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Based on the most recent year of data and weighted by enrollment, Baylor Scott & White Health Plan’s 2024 Medicare Advantage plans get an average overall rating of 3.96 stars
.
For comparison, the average star rating for plans from all providers for 2024 is 4.04
.
What does Baylor Scott & White Medicare Advantage cost?
Costs for Medicare Advantage plans will depend on your plan, geographic location and health needs.
Premiums
One of the costs to consider is the plan’s premium. In 2024, about 39% of Baylor Scott & White’s Medicare Advantage plans have $0 premiums
.
Even as a Medicare Advantage user, you’ll still be responsible for paying your Medicare Part B premium, which is $164.90 per month in 2023 ($174.70 in 2024), although some plans cover part or all of this cost
.
Copays, coinsurance and deductibles
Requirements for copays, coinsurance and deductibles vary depending on your plan, location and the services you use. Other out-of-pocket costs to consider include:
-
Whether the plan covers any part of your monthly Medicare Part B premium.
-
The plan’s yearly deductibles and any other deductibles, such as a drug deductible.
-
Copayments and/or coinsurance for each visit or service. For instance, there may be a $10 copay for seeing your primary doctor and a $45 copay for seeing a specialist.
-
The plan’s in-network and out-of-network out-of-pocket maximums.
-
Whether your medical providers are in-network or out-of-network, or how often you may go out-of-network for care.
-
Whether you require extra benefits, and whether the plan charges for them.
To get a sense of costs, use Medicare’s plan finding tool to compare information among available plans in your area. You can select by insurance carrier to see only Baylor Scott & White plans or compare across carriers. You can also shop directly from Baylor Scott & White Health Plan’s website by entering your ZIP code.
Baylor Scott & White Medicare Advantage plan types
There are several kinds of Baylor Scott & White Medicare Advantage plans, and they vary in structure, costs and benefits. About 65% of Baylor Scott & White Medicare Advantage plans include prescription drug coverage.
Plan offerings include the following types:
A health maintenance organization (HMO) generally requires that you use a specific network of doctors and hospitals. You may need a referral from your primary doctor in order to see a specialist, and out-of-network benefits are usually very limited.
HMO-POS plans
HMO point of service (POS) plans are HMO plans that allow members to get some out-of-network services, but they’ll pay more for those services.
Preferred provider organization (PPO) plans provide the most freedom, allowing you to see any provider that accepts the insurance. You may not need to choose a primary doctor, and you don’t need referrals to see specialists. You can seek out-of-network care, although it may cost more than seeing an in-network doctor.
Baylor Scott & White Medicare Advantage service area
Baylor Scott & White Health Plan offers Medicare Advantage plans in 47 counties in Texas. The company covers about 29,000 Medicare Advantage beneficiaries
.
Compare Medicare Advantage providers
Get more information below about some of the major Medicare Advantage providers. These insurers offer plans in most states. The plans you can choose from will depend on your ZIP code and county.
Find the right Medicare Advantage plan
-
What are the plan’s costs? Do you understand what the plan’s premium, deductibles, copays and/or coinsurance will be? Can you afford them?
-
Is your doctor in-network? If you have a preferred medical provider or providers, make sure they participate in the plan’s network.
-
Are your prescriptions covered? If you’re on medication, it’s crucial to understand how the plan covers it. What tier are your prescription drugs on, and are there any coverage rules that apply to them?
-
Is there dental coverage? Does the plan offer routine coverage for vision, dental and hearing needs?
-
Are there extras? Does the plan offer any extra benefits, such as fitness memberships, transportation benefits or meal delivery?
Source: nerdwallet.com
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Here’s what you should know about Florida Blue Medicare Advantage.
Florida Blue Medicare Advantage pros and cons
Florida Blue’s offerings have advantages and disadvantages.
Pros
-
Members give high marks: Member experience ratings on metrics like customer service and getting needed care are above the average for major providers.
-
Mix of plans: Florida Blue offers both HMO and PPO plans, giving members more options for care.
Cons
-
Below-average star ratings: Florida Blue Medicare Advantage plans score slightly below the industry average star rating from CMS — 3.74 for 2024 plans versus 4.04 for the industry as a whole.
-
Limited availability: Florida Blue offers Medicare Advantage plans in Florida only.
Florida Blue Medicare star ratings
Average star rating, weighted by enrollment: 3.74
The Centers for Medicare & Medicaid Services maintains star ratings for Medicare Advantage plans on a 5-point scale, ranking plans from best (5 stars) to worst (1 star). The agency bases these ratings on plans’ quality of care and measurements of customer satisfaction, and ratings may change from year to year.
Based on the most recent year of data and weighted by enrollment, Florida Blue’s 2024 Medicare Advantage plans get an average rating of 3.74 stars
.
For comparison, the average star rating for plans from all providers is 4.04
.
What does Florida Blue Medicare Advantage cost?
Costs for Medicare Advantage plans depend on your plan, your geographic location and your health needs.
Premiums
One of the costs to consider is the plan’s premium. In 2024, about two-thirds of Florida Blue Medicare Advantage plans (65%) that aren’t special needs plans (SNPs) have a $0 premium
.
Even as a Medicare Advantage user, you’ll still be responsible for paying your Medicare Part B premium, which is $164.90 per month in 2023 ($174.70 in 2024)
, although some plans cover part or all of this cost. (Most people pay this standard amount, but if your income is above a certain threshold, you’ll pay more.)
Copays, coinsurance and deductibles
Requirements for copays, coinsurance and deductibles vary depending on your plan, location and the services you use. Other out-of-pocket costs to consider include:
-
Whether the plan covers any part of your monthly Medicare Part B premium.
-
The plan’s yearly deductibles and any other deductibles, such as a drug deductible.
-
Copayments and/or coinsurance for each visit or service. For instance, there may be a $10 copay for seeing your primary doctor and a $45 copay for seeing a specialist.
-
The plan’s in-network and out-of-network out-of-pocket maximums.
-
Whether your medical providers are in-network or out-of-network, or how often you may go out of network for care.
-
Whether you require extra benefits, and if the plan charges for them.
To get a sense of costs, use Medicare’s plan-finding tool to compare information among available plans in your area. You can select by insurance carrier to see only Florida Blue plans or compare across carriers. You can also shop directly from Florida Blue’s website by entering your ZIP code.
Available Medicare Advantage plans
There are a few kinds of Florida Blue Medicare Advantage plans, and they vary in terms of structure, costs and benefits. Florida Blue offers Medicare Advantage prescription drug plans (MAPDs) as well as Medicare Advantage plans without drug coverage. Florida Blue also offers Medicare Part D prescription drug plans.
Plan offerings include the following types:
A health maintenance organization (HMO) generally requires that you use a specific network of doctors and hospitals. You may need a referral from your primary doctor in order to see a specialist, and out-of-network benefits are usually very limited.
HMO-POS plans
HMO point of service (POS) plans are HMO plans that allow members to get some out-of-network services, but they’ll pay more for those services.
Preferred provider organization (PPO) plans provide the most freedom, allowing you to see any provider that accepts the insurance. You may not need to choose a primary doctor, and you don’t need referrals to see specialists. You can seek out-of-network care, although it may cost more than seeing an in-network doctor.
Special needs plans (SNPs) restrict membership to people with certain diseases or characteristics. Hence, the benefits, network and drug formularies are tailored to the needs of those members. Florida Blue offers one type of SNP:
-
Dual-Eligible SNP: For people who are entitled to Medicare and who also qualify for assistance from a state Medicaid program.
Florida Blue Medicare Advantage service area
Florida Blue offers Medicare Advantage plans in Florida only and covers about 185,000 members
.
Compare Medicare Advantage providers
Get more information below about some of the major Medicare Advantage providers. These insurers offer plans in most states. The plans you can choose from will depend on your ZIP code and county.
Find the right Medicare Advantage plan
-
What are the plan’s costs? Do you understand what the plan’s premium, deductibles, copays and/or coinsurance will be? Can you afford them?
-
Is your doctor in-network? If you have a preferred medical provider or providers, make sure they participate in the plan’s network.
-
Are your prescriptions covered? If you’re on medication, it’s crucial to understand how the plan covers it. What tier are your prescription drugs on, and are there any coverage rules that apply to them?
-
Is there dental coverage? Does the plan offer routine coverage for vision, dental and hearing needs?
-
Are there extras? Does the plan offer any extra benefits, such as fitness memberships, transportation benefits or meal delivery?
Source: nerdwallet.com
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Colorado Springs is a charming mountain city with access to some of the most scenic hiking trails in the Front Range. Home to Garden of the Gods, the Air Force Academy and the Olympic Training Center, this growing burg is brimming with culture and amenities.
With an average of 300 sunny days per year, Colorado is an understandably desirable place to live and has seen steady growth in population for years. Despite the influx of new residents, Colorado Springs still maintains the welcoming vibe of a small town and is consistently ranked as one of the best places to live in the Centennial State. But does its small-town charm translate to small-town prices?
Right now, the cost of living in Colorado Springs is 3.4 percent above the national average. This number continues to grow. Compared with the nearby city of Denver, housing prices in Colorado Springs are currently 32.1 percent lower than the Mile High City.
Explore the costs of living in Colorado Springs, from housing to food and healthcare, and discover if a move to the Front Range is right for you.
Housing costs in Colorado Springs
The housing market in Colorado Springs is competitive and fast-paced, but renters are in luck.
The average price of a one-bedroom in Colorado Springs is currently $1,024 per month, a decrease of 24.6 percent from the previous year. Of course, this number is dependent mainly on the neighborhood.
Among the most expensive neighborhoods are Kissing Camels, Norwood and Wagon Trails. The average cost-per-month of a one-bedroom apartment ranges from $1,548 to $1,723.
