On top of a home insurance crisis, Florida residents face higher than average health insurance premiums due to a growing senior population and limited competition in the insurance marketplace, Newsweek reported Feb. 6.
Florida's population grew by 18% from 2010 to 2022, and adults aged 60 to 69 made up the largest group. Over the next five years, that population segment is projected to grow by nearly 300,000 people annually, presenting higher rates of chronic health conditions.
The state's insurance market is also highly concentrated and limits competition. According to the American Medical Association's annual "Competition in Health Insurance" report, Florida Blue has the largest commercial market share in all but one of the state's 22 metropolitan areas. The payer also controls 39% of the state's entire commercial market. For Medicare Advantage, UnitedHealthcare or Humana are the largest carriers in 20 metro areas.
Florida's average health insurance premiums are projected to increase to $613 per month in 2024 from $599 per month in 2023. Annual premiums will go from $7,188 annually in 2023 to $7,356 in 2024. The average American is projected to pay $7,008 in premiums in 2024, according to Newsweek.
Florida is also one of 10 states that has not expanded Medicaid eligibility to all low-income adults. A campaign to put an expansion proposal on the ballot in 2026 is currently underway.