment plans.
  • Look into low-cost options like community clinics, telehealth, and pharmacies with discount programs.
  • Know what your insurance covers so you’re not surprised by bills.

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