Best US States To Retire In With Low Healthcare Costs

collegefallout.com 21 June 2023

0 1 6 minutes read

Healthcare is one of the most common sources of stress for Americans, and it’s no wonder, given how high the costs of both health insurance premiums and out of pocket healthcare expenses have grown.

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Nearly half of Americans reported delaying or doing without medical care in 2021 due to being unable to afford the costs, according to a survey by the Kaiser Family Foundation.

Those who stress about healthcare costs are not just the uninsured, either; the same survey found that almost one-third of insured adults also have anxiety about being able to pay for their monthly health insurance, and another 44% worry about whether they will be able to afford their deductible.

Considering that healthcare costs have such a major impact on Americans’ finances, GOBankingRates set out to see which states have the most — and least — affordable healthcare, making them good places for older folks to retire. The study analyzed data from Missouri Economic Research and Information Center on annual healthcare costs in all 50 states. GOBankingRates also factored in average annual prescription costs sourced from Kaiser Family Foundation Prescription Sales, total medical expenditures sourced from Kaiser Family Foundation Health Care Expenditures, the median home value from Zillow’s Home Value Index, and the average cost of healthcare for people age 65 and older.

The following list is organized from least to most expensive annual healthcare costs.

1. Kentucky

Prescription Sales: $8,031,816,317
Health Cost of living: 81.8
Annual Health Cost: $5,750.54
2023 Home Value: $192,080.63

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2. Alabama

Total expenditures: $45.7 billion
Prescription Sales: $7,595,065,062
Health Cost of living: 86.9
Annual Health Cost: $6,109.07
2023 Home Value: $205,596.72

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3. Arkansas

Total expenditures: $28.3 billion
Prescription Sales: $4,270,411,143
Health Cost of living: 87.2
Annual Health Cost: $6,130.16
2023 Home Value: $177,659.55

4. Tennessee

Total expenditures: $64.3 billion
Prescription Sales: $12,378,461,230
Health Cost of living: 88.1
Annual Health Cost: $6,193.43
2023 Home Value: $295,025.85

5. Missouri

Total expenditures: $61 billion
Prescription Sales: $8,388,211,110
Health Cost of living: 89.9
Annual Health Cost: $6,319.97
2023 Home Value: $230,264.93

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6. Utah

Total expenditures: $24.5 billion
Prescription Sales: $3,662,498,053
Health Cost of living: 90.3
Annual Health Cost: $6,348.09
2023 Home Value: $523,236.34

7. Oklahoma

Total expenditures: $37.6 billion
Prescription Sales: $5,384,438,969
Health Cost of living: 91.8
Annual Health Cost: $6,453.54
2023 Home Value: $193,251.15

8. Arizona

Total expenditures: $64.9 billion
Prescription Sales: $9,205,879,893
Health Cost of living: 93.5
Annual Health Cost: $6,573.05
2023 Home Value: $422,688.94

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9. Michigan

Total expenditures: $98.6 billion
Prescription Sales: $12,820,459,660
Health Cost of living: 94
Annual Health Cost: $6,608.20
2023 Home Value: $218,689.67

10. Texas

Total expenditures: $246.8 billion
Prescription Sales: $35,148,774,471
Health Cost of living: 94.1
Annual Health Cost: $6,615.23
2023 Home Value: $299,094.45

11. Nevada

Total expenditures: $26.2 billion
Prescription Sales: $3,561,862,610
Health Cost of living: 94.9
Annual Health Cost: $6,671.47
2023 Home Value: $429,939.53

12. Illinois

Total expenditures: $128.3 billion
Prescription Sales: $18,637,066,513
Health Cost of living: 95.4
Annual Health Cost: $6,706.62
2023 Home Value: $244,772.25

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13. Montana

Total expenditures: $11 billion
Prescription Sales: $968,230,030
Health Cost of living: 95.7
Annual Health Cost: $6,727.71
2023 Home Value: $437,276.21

14. New Jersey

Total expenditures: $105.4 billion
Prescription Sales: $11,442,428,793
Health Cost of living: 96.1
Annual Health Cost: $6,755.83
2023 Home Value: $466,251.23