Areas that price out closer to the city’s average are East Colorado Springs, Garden Ranch and Ivywild, with the average cost of a one-bedroom falling between $1,000 and $1,068 per month in these areas.
If you’re looking for a centrally located home close to downtown, you’ll find the most affordable apartments in Stratton Meadows, where a one-bedroom averages $887 per month, or Shooks Run at $846 per month.
Currently, the median sale price for a home in Colorado Springs is $377,643. As of May 2021, home prices are up 21.6 percent since last year, according to Redfin. The local housing market is highly competitive, meaning that most homes receive multiple offers. Homes are also selling for about 4 percent more than the list price, on average.
Food costs in Colorado Springs
Colorado Springs boasts a wide array of international cuisine — from authentic Mexican and Indian to German and British fare. There’s an abundance of culinary opportunities with dining options ranging from casual family dining to luxurious special-occasion restaurants.
Outdoor dining is another popular choice here; between the city’s breathtaking views of the Rocky Mountains and the famously sunny weather, there’s no shortage of patio seating.
Groceries in Colorado Springs will cost you around 3.4 percent less than the national average. You can expect to pay $3.57 for a loaf of bread, $1.27 for a dozen eggs and $4.33 for ground beef.
Locals often hunt for bargains and ultra-fresh produce at one of the many farmer’s markets in the city.
Utility costs in Colorado Springs
Colorado has some of the best skiing in the world, but all that snow means your heating bill will see a jump in the winter.
Overall, the utility costs in Colorado Springs are just 0.9 percent below the national average. You can expect your total energy cost to come in around $165.12 per month.
Transportation costs in Colorado Springs
Traffic in Colorado Springs is surprisingly uncongested for a city of its size.
Commuters spend an average of four extra minutes per 30 minutes of commute-time during the morning rush hour and seven more minutes in the evening, with an average commute of around 22 minutes.
Heavy congestion on major roads is rare, and many members of the community choose to drive. You can expect to pay $2.41 for a gallon of regular unleaded at the pump.
Downtown Colorado Springs and Old Colorado City employ parking meters, with the parking charge per hour starting at $1.25 closest to the city center. Meters on the periphery of downtown will cost you $0.75 per hour. City-operated garages downtown charge a daily maximum of $9 or $70 per month. Parking outside of the city center is typically free.
Colorado Springs public transportation
Those who prefer public transit can take the Mountain Metro Transit, the city’s bus system, with a comprehensive route traversing most of the town. The basic cash fare for adults is $1.75, while youths, seniors and Medicaid or disabled folks will pay $0.85. Transfers are free and issued upon request with paid fare and are good for 2 hours or three rides on one-way trips.
Discount Metro tickets can also be purchased. Unlimited ride Day Passes coming in at $4 and unlimited 31-Day Tickets at $63. The city’s transit score is 20.
Colorado Springs has a bike score of 46 and a walk score of 37, with miles of paved bike paths inside and around the city for recreational cycling and walking. The mostly-paved Pikes Peak Greenway runs through the center of town, connecting to the Santa Fe Trail in the north and the Fountain Creek Regional Trail in the south. Other inner-city bike paths include the Cottonwood Creek Trail, Shooks Run Trail and the Midland Trail. Interactive bike maps make planning your commute or joyride a breeze.
Overall, the cost of living for transportation in the city is 9 percent above the national average.
Healthcare costs in Colorado Springs
Colorado Springs has been a destination for health-seekers since its early days as a haven for tuberculosis patients. Many doctors in the 19th century believed that high altitude and sunshine were a cure for TB. Coincidentally, the influx of wealthy TB patients to the then-resort town of Colorado Springs was instrumental in putting the small city on the map.
Today, Colorado Springs is home to the award-winning UCHealth Memorial Hospital and Penrose-St. Francis Health Services. Kids can receive high-quality care at the new Children’s Hospital Colorado Springs location.
Calculating average healthcare costs is difficult because these costs vary widely depending on each person’s health situation. The local healthcare costs are 4.6 percent higher than the national average.
A regular doctor’s visit might cost an average of $126.71, while a trip to the dentist will cost $105.77 on average. Prescription drugs, without insurance, cost an average of $471.44, and a bottle of ibuprofen will cost around $9.03.
Goods and services costs in Colorado Springs
Colorado Springs boasts a wide selection of fitness facilities and opportunities, whether you’re a CrossFit aficionado or more of a Pilates person. Yoga enthusiasts can expect to pay a little more than $15 per class.
If you want to save a few bucks and still be healthy, check out the nearby hiking trails. Colorado Springs boasts several open spaces within the city limits, many of which contain trail systems for easy access hiking.
Garden of the Gods, located on the west side of town, is an iconic landmark and recreation hotspot for locals and tourists alike. Admission is free for this city-owned National Natural Landmark.
If you’re a pet owner, you can expect to pay an average of $56.54 per routine vet visit. Pet licensing —required for all dogs and cats over the age of 4 months — can cost anywhere from $10 to $75 depending on a variety of factors.
Overall, the cost of goods and services in Colorado Springs is about 3 percent more than the national average.
Taxes in Colorado Springs
Colorado Springs resides entirely within El Paso County. The Colorado sales tax rate is currently 2.9 percent, while the El Paso County sales tax is 1.23 percent.
Colorado Springs recently reduced its sales tax to 3.07 percent. Therefore, the minimum combined sales tax for Colorado Springs is now 8.2 percent. So, when you spend $100 at the Promenade Shops at Briargate, for example, you’ll pay $8.20 in sales tax.
Colorado does not tax most groceries.
How much do you need to earn to live in Colorado Springs?
The average rent for a one-bedroom apartment in the city is $1,024.
Most financial advisors recommend spending no more than 30 percent of your annual income on rent. This means you would need to earn around $40,960 per year to comfortably afford a one-bedroom apartment in Colorado Springs.
To give these numbers some context, the median household income in Colorado Springs is about $65,000 and the per capita median income is around $34,000.
Use our rent calculator to quickly discover how much you can afford to spend on rent with your current salary.
Living in Colorado Springs
Recently ranked fourth Best Place to Live by U.S. News & World Report, Colorado Springs is a mountain oasis. Gorgeous weather and miles of surrounding natural beauty make this city a unique treasure in the heart of the American West.
With a growing economy and an increasing demand for tech-talent labor, there’s never been a better time to relocate. Find your ideal Colorado Springs apartment to rent today.
Cost of living information comes from The Council for Community and Economic Research.
Rent prices are based on a rolling weighted average from Apartment Guide and Rent.’s multifamily rental property inventory of one-bedroom apartments in April 2021. Our team uses a weighted average formula that more accurately represents price availability for each individual unit type and reduces the influence of seasonality on rent prices in specific markets.
The rent information included in this article is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.
Source: rent.com
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Whether you’re purchasing a new pair of eyeglasses, stocking up on over-the-counter medications, or paying for your child’s daycare, there may be certain expenses your health insurance plan doesn’t cover.
In those cases, having a flexible spending account, or FSA, could help you save money. This special savings account lets you set aside pretax dollars to pay for eligible out-of-pocket healthcare expenses, which in turn can lower your taxable income.
Let’s take a look at how these accounts work.
What Is an FSA?
An FSA is an employer-sponsored savings account you can use to pay for certain health care and dependent costs. It’s commonly included as part of a benefits package, so if you purchased a plan on the Health Insurance Marketplace, or have Medicaid or Medicare, you may no longer qualify for a FSA.
There are three types of FSA accounts:
• Health care FSAs, which can be used to pay for eligible medical and dental expenses.
• Dependent care FSAs, which can be used to pay for eligible child and adult care expenses, such as preschool, summer camp, and home health care.
• Limited expense health care FSA, which can be used to pay for dental and vision expenses. This type of account is available to those who have a high-deductible health plan with a health savings account.
How Do You Fund an FSA?
If you opt into an FSA, you’ll need to decide on how much to regularly contribute throughout the year. Those contribution amounts will be automatically deducted from your paychecks and placed into the account. Whatever money you put into an FSA isn’t taxed, which means you can keep more of what you earn.
Your employer may also throw some money into your FSA account, but they are under no legal obligation to do so.
You can use your FSA throughout the year to either reimburse yourself or to help pay for eligible expenses for you, your spouse, and your dependents (more on that in a minute). Typically, you’ll be required to submit a claim through your employer and include proof of the expense (usually a receipt), along with a statement that says that your regular health insurance does not cover that cost.
Some employers offer an FSA debit card or checkbook, which you can use to pay for qualifying medical purchases without having to file a reimbursement claim through your employer.
💡 Quick Tip: When you have questions about what you can and can’t afford, a spending tracker app can show you the answer. With no guilt trip or hourly fee.
What Items Qualify for FSA Reimbursement?
The IRS decides which expenses qualify for FSA reimbursement, and the list is extensive. Here’s a look at some of what’s included — you can see the full list on the IRS’ website.
• Health plan co-payments and deductibles (but not insurance premiums)
• Prescription eyeglasses or contact lenses
• Dental and vision expenses
• Prescription medications
• Over-the-counter medicines
• First aid supplies
• Menstrual care items
• Birth control
• Sunscreen
• Home health care items, like thermometers, crutches, and medical alert devices
• Medical diagnostic products, like cholesterol monitors, home EKG devices, and home blood pressure monitors
• Home health care
• Day care
• Summer camp
Are There Any FSA Limits?
For 2023, health care FSA and limited health care FSA contributions are limited to $3,050 per year, per employer. Your spouse can also contribute $3,050 to their FSA account as well.
