Utah’s private health insurance premium increase among top in nation
Utah’s private health insurance plan premiums jumped 13 percent in 2024 — fifth-highest in the nation — according to new data released by insurance research website ValuePenquin.com. As the year closes, the average monthly cost of private health insurance sits at $675, up from $599 in 2023 and higher than the national average of $621.
Nationwide, premiums are up 7 percent, marking the fourth consecutive year that costs have gone up. Residents of 42 states will see higher premiums in 2025, driven by the rising cost of medical care around the country, ValuePenquin said.
ValuePenguin.com health insurance expert Divya Sangameshwar said, “Private health insurance premiums are rising 7 percent in 2025, due to ballooning health care costs — which get passed on to policyholders in the form of higher premiums.”
Findings from the report include:
- Every type of private health plan will see premiums increase in 2025. Platinum tier plans, catastrophic plans, EPO, HMO and PPO plans will see the largest increase in premiums, ranging from 8 percent to 13 percent.
- In 2025, health insurance will cost the most in Vermont, Alaska and New York. Premiums in these states will be 86 percent, 75 percent and 67 percent above the national average, respectively. New Hampshire, Maryland and Virginia; will have the cheapest health insurance, with premiums 32 percent to 40 percent below the national average.
- In addition to Utah, the states that will see increases above 10 percent are New York, Alaska, North Dakota, Michigan, Montana, New Mexico and Vermont. Vermonts 27 percent rate increase will mean health insurance in the state will cost a record $13,884 per year ($1,157 per month), the highest in the country.
- Six states will see slight decreases in health insurance premiums. The biggest decreases will be seen in Iowa, South Dakota and Alabama, falling 3 percent to 7 percent in 2025. Tennessee and North Dakota health plans will experience no rate changes in 2025.