What are the average healthcare costs in Tennessee?

Summary 

How much are insurance premiums in Tennessee? 

Tennessee ranks 14th in the US in terms of the most expensive states for healthcare.  

Health insurance premiums in Tennessee vary significantly based on plan type and coverage levels. The average annual premium for employees with single coverage through employer-provided health insurance is $1,686, with an average deductible of $2,174. 

For those purchasing health insurance independently, the average monthly premium for a benchmark plan in 2024 is $501, slightly higher than the national average of $477 for an Affordable Care Act (ACA) plan without premium tax credits. 

How do healthcare costs compare in Tennessee? 

A typical doctor's visit costs between $82 and $126, while an emergency room visit averages $2,060. Hospital stays, measured in adjusted expenses per inpatient day, average $2,590. These costs are generally competitive with neighboring states but can vary depending on the specific service and provider. 

For instance, Kentucky and Alabama have similar costs for doctor visits and hospital stays, while Mississippi tends to be slightly more expensive for most services.  

Several factors influence the costs of healthcare in Tennessee, including location within the state, the type of care required, and provider differences.  

Urban areas like Nashville and Memphis often have higher costs compared to rural regions due to higher operating expenses and a greater demand for services. 

How much does long-term care cost in Tennessee? 

Long-term care costs in Tennessee are substantial and require careful financial planning.  

Assisted living costs an average of $4,900 per month, but these costs vary significantly depending on the level of care required and the location within the state.  

Nursing home care is even more expensive. The average cost for a semi-private room is $8,654 per month, and a private room averages $9,277.  

Given Tennessee's high healthcare costs, it is crucial to consider long-term care insurance or other financial strategies to cover these expenses. Planning ahead can help mitigate the financial burden and ensure access to necessary care. 

What are the healthcare costs for individuals vs. families in Tennessee? 

Tennessee healthcare costs for individuals and families differ significantly.  

Individual plans often have lower premiums and out-of-pocket maximums, whereas family plans, offering broader coverage, tend to be more expensive.  

An individual plan might have an average annual premium of $1,686, while a family of four typically pays around $1,785 per month for health insurance. 

The average deductible for an individual plan is $2,174, but for family plans, it can be much higher, sometimes exceeding $4,500. These differences highlight the importance of selecting the right plan based on specific needs and circumstances. 

Individuals and families can explore various strategies to minimize healthcare expenses and access the best healthcare in Tennessee for their needs. These include choosing high-deductible plans with lower premiums if generally healthy, taking advantage of preventive care services, and leveraging employer-sponsored health benefits.  

What are the common medical visits and their costs in Tennessee? 

Routine medical visits form a significant part of Tennessee's healthcare expenses.  

In Tennessee, annual physicals cost around $368, a dental cleaning in Nashville ranges from $100 to $200, and an eye exam in Memphis starts at $99. These prices are consistent with nearby states, offering a benchmark for regional comparisons. 

For example, annual physicals in Kentucky cost around $374, while in Alabama, they are about $371. These costs are similar, indicating that Tennessee is competitive with its neighbors in terms of routine medical visit expenses. 

How do you manage healthcare expenses in Tennessee?  

Navigating Tennessee healthcare expenses requires strategic planning and resourcefulness. Here's concise advice to help you manage costs effectively: 

Get expert financial advice 

Managing Tennessee healthcare costs requires strategic planning and resourcefulness, but it's also an opportunity to take control of your health and financial well-being. By understanding the landscape of healthcare costs and exploring available resources, you can make informed decisions to manage your expenses effectively.  

Let Unbiased connect you with an SEC-regulated financial advisor for expert financial advice tailored to your financial needs and aspirations.