Meanwhile, dependent care FSA contributions are limited to $5,000 per household, or $2,500 if you’re married and filing separately.
Does an FSA Roll Over Each Year?
In general, you’ll need to use the money in an FSA within a plan year. Any unspent money will be lost. However, the IRS has changed the use-it-or-lose-it rule to allow a little more flexibility.
Now, your employer may be able to offer you a couple of options to use up any unspent money in an FSA:
• A “grace period” of no more than 2½ extra months to spend whatever is left in your account
• Rolling over up to $610 to use in the following plan year. (In 2024, that amount increases to $640.)
Note that your employer may be able to offer one of these options, but not both.
One way to avoid scrambling to spend down your FSA before the end of the year or the grace period is to plan ahead. Calculate all deductibles, copayments, coinsurance, prescription drugs, and other possible costs for the coming year, and only contribute what you think you’ll actually need.
Recommended: Flexible Spending Accounts: Rules, Regulations, and Uses
How Can You Use Up Your FSA?
You can consider some of these strategies to get the most out of your FSA:
• Buy non-prescription items. Certain items are FSA-eligible without needing a prescription (but save your receipt for the paperwork!). These items may include first-aid kits, bandages, thermometers, blood pressure monitors, ice packs, and heating pads. Check out the FSA Store to find out which items may be covered.
• Get your glasses (or contacts). You may be able to use your FSA to cover the cost of prescription eyeglasses, contact lenses, and sunglasses as well as reading glasses. Contact lens solution and eye drops may also be covered.
• Keep family planning in mind. FSA-eligible items can include condoms, pregnancy tests, baby monitors, fertility kits. If you have a prescription for them, female contraceptives may also be covered.
• Don’t forget your dentist. Unfortunately, toothpaste and cosmetic procedures are not covered by your FSA, but dental checkups and associated costs might be. These could include copays, deductibles, cleanings, fillings, X-rays, and even braces. Mouthguards and cleaning solutions for your retainers and dentures may be FSA-eligible as well.
💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.
Flexible Savings Account (FSA) vs. Health Savings Account (HSA)
You may have heard of a health savings account (HSA). It’s easy to confuse it with an FSA, as they share some similarities.
Both types of accounts:
• Offer some tax advantages
• Can be used to pay for co-payments, deductibles, and eligible medical expenses
• Can be funded through employee-payroll deductions, employer contributions, or individual deductions
• Have a maximum contribution amount. In 2023, people with individual coverage can contribute up to $3,850 per year, while those with family coverage can cset aside up to $7,750 per year.
That said, there are some key differences between HSAs and FSAs:
• You must be enrolled in a high deductible health plan in order to qualify for an HSA.
• HSAs do not have a use-it-or-lose-it rule. Once you put money in the account, it’s yours.
• If you quit or are fired from your job, your HSA can go with you. This happens even if your employer contributed money to the account.
• If you’re 55 or older, you can contribute an additional $1,000 to your HSA as a catch-up contribution — similar to the catch-up contributions allowed with an IRA.
• If you withdraw money from your HSA for a non-qualified expense before the age of 65, you’ll pay taxes on it plus a 20% penalty.
• If you withdraw money from your HSA for any type of expense after age 65, you don’t pay a penalty. However, the withdrawal will be taxed like regular income.
Recommended: Benefits of Health Savings Accounts
The Takeaway
Flexible spending accounts are offered by employers and can be a useful tool for paying for health care- or dependent-related expenses. Notably, you fund the account with pretax dollars taken from your paycheck, which can lower your taxable income and help you save money.
You typically need to spend your FSA money within a plan year, though your employer may give you the option to either roll over a portion of the balance into the next year or use it during a grace period. There are also guidelines around what you can spend the FSA funds on and how much you can contribute to your account.
Take control of your finances with the SoFi Insights money tracker app. Connect all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.
SoFi helps you stay on top of your finances.
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Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
SORL1023031
Source: sofi.com
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Each calendar year brings a new set of changes to Medicare, from premiums and deductibles to rules and regulations. To get the most from Medicare in 2024, it’s helpful to understand what will be different.
Here’s a primer on 2024 Medicare changes:
Part A costs will mostly go up
Medicare Part A covers your hospital care as well as care in a skilled nursing facility (SNF). Most people get Part A for free, but for those who haven’t worked enough quarters to get free Part A, premiums will stay about the same. If you have to buy Medicare Part A, you’ll pay $278 or $505 per month in 2024, compared with $278 or $506 in 2023.
The inpatient hospital deductible, which you’ll pay before Medicare starts covering costs, will be $1,632 in 2024, up from $1,600 in 2023. (Note that certain Medigap plans do cover your Part A deductible.) You’ll pay the Part A deductible for each inpatient hospital or SNF benefit period — a new benefit period starts if you haven’t received inpatient hospital care or SNF care for 60 days in a row.
Medicare covers the first 60 days in a hospital or the first 20 days in a skilled nursing facility (once you hit the deductible). Copays for the rest of your stay are slightly higher in 2024, and are as follows:
-
$408 per day for days 61 to 90 in a hospital (up from $400 in 2023).
-
$816 per day for lifetime reserve days in a hospital (up from $800 in 2023). (These are any days over 90 days; you have 60 lifetime reserve days.)
-
$204 per day for days 21 to 100 in a skilled nursing facility (up from $200 in 2023).
Part B costs will go up
Medicare Part B covers your visits to medical providers, as well as things like ambulance services and durable medical equipment. Everyone pays a premium for Part B, even if you have a Medicare Advantage plan.
Premiums for Medicare Part B will be $174.70 per month in 2024, up from $164.90 in 2023. The Part B deductible will be $240 in 2024, up from $226 in 2023. You pay the Part B deductible just once per year.
Compare Medigap plans
Medicare Advantage plan ratings are lower — again
In 2024, the average star rating for Medicare Advantage plans, weighted by enrollment, is 4.04 stars, down from 4.14 stars in 2023. And about 42% of Medicare Advantage contracts received a rating of 4 stars or higher from the Centers for Medicare & Medicaid Services (CMS), compared with about 51% in 2023.
“CMS attributes the additional decline in star ratings to methodological changes, new measures factoring into the ratings, as well as the overall performance of plans,” Meredith Freed, a senior policy analyst with the Program on Medicare Policy for KFF, a health policy nonprofit, said through email.
That said, approximately 74% of Medicare Advantage enrollees will be in plans with 4 stars or higher in 2024, similar to 72% in 2023, according to CMS.
Part D catastrophic drug costs will be eliminated
Currently, once Medicare Part D enrollees reach the “catastrophic” level of prescription drug spending — which is $7,400 in 2023 — they pay up to 5% of the cost of their drugs for the remainder of the year. It doesn’t sound significant, but it can be expensive.
“If you have medication that costs $30,000 a month — retail price — 5 percent of $30,000 is $1,500 a month,” says Melinda Caughill, co-founder and CEO of 65 Inc., which offers Medicare guidance. And there are many medications that cost $30,000 a month, Caughill says. “That’s a big deal.”
Next year, once enrollees hit the 2024 catastrophic limit of $8,000 in drug spending, there’s no more coinsurance required. Your prescription drug expenses are essentially capped. (Drug spending includes what enrollees pay out of pocket, plus the discount you get from manufacturers on drugs when you’re in the “coverage gap” phase of drug coverage. So that $8,000 isn’t entirely out of your pocket.)
“This is a policy change that will greatly help those people with very high-cost prescription drugs,” Gretchen Jacobson, vice president of the Medicare program for The Commonwealth Fund, a private foundation with the mission of promoting a high-performing health care system, said through email. “An out-of-pocket limit can also provide peace of mind to people whose expenses are below the limit.”
More people will be eligible for Extra Help
Under the government’s Extra Help program, people with limited resources and income may be able to get cost help with prescription drug plan costs, such as premiums, deductibles and prescription copays.
In 2024, thanks to the Inflation Reduction Act, more people will be eligible for full benefits, saving nearly $300 more per year on average compared with savings for partial benefits. (Full Extra Help benefits are worth about $5,300 per year in 2023, according to the Social Security Administration.) Eligibility will be expanded to people with income and resources up to 150% of the federal poverty level, according to the Department of Health and Human Services.
Unfortunately “many Medicare beneficiaries are not aware of either the Extra Help program, which helps with Part D costs, nor the Medicare Savings Programs, which help with Part A and B costs,” Freed said. “So it is important for them to check their eligibility for these programs.”
Source: nerdwallet.com
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Gross Domestic Product, or GDP, is an economic measure representing the total value of all goods and services that a country or region produces in a specific time period, usually a quarter or a year.
The GDP of the United States was $26.49 trillion at the end of Q1, 2023, an increase of 1.3% over the previous quarter, according to the Department of Commerce’s Bureau of Economic Analysis (BEA).
GDP can serve as a quick, numeric shorthand for explaining a country’s economy’s trajectory, and investors can use it as a factor, along with market trends and other analysis, in making their investing decisions. It’s important for investors to know more than just the definition of GDP in order to have context about what the number truly means.
Calculating GDP
When calculating the GDP of a country, economists look at a wide range of factors, including: Public and private consumption, government spending, investments, growth in private inventories, construction spending, as well as the balance of foreign trade (exports minus imports).
The GDP formula can be complicated, so to enable comparisons, countries typically follow a set of internationally accepted guidelines, known as the 1993 System of National Accounts, created by the International Monetary Fund, the European Commission, the Organization for Economic Cooperation and Development, the United Nations, and the World Bank.
In the United States, the BEA uses data collected by other federal agencies, including the Census Bureau, the Bureau of Labor Statistics, and the Treasury. It also gathers information directly from private industry, including trade groups and companies that specialize in sales data for a wide range of products, from prescription drugs to cars.