15. Maine

Total expenditures: $16.3 billion
Prescription Sales: $1,689,235,729
Health Cost of living: 96.2
Annual Health Cost: $6,762.86
2023 Home Value: $355,438.99

16. Maryland

Total expenditures: $65.6 billion
Prescription Sales: $6,655,825,064
Health Cost of living: 96.2
Annual Health Cost: $6,762.86
2023 Home Value: $399,432.56

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17. Florida

Total expenditures: $214.4 billion
Prescription Sales: $27,850,576,298
Health Cost of living: 96.3
Annual Health Cost: $6,769.89
2023 Home Value: $401,406.60

18. Ohio

Total expenditures: $122.5 billion
Prescription Sales: $15,616,299,030
Health Cost of living: 96.5
Annual Health Cost: $6,783.95
2023 Home Value: $210,301.05

19. South Carolina

Total expenditures: $45.7 billion
Prescription Sales: $6,869,070,901
Health Cost of living: 96.7
Annual Health Cost: $6,798.01
2023 Home Value: $277,815.60

20. Pennsylvania

Total expenditures: $148.3 billion
Prescription Sales: $13,534,978,210
Health Cost of living: 96.7
Annual Health Cost: $6,798.01
2023 Home Value: $247,297.53

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21. West Virginia

Total expenditures: $22.8 billion
Prescription Sales: $2,996,916,342
Health Cost of living: 97
Annual Health Cost: $6,819.10
2023 Home Value: $150,671.59

22. South Dakota

Total expenditures: $11.2 billion
Prescription Sales: $812,859,186
Health Cost of living: 97
Annual Health Cost: $6,819.10
2023 Home Value: $287,737.32

23. Nebraska

Total expenditures: $20.4 billion
Prescription Sales: $2,501,994,025
Health Cost of living: 97.1
Annual Health Cost: $6,826.13
2023 Home Value: $247,302.74

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24. Kansas

Total expenditures: $27.4 billion
Prescription Sales: $4,408,000,497
Health Cost of living: 97.1
Annual Health Cost: $6,826.13
2023 Home Value: $211,736.92

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25. Mississippi

Total expenditures: $27.9 billion
Prescription Sales: $4,435,079,204
Health Cost of living: 97.6
Annual Health Cost: $6,861.28
2023 Home Value: $164,964.62

26. Louisiana

Total expenditures: $48.8 billion
Prescription Sales: $7,237,285,636
Health Cost of living: 97.9
Annual Health Cost: $6,882.37
2023 Home Value: $185,547.77

27. Wyoming

Total expenditures: $6.4 billion
Prescription Sales: $622,538,071
Health Cost of living: 98.6
Annual Health Cost: $6,931.58
2023 Home Value: $325,043.12

28. Indiana

Total expenditures: $71 billion
Prescription Sales: $9,263,917,975
Health Cost of living: 98.9
Annual Health Cost: $6,952.67
2023 Home Value: $225,211.73

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29. New Mexico

Total expenditures: $18.8 billion
Prescription Sales: $2,464,097,104
Health Cost of living: 99.6
Annual Health Cost: $7,001.88
2023 Home Value: $282,904.19

30. Iowa

Total expenditures: $31 billion
Prescription Sales: $3,595,363,402
Health Cost of living: 99.7
Annual Health Cost: $7,008.91
2023 Home Value: $204,538.46

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31. Idaho

Total expenditures: $14,886,000,000
Prescription Sales: $1,893,945,927
Health Cost of living: 101.2
Annual Health Cost: $7,114.36
2023 Home Value: $444,321.25

32. Oregon

Total expenditures: $42.7 billion
Prescription Sales: $4,244,144,617
Health Cost of living: 101.4
Annual Health Cost: $7,128.42
2023 Home Value: $498,120.15

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33. Georgia

Total expenditures: $93.8 billion
Prescription Sales: $13,791,505,382
Health Cost of living: 101.4
Annual Health Cost: $7,128.42
2023 Home Value: $311,237.01

34. Colorado

Total expenditures: $49.9 billion
Prescription Sales: $6,742,641,348
Health Cost of living: 102
Annual Health Cost: $7,170.60
2023 Home Value: $558,684.03

