NEW JERSEY — New Jersey residents spend the fourth lowest percentage of their income on health care costs in the nation, according to a new report released by personal finance website WalletHub.
The report examined health care affordability across all 50 states by comparing the average cost of several key health care expenses against each state’s median household income.
WalletHub found New Jersey residents spend an average of $501.49 per month on health care, representing 5.81% of the state’s median monthly household income.
The study ranked states based on how expensive health care costs are relative to income, with New Jersey placing among the least financially burdensome states overall.
The analysis reviewed five major health care cost categories, including doctor visits and prescription medications.
Among individual categories, New Jersey ranked 35th for the average price of an optometrist visit, 17th for the average cost of ibuprofen and 49th for the average price of Lipitor, according to the report.
WalletHub said rising out-of-pocket medical expenses nationwide continue creating financial challenges for many Americans, prompting the study to identify where residents spend the largest and smallest shares of income on health care.
The full report is available through WalletHub’s website.