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Multiple Measures of GDP
There are several ways to measure GDP.
Real GDP
Real GDP is an inflation-adjusted measure of the value of the amount of goods and services produced by a given economy. This is the number typically released by the United States.
Nominal GDP
Nominal GDP uses current market prices to compare countries’ GDP. It does not adjust values based on inflation. If a country’s output remains steady, but the value of what they produce changes, then its nominal GDP would change. That makes it much harder to compare GDP in two different time periods.
Purchasing Power Parity GDP
Purchasing Power Parity (PPP) measures GDP as adjusted for the differences in both local prices and local living costs. This metric allows economists to make more meaningful correlations from country to country about the impact of GDP on the people who live there.
Per Capita GDP
This breaks down the GDP by the number of people in a country’s population. As such, it shows the average output or income of each person in that country, and is often used to paint a picture of the relative wealth or poverty in a given country.
Recommended: 101 Investing Guide
What GDP Means for Investors
When the GDP makes the financial news, the number in the headline is usually a percentage, namely how much the GDP rose or fell in the most recent quarter. The standard definition of a recession is two quarters of consecutive declines in the GDP.
During a period of rising GDP, employment tends to increase because companies staff up for expansion. This means that more people have more income to spend. That creates more business, which keeps the growth cycle spinning. But when GDP is in decline, the opposite tends to occur, with fewer people working, and wages depressed, leading to a downward cycle.
While there is not a direct cause-effect relationship between the GDP and stock or bond prices, some investors use a strategy known as business-cycle investing to determine how to allocate their portfolio.
Recommended: Asset Allocation by Age
Equity Investors
Many stock investors prefer an economy where the GDP is steadily rising, since it often means a healthy economy and higher company earnings, which can boost the stock market. In contrast, a falling or stagnant GDP can be bad news for stock prices.
Bond Investors
Fixed-income investors may have a different view of GDP. That’s because GDP growth often comes with more borrowing by both consumers and businesses, which can create inflation. Inflation often leads to higher interest rates, which have the effect of driving down bond prices. With sinking GDP, the opposite tends to happen, resulting in higher bond prices.
The Takeaway
GDP is essentially an economic scorecard for a country. By understanding how a country’s GDP is changing over time, and how it compares to other countries, you can get a sense of its overall economic health. Investors can consider GDP trends when planning their investing strategy.
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Cyber-attacks are on the rise as hackers and criminals learn about and adapt to methods put in place by government agencies to prevent scams. The FBI’s Internet Crime Complaint Center (IC3) reported monetary losses totaling more than $1.4 billion in 2017. [1]
While anyone, regardless of age, can be a target of common money scams, many hackers specifically target seniors. Nearly 17% of reported cyber crimes in 2017 came from victims over the age of 60. And with losses of over $342 million, seniors are losing more money to scams than any other age group. [1] Considering the average age of retirement in the U.S. is 60, this trends is a serious threat to the financial security of many Americans as they enter retirement.
With an empty nest and retirement on the horizon, your senior years should be the time to pursue your passions—not get scammed out of your hard-earned savings.
This guide covers the basics of recognizing and preventing common online money scams, plus provides tips to help seniors navigate the online world safely.
Table of Contents:
Why Scammers Target Seniors
Pew Research shows that seniors are adopting technology, such as the Internet and smartphones, more than ever before. [2] If you’re among the technology adopters, you know how great technology is for connecting with your children and grandchildren who live far away and with friends you haven’t seen in years.
Con artists and scammers exploit seniors online believing that they aren’t Internet-savvy, despite many proving otherwise. Here are a few of the reasons seniors are a frequent target of scams online:
- You generally have larger savings accounts and valuable assets.
- You’re perceived as more trusting and polite.
- You may not recognize and report the scam right away.
- As you age, cognitive function and physical ability declines.
How to Recognize a Money Scam
As online scammers get increasingly sophisticated, certain types of fraud can be hard to spot even for the most adept Internet user. To keep from falling victim to scammers’ tactics, make yourself aware of common warning signs and stay vigilant. A gut feeling is always a good place to start. For example, if something feels too good to be true, it probably is. Also, if a request from someone you know feels out of character, trust your instincts and do your research before taking action.
An easy way to know if something is a likely con is to use the three U’s for identifying money scams.
- Unexpected: If you receive an email from someone you trust making an unexpected or unusual request for money or personal information, contact them personally to confirm.
- Urgent: If the tone of the message is threatening or asks you to act immediately, take time to think it over or tell a friend before acting. If you’re still unsure, check the IC3’s Alert Archive to see if there have been other incidents of the same scam.
- Unsecure: Make sure the address bar reads “https://” and not “http://” when entering personal or financial information online. If a URL begins with “https://” that tells you the site is secure and protects information that’s transmitted. If you provide sensitive information to an unsecure site, it can easily be stolen.
Top 10 Online Scams That Affect Seniors
Scammers see senior citizens as easy victims, but you can prove them wrong by educating yourself on some of their common schemes. They often use things like healthcare, retirement savings and online dating to lure unsuspecting seniors into giving over their personal information. Here are 10 of the most common online schemes that target seniors.
1. Medicare Scams
If you’re 65 or older, you might rely on Medicare for your health coverage. Scammers know this and whenever Medicare sends out new cards or makes changes to its policies, they capitalize on opportunities to steal personal information. This can be done over the phone or by email. The scammer claims to be a Medicare representative and insists there’s a fee associated with getting you a new card or that your card has been compromised—neither of which is true.
According to Medicare.gov, “Medicare, or someone representing Medicare, will never contact you for your Medicare Number or other personal information unless you’ve given them permission in advance.”
How to protect yourself: Don’t respond to the email and mark it as junk or spam. If you need to speak with Medicare, call them directly at 1-800-MEDICARE (1-800-633-4227).
2. Health Insurance Scams
In order to make a profit, criminals may try to offer you health insurance plans that have little to no real value. In some cases, they may be selling discount cards or limited-benefit plans, but rarely explain how limited the coverage really is.
How to protect yourself: Never purchase insurance on the spot. Do your research on the company and thoroughly read the details of the coverage offered.
2. Counterfeit Medications
This scam is especially dangerous because it can cost you not only your money but your health. Prescription drugs aren’t cheap, and most seniors are dependent on a medication or two to maintain their health. Scammers exploit this by offering fake prescription medications for purchase online at a low cost. The number of counterfeit medication scams under investigation by the FDA is up four times since the 1990s. [3]
How to protect yourself: Always go through licensed medical professionals to get any prescriptions and pick up your medications at a local pharmacy. If you enjoy the convenience of ordering online, many reputable pharmacies allow you to refill your prescription online or have your medications delivered.
3. Phishing
Scammers often capitalize on your trust in people and institutions by posing as them in emails, on calls or in text messages. For example, the Social Security Scam is a form of phishing where scammers pose as government officials who need your social security information. Once they’ve gained your trust, they use that to gather personal, sensitive information like your Social Security number, bank/credit card information and/or passwords.
How to protect yourself: Always check the sender’s email address or phone number before clicking any links in emails or messages that request personal information.
4. Dating and Romance Scams
Online dating can be great for people of all ages—seniors included. But it’s important to practice the same kind of cautions online as you do in real-world dating. Online dating scams are one of the biggest and most costly scams, and scammers can break your heart and bank account if you’re not careful. It’s a red flag if someone builds a rapport with you only to turn around and ask for money. Even if the request seems heartfelt, like wanting to come see you, it could still be a play solely for money.
How to protect yourself: Take things slow, do your research and never send money to someone you don’t know personally. Even if you’ve met them, run the other way if they ask for money after you’ve known them only for a little while.
5. Investment Scams
In these cons, scammers take advantage of your need to build or maintain retirement savings. A lot of seniors are concerned about making their money last, which makes them vulnerable to ads or requests that promise high-profit, no-risk investments.
How to protect yourself: Stop and think, “Is this too good to be true?” Never accept an offer on the spot. If you’re not sure, talk it over with a trusted friend or check the IC3’s Alert Archive along with other online sources, such as the Scams and Frauds page on USA.gov.
6. Homeowner Scams
Seniors are at a point in life where they’re more likely to own their homes. While some may want to stay right where they are, others have grand dreams of moving to a new location—maybe somewhere warmer. In this scenario scammers work to identify the value of your property and then offer you a reassessment—for a fee, of course.
How to protect yourself: If you want to move, only work with a reputable realtor or go the for sale by owner route.
7. Sweepstakes and Lottery Scams
These scams use a surprise factor to trick you into thinking you need to click something to “claim a prize.” It can come as an email, a web pop up or even within a web page you’re reading.
How to protect yourself: If you receive an email that claims you’re a winner, it’s almost guaranteed to be a scam. On the off chance that you actually signed up for a sweepstakes, check your email inbox to see if you have a confirmation of your signup from the same email address. Better, yet, pick up the phone and call the company before you click on a link in an email or on a website.
8. Fake Charities
Seniors may feel more compelled to donate to those in need or contribute to disaster aid, but unfortunately fake charities often try and get donations after a natural disaster.
How to protect yourself: Do your research. Call a number to speak with someone from that charity or search the charity name and a phrase like “scam” or “fraud” in Google. You can also use the organizations listed by the FTC to research reputable charities.
9. Malware Scams
Using antivirus software is a great way to protect yourself from fraud. Unfortunately, scammers often pose as antivirus providers and instead install malware on your computer. These advertisements are often pop ups or web page ads.
How to protect yourself: Make sure anything you download to your computer is from a reputable source and never give anyone you don’t trust remote access to your computer.
