The cost of health insurance in West Virginia has risen nearly 20% in the past year

The cost of health insurance in West Virginia has risen nearly 20% in the past year

CLARKSBURG, W.Va. (WBOY) — From hospital expenses to what a patient pays, the coronavirus pandemic has impacted nearly every aspect of health care.

For the state of West Virginia, daily hospital health care costs have increased by 22% since 2016 with hospital healthcare costs reaching $1,624 per patient according to QuoteWizard. Along with West Virginia, 28 other states saw at least a 20% increase in hospital spending.

Although the amount a hospital pays to care for a patient is not a direct indicator of how much people will pay for health care, QuoteWizard noticed a consistent trend: as hospital expenditures increased, the cost that individuals paying for health insurance also increased.

In 2021, the average West Virginian paid $694 per month for insurance. Now people can expect to pay $831, an increase of $137 from last year.

From 2021 to 2022, the average cost of health insurance in West Virginia increased by 19.74%, while the national average only increased by 0.67%, according to Value Penguin of Lending Tree, Georgia. registering a reduction in the cost of insurance of more than 40%. A possible reason for the price hike? The end of the American Rescue Plan Act (ARPA) according to WV policy

In federal response to the pandemic, Congress passed the American Rescue Plan Act to increase income-based subsidies known as Advanced Premium Tax Credits (ACPTC). These credits helped make insurance premiums affordable for Americans, including 23,000 West Virginians; however, they will expire at the end of 2022 around the beginning of November.

With rising health care prices, around 5-10 million people have lost their health insurance, putting a strain on the healthcare system. Since any accumulated debt is absorbed by medical providers, this means that providers charge more for services and, in turn, reflect higher prices for insurance premiums.

West Virginia also has an older population with higher rates of certain health conditions such as obesity, health conditions and diabetes, which can lead to higher interest rates, according to Lending Tree.

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