NEW JERSEY — New Jersey residents spend one of the smallest shares of their household income on health insurance premiums compared with the rest of the country, according to a new WalletHub study.
The personal finance website ranked New Jersey as the state with the sixth-lowest percentage of median household income spent on individual health insurance premiums.
WalletHub analyzed average individual health insurance premiums in all 50 states and compared them with each state’s median household income to determine where health insurance places the greatest financial burden on residents.
According to the study, the average monthly health insurance premium in New Jersey is $538, representing 6.23% of the state’s median monthly household income.
The study comes as individual health insurance premiums have increased in recent years across the United States.
WalletHub’s rankings are based on the percentage of median monthly household income spent on average individual health insurance premiums, with lower percentages indicating a smaller financial burden on residents.
The full report is available on WalletHub’s website.