10. Threats and Extortion
These types of scams utilize fear to get the desired outcome. Typically the scammer tells you that something terrible is going to happen if you don’t give them money or personal information.
How to protect yourself: Never act impulsively. Consider whether the scenario seems realistic. If you’re unsure or scared, talk to a friend. If the caller acts like a relative, hang up and call them back to ensure it is, in fact, your relative and not a stranger pretending to be your relative.
How to Protect Yourself Online
It’s good to know the basics about scams and the accompanying warning signs, but there are steps you can take to further protect your computer and online identity from fraud including. settings, tools and government resources.
Keep your firewall turned on. A firewall monitors incoming and outgoing network traffic to prevent unauthorized access to and from a private network. It protects your computer from hackers attempting to crash it or gain sensitive information.
Keep your computer’s operating system up-to-date. Make sure your computer software is up-to-date. You can usually subscribe to automatic updates online. If you keep your system updated, your computer will continue running smoothly and you’re sure to have the latest fixes for any security holes.
Turn on two-factor authentication. Two-factor authentication requires both a password and an additional piece of information to access your account. The second piece of information is typically a message sent to your phone or a code generated by an app or token.
Look out for unsecure networks and websites. If you get a warning message saying “Unsecure Wi-Fi Detected,” don’t visit any banking websites or store any passwords while on that network.Also, most browsers will warn you when you visit an unsecure site. The feature should already be enabled on most computers, but if not, make sure you enable this setting.
Install or update antivirus software. Antivirus software prevents malicious software programs from installing on your computer. Malware programs allow others to see your computer activity. Be wary of any ads on the Internet for these types of software as they are often not real solutions and instead are fraudulent.
Use a password manager. A password manager, like LastPass or Dashlane, lets you have a unique, strong password for every secure website—in other words, not your grandchild’s birth date. You won’t have to remember them all, because the password manager stores and encrypts your passwords for your protection.
Check your credit often. Major changes toyour credit can indicate potential fraud. Consider signing up for a free credit score and checking it every few weeks as a way to watch for changes.
Find Information About Active Scams
What To Do If You’re the Victim of a Scam
The best thing to do if you suspect you’ve been the victim of a scam is to report it. IC3 chief Donna Gregory says, “We want to encourage everyone who suspects they have been victimized by online fraudsters to report it to us.” IC3 receives over 800 complaints a day on average, so don’t let embarrassment keep you from reporting something.1 Reporting a scam helps law enforcement investigate similar scams and take action to bring the scammers to justice.
Steps to Take After Fraud
- To report a scam, file a claim online at www.ic3.gov. You’ll be asked to provide complete information about the crime as well as any additional relevant information.
- Once you’ve reported the scam to authorities, you also want to take action against any other loss. IC3 recommends that victims take actions, such as contacting banks, credit card companies and/or the credit bureaus to block accounts, freeze accounts, dispute charges or attempt to recover lost funds.
- Keep a close watch on your credit reports and consider using credit monitoring tools.
In February 2018, the Justice Department made a coordinated sweep of elder fraud cases that resulted in several initiatives to reduce the number of annual cases. [4] This included building local, state and federal capacity to fight elder abuse, supporting research to improve elder abuse policy and practice, and helping older victims and their families.
Each year the number of Internet crimes increases and scammers become more sophisticated, but spreading knowledge and awareness is one of the best ways to combat the issue. Arming yourself with a basic understanding of the dangers online can help you protect yoursel
f from fraud.
Additional Resources
Sources:
1 Federal Trade Commission Latest Internet Crime Report Released
2 Pew Research Center Tech Adoption Climbs Among Older Adults
3 National Council on Aging Top 10 Financial Scams Targeting Seniors
4 United States Department of Justice Justice Department Coordinates Nationwide Elder Fraud Sweep of More Than 250 Defendants
Source: credit.com
Apache is functioning normally
There’s more to Nevada than Sin City. This western state is known for its mesmerizing desert landscapes, neon-tinged cities and lively entertainment and nightlife industries. The state offers plenty of great places to live and call home.
In equal measure, Nevada beckons to nature lovers and city-dwellers alike. Except for a handful of small towns and cities primarily centered around major interstates and highways, central Nevada is all nature. National parks like Death Valley and Great Basin offer a range of landscapes to discover and explore, from stark deserts to Colorado-esque mountain valleys. But cities like the legendary Las Vegas are hubs for endless entertainment, art, culture, dining and industry. Suffice it to say that Nevada has a bit of everything.
But, is it right for you? For the most part, Nevada offers residents a fairly affordable cost of living, Most areas of spending, like housing or groceries, are near or slightly above the national average. Some are even below the national average. Even though Nevada is known for its excess spending thanks to its many casinos, living here is achievable for the average budget. You could even bet on it. But you probably shouldn’t. This is what you can expect to pay for the cost of living expenses in Nevada like housing and groceries.
Nevada housing prices
Nevada’s housing costs are higher than the national average. Living in one of Nevada’s bigger metro areas like Las Vegas does come with higher prices. But with those higher rates, you also get access to city perks like fine dining, shows, entertainment and world-class shopping.
Here’s what the average rent looks like in two of Nevada’s biggest and most popular cities.
Las Vegas
This city needs almost no introduction. With a population of around 646,790, Vegas is a popular hub for entertainment, gambling, nightlife and glitz. But behind all the glamor and shine of The Strip is a real city full of unique neighborhoods, art, culture, multicultural cuisine and history. For being such a well-known vacation spot, housing prices here aren’t as inflated as they could be. The overall cost of housing is just 9.8 percent higher than the national average.
Renting a one-bedroom apartment around town will set you back $1,375 per month. This is down 3 percent from last year. But two-bedroom units are up 14 percent to $1,623 per month. Some neighborhoods will be more expensive than others. Luckily, there are tons of cheap but fun neighborhoods to choose from around Las Vegas.
If you want to buy a home in Nevada, Las Vegas is the more affordable option. Its median sale price for a house is $439,950, significantly less than in Reno. The housing market has been a big jump since last year, though, climbing 27.5 percent.
Reno
Known as the Littlest Big City in the World, Reno is a lively community of nearly 251,000 residents in northwest Nevada. It sits right alongside the California border. The overall cost of living here is reasonable, sitting only 4.9 percent higher than the national average. Housing prices here are the highest of our highlighted Nevada cities, sitting 18.7 percent above the national average.
Rents here are on the rise for all unit sizes. One-bedroom apartments cost an average of $1,547, which is up 5 percent from last year. A two-bedroom apartment averages $1,844 per month, also up 5 percent from 2021. These aren’t big increases, but they do point to an overall upwards trend.
However, Reno’s housing market is growing at a much faster pace. The median sale price for a house here is $580,000, which is up 18.5 percent from the previous year.
Food prices
Another cost of living in Nevada is dining and groceries. Residents spend between $2,801 and $3,200 per person in food costs each year. That comes out to between $233 and $266 per month. This puts Nevada’s food costs 10.8 percent above the national average. But those numbers are still on-par with more expensive states like California and New York. So, even though food costs here do exceed the national average, it’s still affordable to eat well here.
Thanks to all those bargain all-you-can-eat buffets, Vegas is the least expensive city in terms of food costs.
- Reno is 4.8 percent above the national average
- Las Vegas is 1.2 percent above the national average
However, just because Las Vegas has lower overall grocery costs, some food items here are still higher than in Reno. Picking up some steak will cost you $15.49 in Las Vegas but $13.68 in Reno. A half-gallon of milk is $3.07 in Reno compared to $2.34 in Vegas. Getting a dozen eggs will cost you $2.07 in Vegas but $1.81 in Reno.
With so many restaurants and buffets, both Reno and Vegas are great cities for dining out. While pricey, you’ll be paying about the same for a nice date night meal in both cities. Sitting down with your partner for a three-course meal at a nice restaurant will set you back $65 in Reno. The same kind of meal and outing in Vegas is slightly more affordable at $63.50.
Utility prices
Monthly utilities are another key consideration when deciding what state to live in. Every month, you’ll need to pay for essentials like electricity, water and internet. Utilities are one of the few costs of living areas in Nevada that are less than the national average. Looking at the cost of utilities around the state, you’ll be paying for your utilities in Reno than in Vegas.
- Reno is 14.8 percent below the national average
- Vegas is 2.4 percent below the national average
That being said, the cost of individual utilities doesn’t always reflect this. Reno residents pay around $134.45 for their total energy costs each month. Vegas residents pay far more at $173.88.
The average water bill in Nevada is $25. Nevada gets most of its water from the mighty Colorado River. However, most of the state is now in a severe drought, so most residents need to practice water-saving methods. Using less water in order to conserve water, it keeps the water bill down each month.
Transportation prices
In some ways, having a car is essential in Nevada. Its biggest metro areas are at opposite ends of the state from each other. Many Nevada residents also enjoy outdoorsy pursuits like hiking or climbing. This makes having a car a necessity. But if you mainly plan on staying around town, you can take advantage of public transit to save money.
According to the Nevada Department of Transportation, most communities around Nevada have access to some form of public transportation. Even many rural towns have transit options provided by local authorities. But while taking the car will save you money on gas and other car expenses, transportation costs around Nevada are higher than the national average. Here’s how these two Nevada cities stack up to the national average in terms of mass transit costs:
- Reno is 17.9 percent above the national average
- Las Vegas is 10.9 percent above the national average
As you can see, Reno is the more expensive option. Let’s take an in-depth look at public transportation options in both Reno and Vegas.
RTC in Reno
RTC Ride provides public transportation to the residents of Reno and Sparks in Washoe County. Their fleet of 70 buses operating 26 fixed routes has nearly 1,200 bus stops with their service area.