35. Virginia

Total expenditures: $79 billion
Prescription Sales: $9,342,756,183
Health Cost of living: 102.6
Annual Health Cost: $7,212.78
2023 Home Value: $366,186.09

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36. Delaware

Total expenditures: $12.7 billion
Prescription Sales: $1,725,723,360
Health Cost of living: 104.3
Annual Health Cost: $7,332.29
2023 Home Value: $358,962.22

37. New York

Total expenditures: $271 billion
Prescription Sales: $27,425,428,273
Health Cost of living: 104.5
Annual Health Cost: $7,346.35
2023 Home Value: $401,215.22

38. Vermont

Total expenditures: $7.9 billion
Prescription Sales: $671,914,956
Health Cost of living: 106.2
Annual Health Cost: $7,465.86
2023 Home Value: $333,884.10

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39. California

Total expenditures: $405.5 billion
Prescription Sales: $32,525,850,723
Health Cost of living: 106.4
Annual Health Cost: $7,479.92
2023 Home Value: $747,628.38

40. Rhode Island

Total expenditures: $12.4 billion
Prescription Sales: $1,265,773,132
Health Cost of living: 107.4
Annual Health Cost: $7,550.22
2023 Home Value: $426,464.16

41. North Carolina

Total expenditures: $94.5 billion
Prescription Sales: $15,179,518,162
Health Cost of living: 109.5
Annual Health Cost: $7,697.85
2023 Home Value: $314,945.99

42. Connecticut

Total expenditures: $44.4 billion
Prescription Sales: $5,416,378,763
Health Cost of living: 109.7
Annual Health Cost: $7,711.91
2023 Home Value: $384,211.21

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43. Minnesota

Total expenditures: $61.4 billion
Prescription Sales: $5,866,165,654
Health Cost of living: 111.5
Annual Health Cost: $7,838.45
2023 Home Value: $323,769.23

44. North Dakota

Total expenditures: $8.7 billion
Prescription Sales: $589,855,944
Health Cost of living: 111.6
Annual Health Cost: $7,845.48
2023 Home Value: $247,713.49

45. Massachusetts

Total expenditures: $91.8 billion
Prescription Sales: $8,051,356,086
Health Cost of living: 112.6
Annual Health Cost: $7,915.78
2023 Home Value: $584,901.41

46. Wisconsin

Total expenditures: $58.2 billion
Prescription Sales: $9,045,899,186
Health Cost of living: 113.7
Annual Health Cost: $7,993.11
2023 Home Value: $266,558.47

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47. Hawaii

Total expenditures: $14.5 billion
Prescription Sales: $1,253,852,242
Health Cost of living: 118.4
Annual Health Cost: $8,323.52
2023 Home Value: $966,545.19

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48. Washington

Total expenditures: $71.3 billion
Prescription Sales: $6,907,126,327
Health Cost of living: 119.8
Annual Health Cost: $8,421.94
2023 Home Value: $585,856.29

49. New Hampshire

Total expenditures: $16.1 billion
Prescription Sales: $1,422,879,387
Health Cost of living: 120.6
Annual Health Cost: $8,478.18
2023 Home Value: $449,351.82

50. Alaska

Total expenditures: $9.9 billion
Prescription Sales: $757,206,371
Health Cost of living: 149.8
Annual Health Cost: $10,530.94
2023 Home Value: $354,937.10

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Cameron Huddleston contributed to the reporting for this article.

Methodology: To find the Best US States to Retire with Low Healthcare Costs, GoBankingRates analyzed every state through a few factors; [1] average annual prescription costs sourced from Kaiser Family Foundation Prescription Sales, [2] Total medical expenditures sourced from Kaiser Family Foundation Health Care Expenditures, [3] Healthcare Cost of Living sourced from the Missouri Economic Research and Information, [4] 2023 Median Home Value sourced from Zillow Home Value Index, and [5] the average annual healthcare cost by people 65 and over. This average is multiplied by the Health CoL to find the average cost for each state for people 65 and over. All information is up-to-date as-of June 9th, 2023.

This article originally appeared on GOBankingRates.com: Best US States To Retire In With Low Healthcare Costs

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