A single adult fare costs $2.00, but a full day pass only costs a dollar extra. A pre-purchased 31-day pass will set you back $65. Reduced fares are available for qualified residents like senior citizens, veterans and students at local colleges.
However, the majority of Reno residents still consider it necessary to have a car and easily get around. Even though RTC provides transit through the Reno metro area, it has a low transit score of 34. Similarly, the city’s walk and bike scores are only 52 and 59, respectively. While there are areas of Reno that are easy to navigate by foot, the overall city isn’t. So, whether you need to get across town or want to head to nearby Lake Tahoe, it’s a good idea to have a car in Reno.
RTC Southern Nevada in Las Vegas
Las Vegas and the greater Las Vegas Valley get their public transportation from RTC Southern Nevada. Its fleet of buses operates 38 fixed routes, servicing nearly 4,000 stops. Since Vegas is such a popular vacation spot, RTC offers both visitor and residential routes and fares. Take The Deuce, for example. So-called because the original buses servicing this route were double-deckers, this services the Las Vegas Strip and downtown. But, let’s focus on residential fares.
Bus tickets on residential routes cost $2 for a single ride, $3 for two hours and $5 for a full day. Students, veterans and other eligible citizens can get reduced fares for their rides.
If you plan on spending lots of time on the Strip, you can also use the Las Vegas Monorail. This 3.9-mile long monorail runs adjacent to the Strip, connecting many major casinos. It’s a great option for beating traffic. A 30-day unlimited pass costs $65. One ride costs $5. However, this option is primarily aimed at tourists.
Many Vegas residents still need a car to easily get around, though. Vegas’ transit score is a low 36. Apart from the Strip and downtown, Las Vegas is also not a very walkable city. Its walk score is 41 and its bike score is 46. You can get around neighborhoods or the Strip on foot or by bike, but the entire city is not accessible.
Healthcare prices
Due to its nature, it’s difficult to calculate healthcare averages. The cost of healthcare varies widely from person to person based on a variety of factors. These include the cost of prescription drugs, insurance premiums and out-of-pocket costs for doctor visits. Whether a person has a pre-existing condition or not can also affect their healthcare costs. It’s important to keep that in mind when looking at the average cost of healthcare in a given city. Just because one city is above or below the national average doesn’t mean the costs are exactly the same for each person.
Healthcare costs in Nevada vary widely by area. Some parts of the state are above the national average. Others rank below. Although it varies person-to-person, you’ll likely pay a bit more than the national average for healthcare in Reno.
- Reno is 6.6 percent above the national average
- Las Vegas is 3.9 percent below the national average
Unfortunately, Nevada doesn’t rank very well nationally in terms of healthcare. It’s considered one of the worst states when it comes to quality of healthcare. Going to the doctor’s office in Reno costs roughly $127.50 compared to $108.67 in Vegas. An over-the-counter bottle of Ibuprofen costs $15.04 in Reno. In Vegas, that same bottle would only cost you $10.83.
It’s important to plan doctor’s visits at least once a year. So, if the cost and quality of healthcare in Nevada don’t fit your needs, it’s not the best place for you.
Goods and services prices
Every month, it’s also important to budget for miscellaneous goods and services. These include basic things like going to get a haircut or seeing a movie. Some miscellaneous goods and services are essential, like getting new clothes or buying a toothbrush. Others are part of maintaining your personal lifestyle and doing things you enjoy. That can range from taking a yoga class to hanging out at a bar with friends and having a beer. With cities like Reno and Vegas that have active nightlife and entertainment scenes, budgeting for fun, out-on-the-town activities are essential.
Overall, the cost of goods and services in Nevada falls below the national average:
- Reno is 6.3 percent below the national average
- Las Vegas is 8.3 percent below the national average
However, just because one city has lower overall rates doesn’t mean everything will be cheaper. Getting a haircut in Vegas costs $24. But in Reno, you’ll only pay around $15.80 for that new ‘do. Going out to the movies will take $10.38 out of your pocket in Reno but $12.94 in Vegas.
Often, a big part of monthly goods and services spending goes toward childcare. For your child to attend a month of preschool or kindergarten at a private institution costs $835 in Vegas. The same kind of childcare in Reno is still costly, but slightly less so at $740. So, if you have a family and are looking for affordable childcare, Reno is the more budget-friendly option.
Taxes in Nevada
Nevada’s statewide sales tax is 6.85 percent. For every $1,000 you spend in Nevada, $68.50 will be going straight to taxes. But it’s also important to remember that individual cities and counties may also levy their own additional sales tax on top of the state rate. Both Reno and Nevada tack on additional sales tax. This is a great way for these touristy cities to bring in revenue, but it’s not so great for your wallet.
- Reno has a combined tax rate of 8.27 percent
- Las Vegas has a combined tax rate of 8.375 percent
As you can see, the combined sales tax in Reno and Vegas significantly hikes up the statewide rate. It’s not surprising that Vegas has the highest sales tax. $83.75 dollars goes to tax for every $1,000 you spend on those fabulous Vegas experiences. That adds up towards your cost of living in Nevada.
How much do I need to earn to live in Nevada?
Because it’s generally the biggest expense, housing is the cornerstone of most monthly budgets. Experts recommend that you only spend 30 percent of your gross monthly income on housing. That way, you have 70 percent left over for other essentials like utilities, as well as fun expenditures and savings.
Since the average rent in Nevada is $1,663 for a one-bedroom apartment, you’d need to make around $5,543 a month to fit into the 30 percent rule. That comes out to $66,516 per year. Since the median household income in Nevada is only $62,043, housing should fall comfortably within most people’s budgets.
If you need to crunch some numbers for the cost of living in Nevada to see what you can afford to pay in rent, use our handy rent calculator.
Living in Nevada
While some cost of living areas are more expensive than others, for the most part, Nevada is an affordable place to call home. With housing costs on the rise, you can likely find more affordable housing in towns and communities around or near major metro areas. That way, you can stay within budget but still live close to everything that Vegas and Reno have to offer. For both urbanites and nature lovers, Nevada offers a great mix of things to do and its cost of living can fit a variety of budgets and lifestyles.
Related articles
The Cost of Living Index comes from COLI.ORG.
The rent information included in this summary is based on a calculation of multifamily rental property inventory on Rent. as of June 2022.
Rent prices are for illustrative purposes only. This information does not constitute a pricing guarantee or financial advice related to the rental market.
Source: rent.com
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From its beautiful beaches to eclectic dining, there are many reasons to call New Jersey home. This small state on the Eastern Seaboard boasts approximately 130 miles of coastline, dotted with seaside resorts. It’s home to one of the most ethnically diverse cities in America, Jersey City.
These multicultural cities and towns make New Jersey a hub for diverse dining, art, culture and history. Living in New Jersey also keeps you close to all the action of New York City and Philly. But nature lovers can swim, hike, cycle and even ski in state parks and outdoor recreation areas.
Offering a unique blend of things to do, deciding on the best place to live in New Jersey comes down to personal preference and budget. For the most part, the cost of living in New Jersey is above the national average. But there are a few areas where the cost of living is lower, so don’t let the high cost of living dissuade you. There are still affordable places to live around the state. Here’s a look at how the cost of living in New Jersey breaks down across the state for expenditures like housing and healthcare.
New Jersey housing prices
With one exception, the cost of living for housing in New Jersey sits above the national average. Those located within the Tri-State area top the charts, with the highest housing averages around the state. The Tri-State area, also known as the New York metropolitan area, encompasses New York City, New Jersey’s six biggest cities and parts of Connecticut and New York state. It’s the largest and most populous metro area in America.
With New York City being one of the most expensive places to live in the United States, naturally, cities within its metro area will also have high housing costs. But, before you resign yourself to sky-high rents, other parts of the state have more affordable housing.
This is what housing costs look like in cities around New Jersey. One example shows lower-than-national average housing costs in one area. The others show how average rents and housing costs vary across the New York metro area.
Morristown
Even though it’s located toward the western outskirts of the New York metro area, housing costs in Morristown are still up there at 37.8 percent above the national average. With its rich history and access to parks and wilderness areas, it’s considered one of the best places to live in New Jersey. But that clearly doesn’t mean affordable housing. Many people live in Morristown but commute to Newark or New York. As a popular bedroom community, that drives up housing prices.
Renting a one-bedroom apartment here costs an average of $2,315 per month, up 15 percent from last year. Two-bedroom apartments are up 6 percent to $2,927.
Buying a house in Morristown comes with some nasty sticker shock. Up 19.7 percent from last year, houses in Morristown have a median sales price of $718,325. That’s a big jump over the national average. So, whether you’re looking to rent or own in Morristown, you’ll be finding higher prices.
Newark
Newark, New Jersey’s most populous city, is right at the heart of the New York metro area in northeastern New Jersey. Being that close to New York City, it’s no surprise that the cost of housing here is higher than in other areas. At 51.3 percent above the national average, it has the highest housing average of our highlighted New Jersey cities.
Locals shell out an average of $2,705 for a one-bedroom apartment around Newark. That number is up 35 percent from last year. But the cost of a two-bedroom has declined 27 percent. You can find two-bedroom apartments for an average of $2,450. With these prices, it makes more sense to go for the cheaper two-bedroom option and have more space for less.
Housing costs in Newark have risen 17.7 percent from last year. Newark’s median sales price for a house is currently around $365,000, which is still below the national average.
Vineland
Located in southwestern New Jersey, Vineland is a cute, family-friendly town surrounded by farms and nature preserves. Its location near the southern end of the state, far from New York, means that rent prices are lower here. Housing costs here are 17.5 percent lower than the national average. With more affordable rents and great outdoor access, Vineland is a great option for budget-friendly living. It’s also just an hour away from Philadelphia.
Rent prices have stayed consistent here over the past year. A one-bedroom apartment costs an average of $937, the same as last year. Two-bedroom apartments have also seen no growth or decrease, holding steady at an average of $1,082 per month.
The home-buying market in Vineland has been on the rise over the past year, though, growing 15.9 percent. The median sales price for a home in Vineland is $231,750. That price is a fair bit lower than the national average of $430,695.
New Jersey food prices
From hoagies to pork rolls, New Jersey residents have no end to delicious things to dine on. Luckily, for the most part, the cost of living in New Jersey for food is only slightly above the national average. For overall average food prices, the cost of groceries in New Jersey is 8.7 percent above the national average. Locals spend between $3,201 to $3,600 on food per person annually. That comes out to $266 and $300 per month. But food costs do vary around the state. Here’s how grocery prices in some New Jersey cities stack up to the national average:
- Vineland is 1.7 percent above the national average
- Newark is 6.6 percent above the national average
- Morristown is 12.5 percent above the national average
Vineland is the least expensive city for food on our list, with Morristown being the most expensive. Newark is a good middle point. But averages don’t tell the full picture. It’s possible the price of individual food items are the same in the most expensive and least expensive cities. Getting a dozen eggs in Vineland or Morristown costs the exact same at $1.83. If you’re picking up a half-gallon of milk, you’ll pay $2.77 in both Morristown and Newark. In Vineland, it’s only $2.55.
As such a multicultural state with so many different kinds of cuisines, dining out is huge here. So, the cost of going out to dinner will also vary depending on where you are. Going out for a nice three-course meal of Portuguese or Spanish food for two in Newark will set you back $72.50. In Morristown, you’ll pay 20.83 percent less at $60 for the same kind of special night out.
New Jersey utility prices
Overall, the cost of living for utilities in New Jersey is higher than the national average. Utilities include services and items like energy, water and internet that are essential for your home. Compared to the national average, this is how expensive it is to pay for utilities in these New Jersey cities.
- Vineland is 11.5 percent above the national average
- Newark is 11.3 percent above the national average
- Morristown is 0.9 percent above the national average
New Jersey residents get their electricity from a mix of natural gas and nuclear energy, as well as some renewable solar energy. The state sources its water mainly from surface-water resources like lakes, rivers and reservoirs.
You’ll be paying less for energy in Morristown. The average monthly bill for all your energy costs comes out to around $181.01. The most expensive city for energy is Vineland at $22.15.
Internet is another essential utility that most modern households require. You’ll be paying more for internet access in Newark, where 60 megabits per second cost $85.57 per month. But in Morristown, it’s only $59. That’s a big price difference of 45.04 percent.
New Jersey transportation prices
From bus to train to light rail, there are plenty of ways to get around New Jersey. Providers like NJ Transit offer public transportation throughout the state, while some individual cities and towns also operate their own mass transit. Some cities within the New York metro area also have access to larger public transportation systems like the Metropolitan Transit Authority.
Using public transportation is a great way to save money on things like gas and car insurance. Since many New Jersey residents commute to New York for work, mass transit can save time and money. But it does depend on how long your commute is. Since New Jersey’s mass transportation costs are above the national average, you’ll need to determine for yourself if it’s a money-saver or not. Here’s how far above the national average each New Jersey stands in terms of mass transit costs:
- Vineland is 6.6 percent below the national average
- Newark is 7 percent above the national average
- Morristown is 6.2 percent above the national average
All three cities are pretty close, but Newark wins out for being the most expensive. The public transit systems in the New York metro area are the most extensive. Here’s a breakdown of the different transportation options and costs in some of these cities.
NJ Transit in Newark
Consisting of buses and light rail, Newark gets its public transportation from NJ Transit. Part of the larger state-wide network, NJ Transit offers rides both around town and to other cities, counties and states.
Fares vary by type of transportation and zone. Starting adult rates for a one-way bus ticket start at $1.60 for Zone 1, $2.55 for Zone 2 and $3.15 for Zone 3. Transfer fees cost $0.75 extra. Monthly passes are available but similarly vary by zone, routes and destinations. Using the Light Rail to get around town, a single adult fare is $1.60 per ride and $59 for a monthly pass.
If you prefer to use your car to get around, you may need to use the New Jersey Turnpike. This controlled-access, toll road goes throughout the state and passes by Newark. If you need to use it to get into New York or go elsewhere in New Jersey, you’ll have to pay a toll. This fee varies depending on how long you use the turnpike. For example, if you’re driving from Newark International Airport to the Holland Tunnel in nearby Jersey City, you’ll pay around $5.65. You can use their toll calculator to determine the exact fare. If you were to travel the entire length of the Turnpike in a standard 2-axle passenger vehicle, you’d pay $19.43 with the E-ZPass system.
If you do plan on using your car to get around, monthly parking passes average $120 in Newark.
With a high transit score of 65, it’s easy and affordable to get around Newark. As a tightly-condensed urban center, Newark is also very walk-friendly. It’s actually one of the most walk-friendly cities for renters in America. Its walk score is 78, so you can easily navigate neighborhoods on foot. But it’s best to leave bikes at home or only use them in parks. Newark’s bike score is a lowly 54.
NJ Transit in Morristown
Morristown also gets its mass transit provided by NJ Transit, with bus and commuter rail. Both connect to Newark’s Light Rail system.
Fares for NJ Transit in Morristown similarly vary by zone and type of service used. Bus lines start at $1.60 for a single adult fare and go up depending on route length and zones. The commuter rail train has similar pricing starting around $2.25 for the Morristown line. Monthly passes cost $60. But again, these prices vary widely by zone and length of ride. You should also buy your ticket before boarding to avoid a $5 surcharge.
If you don’t need to use mass transit to commute into and out of Morristown, it’s easy to walk to and from your destination here. The town’s walk score is a high 71. But it’s not quite as bike-friendly, ranking only 44 for bike score.
New Jersey healthcare prices
Healthcare is one of the few New Jersey cost of living categories that consistently falls below the national average. But it’s important to take those figures with a grain of salt. It’s very difficult to determine an accurate average for healthcare since costs vary widely from person to person. There are big variations even within cities or regions. Different factors can drive up healthcare costs for different people, such as pre-existing conditions or the cost of prescription drugs.
For the most part, though, New Jersey offers affordable, quality healthcare. Many New Jersey towns and cities also rank well locally and nationally in terms of overall public health. Morristown, in particular, is a very healthy place to live. But Morristown is also a perfect example of how healthcare costs are so difficult to average. Despite being such a healthy town, healthcare costs in Morristown are actually the closest to the national average of our three cities. Here’s how healthcare costs in these N.J. cities compare to the national average:
- Vineland is 6.5 percent below the national average
- Newark is 2.4 percent below the national average
- Morristown is 0.9 percent below the national average
To illustrate this, here’s what you can expect to pay to go to the doctor’s office in different cities:
- Vineland: $95
- Newark: $91
- Morristown: $104.86
Going to the dentist is also the most expensive in Morristown at $120.31. The most affordable place to go for a cleaning and dental check-up is in Vineland at $103.13.
No matter what, it’s important to plan annual visits to all your major doctors to stay on top of your health.
New Jersey goods and services prices
Along with housing, groceries and other costs of living categories in New Jersey, there’s another essential spending that takes up a chunk of a monthly budget. A miscellaneous good or service could be something you get fairly frequently, like going to the dry cleaners or heading out to the movies.
The combined cost of all these items and services can definitely sway a monthly budget. That’s why it’s important to compare the local costs of goods and services to the national average.
- Vineland is 5.3 percent below the national average
- Newark is 12.5 percent above the national average
- Morristown is 0.9 percent above the national average
Newark ranks high above the other cities for the most expensive goods and services. This is no surprise considering it’s right in the heart of the New York metro area. But just because a city has higher or lower averages for miscellaneous goods and services doesn’t mean all items will reflect this. Some items will be more expensive in less expensive cities. For example, it’s more expensive to go to the dry cleaners in Morristown where it costs $13.88. It’s the cheapest in Newark at $12.28. Going to the movies is also more expensive in Morristown, costing $14.24 compared to $13.13 in Newark.
If you have a family, paying for childcare will be a big part of your monthly goods and services budget. Childcare costs can vary widely by city and state. With New York boasting some of the highest national prices for childcare, you would think childcare would be the highest in Newark. But not so. Paying for a month of private preschool or kindergarten only costs $500 per child in Newark. But, in Morristown, with its large commuter community, that number jumps 68.75 percent to $1,600 per month. If you always need to get into the city for work, it stands to reason that childcare costs would be more in-demand and therefore higher.
Taxes in New Jersey
New Jersey’s statewide sales tax is 6.625 percent. To put that in perspective, if you go out and spend $1,000 on a giant order of hoagies for a party, you’ll have to pay $66.25 on top of that for tax.
While that’s a lot that adds to the cost of living in New Jersey, the upside is that the state doesn’t have local or city sales tax. You’re paying the same rate no matter where you are in the state.
- Vineland has a combined tax rate of 6.625 percent
- Newark has a combined tax rate of 6.625 percent
- Morristown has a combined tax rate of 6.625 percent
The other kind of tax to consider is income tax. New Jersey implements a graduated income tax rate, going from 1.40 percent up to 10.75 percent. New Jersey also has high property taxes, which is something to consider if you want to buy a house here.
How much do you need to earn to live in New Jersey?
With the elevated cost of living in New Jersey, how much do you need to earn to live in the Garden State? It’s recommended that you only spend around 30 percent of your gross monthly income on housing. This is due to the fact that housing is usually the biggest monthly expense. But you want to have ample money left over for groceries, healthcare and the odd movie night out.
Since the average statewide rent is $2,414, you’d need to make $8,046 per month to fit the 30 percent rule. That comes out to $96,552 per year. At $85,245, the median household income in New Jersey falls short of that figure. This could mean that some households pay more for housing than the recommended 30 percent.
To determine if you can comfortably afford housing in New Jersey, crunch some numbers using our rent calculator.
Living in New Jersey
From its diverse, vibrant metro areas to its scenic coastline, New Jersey has a lot to offer prospective residents. But, in most places around the state, the cost of living in New Jersey does exceed the national average. However, with all the above information, you can make educated, informed choices about the best places to live in New Jersey that fits your budget and lifestyle.
The Cost of Living Index comes from coli.org.
The rent information included in this summary is based on a calculation of multifamily rental property inventory on Rent. as of June 2022.
Rent prices are for illustrative purposes only. This information does not constitute a pricing guarantee or financial advice related to the rental market.
Source: rent.com
Apache is functioning normally
From the artsy enclave of Santa Fe to the majestic desert landscapes of multi-colored rock canyons or rolling sand dunes, New Mexico has always held a special allure for those looking to escape to the American Southwest. Nicknamed the Land of Enchantment, New Mexico is home to vibrant cities and towns, as well as nearby mountains, deserts, forests and rivers ripe for outdoor recreation.
These beautiful landscapes have long served as an inspiration for artists like Georgia O’Keeffe. With blended multicultural influences from local Indigenous groups like the Puebloans and the Spanish, the state boasts a rich history. Its small towns and cities are hubs for art and culture, as well as dining and shopping. Locals even jokingly call it the Land of Entrapment because once you live there, you fall in love and don’t want to leave.
But, in recent years, more people have been moving to the American Southwest in search of wide, open spaces and more affordable cost of living. If you’re considering moving to New Mexico, you’re probably wondering if this trend has driven up prices. For the most part, no. The overall cost of living in New Mexico falls below the national average. But some things like housing or transportation are more expensive than others. Let’s take a closer look at New Mexico‘s cost of living and what you’ll be paying for essentials in different cities around the state.
New Mexico housing prices
If you’re looking for affordable housing in the Southwest, you’ll be happy in New Mexico. The cost of living in New Mexico for housing fall well below the national average for some of the bigger cities.
Albuquerque
Located in central New Mexico, Albuquerque is the biggest city in the state. It’s also growing, drawing new residents with its historic Old Town, great dining, excellent shopping, eclectic arts scene and access to outdoor recreation in the nearby Sandia Mountains. Fun cultural events like the annual International Balloon Fiesta are another plus of living here. Pop culture and the film industry have also helped draw more attention to the city. It was the setting of “Breaking Bad” and many films and TV shows film here.
As if all the above wasn’t enough reason to call ABQ home, its housing costs are also very affordable. It’s one of the cheapest big cities in America. The cost of housing here is 12.6 percent below the national average. Renting a one-bedroom apartment here will cost you an average of $1,141 per month. If you want more space, two-bedroom apartments are a big price jump to $1,457. These rates are up 15 and 23 percent, respectively, from last year. This shows that Albuquerque’s growing popularity is raising prices.
The Albuquerque housing market has also grown, rising 20.7 percent from last year. If you want to purchase a home around Albuquerque, the median sales price is $326,000. This is cheaper than the national average of $430,695.
Las Cruces
Located at the far southern end of the state, Las Cruces is also growing quickly. This scenic city is best known for nearby attractions like the ivory dunes of White Sands National Park. From summertime hiking to wintertime skiing in nearby Cloudcroft, it’s a great place for outdoorsy types. El Paso is also a hop and a skip away for lively city activities.
Las Cruces is 18.3 percent below the national average, making it the most affordable city on our list. One-bedroom apartments cost an average of $875 per month. For just $100 more, you can size up to a two-bedroom unit for $975. These rates are up 25 and 14 percent, respectively, from last year.
The cost of buying a house in Las Cruces is also the cheapest of our three highlighted cities. Up 18.6 percent from last year, the median sales price is $255,000.
Rio Rancho
Rio Rancho is part of the Albuquerque metro area. With its quiet, family-friendly neighborhoods, great schools and low crime, it’s considered one of the best places to live in New Mexico. Lots of people move here seeking affordable cost of living close to Albuquerque, driving up rent prices and home prices over the past year. At only 2.8 percent below the national average, Rio Rancho is the most expensive city for housing costs of our highlighted New Mexico cities.
One-bedroom and two-bedroom apartments are cheaper than in Albuquerque. The average rent for a one-bedroom is $1,077, up 27 percent from last year. Two-bedroom apartments are up 20 percent to $1,210. While these rates are affordable, they’re clearly climbing fast.
Rio Rancho home prices are also up 17.6 percent from last year. The median sales price for a home around Rio Rancho is $340,000. Since both rental rates and the housing market have grown significantly over the past year, the trend will continue.
Santa Fe
The capital city of Santa Fe is the main area you want to avoid if you’re looking for lower rents and cheaper home prices. People flock to Santa Fe for its vibrant arts scene, cozy small-town feel, unique architecture and laid-back atmosphere. It’s also a fantastic place to live if you’re a foodie or chef thanks to its incredible dining scene.
It’s also a popular market for luxury second homes. This is driving up housing costs and diminishing available units and homes. A one-bedroom apartment here costs $1,717. Luckily, two of New Mexico’s most affordable cities are within an hour’s drive of Santa Fe, so you can visit quite frequently. Home prices are also above the national median of $430,695, coming in at $547,450, a 10.6 percent increase over 2021.
Now that you’ve seen how high rent can get in Santa Fe, let’s see what rent and housing costs are like in other New Mexican cities.
New Mexico food prices
From spicy green chile stew to fluffy sopaipillas, New Mexican cuisine is one of the best parts of living here. Luckily, the overall cost of living in New Mexico for food is 5.4 percent below the national average. New Mexicans spend between $2,400 and $2,800 per person annually. This breaks down to between $200 and $233 per month. That leaves more money for stocking up on green chiles come roasting season in the fall.
However, even though the statewide average is below the national average, the cost of groceries in some cities is higher than the national average:
- Albuquerque is 0.2 percent above the national average
- Rio Rancho is 2.2 percent below the national average
- Las Cruces is 4.8 percent above the national average
Overall, Rio Rancho has the cheapest food prices. Due to its remote location, food costs are highest in Las Cruces. For example, a dozen eggs will cost you $2.09 in Las Cruces compared to $1.95 in Rio Rancho. But their cheapest price is in Albuquerque at $1.86. Some food items are more expensive in cheaper cities. A half-gallon of milk will set you back $3.30 in Rio Rancho, but only $2.19 in Albuquerque. A loaf of bread is the most expensive in Rio Rancho, with a price tag of $3.84. You’ll pay the least for bread in Albuquerque at $3.44.
New Mexico is great for dining out, whether you want some huevos rancheros for breakfast or an upscale dinner. Albuquerque, in particular, is well-known for its restaurants, so you can expect to pay more for dining out here. A three-course meal for two at a nice restaurant will set you back $65 in Albuquerque compared to $45 in Las Cruces. That’s a big difference of 44.44 percent.
New Mexico utility prices
New Mexicans pay significantly below the national average for their utilities like electricity, water and internet. Some areas are cheaper than others, though. Here’s how the cost of living for utilities in these New Mexico cities stacks up to the national average:
- Albuquerque is 7.8 percent below the national average
- Rio Rancho is 7.8 percent below the national average
- Las Cruces is 13 percent below the national average
As you can see, overall, you’ll be paying the least for utilities in Las Cruces. Albuquerque and Rio Rancho are neck-and-neck average-wise. You’ll be paying $150.79 per month for total energy costs in both these cities. But in Las Cruces, you’ll only pay $134.
One important thing know about living in New Mexico is water usage. Like much of the Southwest, New Mexico is in the middle of a historic drought. However, lots of residents know about water scarcity and save water on a daily basis, either through practices like not leaving the faucet running while brushing teeth, taking short showers and not watering your lawn are other methods.
Because of all these water-saving techniques, the average water bill is only $28. The national average is $68. All those water-saving practices pay off not only for the environment but for your wallet also. Here are some other ways you can save water and save money on your water bill if you move to New Mexico.
New Mexico transportation prices
From buses to trains, there are many different ways to get around New Mexican cities and cities. In the center part of the state, the Rail Runner commuter rail connects Santa Fe to Rio Rancho and Albuquerque. Most cities and towns offer some form of mass transit, primarily by bus. Especially in growing areas like the Albuquerque metro area, using public transportation can save you time and money.
The cost of living in New Mexico to for public transit does vary around the state. For the most part, transportation costs are below the national average. But there are some exceptions:
- Albuquerque is 9.3 percent below the national average
- Rio Rancho is 2.1 percent below the national average
- Las Cruces is 2.2 percent above the national average
Albuquerque tops our list with the most affordable transportation of our three highlighted cities. Part of this could be due to the range of different services and routes, as well as its extensive spread throughout the metro area. Las Cruces ranks above the national average for its transportation costs.
Let’s break down what types of public transit you’ll find in each city and what you’ll be paying in fares.
ABQ RIDE and Rio Metro in Albuquerque and Rio Rancho
Consisting of a fleet of buses operating 40 different routes, Albuquerque metro locals use ABQ RIDE to get around the city, Rio Rancho and the metro area. For 2022, the city is implementing a Zero Fare program, making it completely free to ride.
ABQ RIDE also offers other great incentives for locals to ride like the Guaranteed Ride Home program. If you miss your bus for some reason, you can call a number for a safe, free ride home. Another example is ART. The ART (Albuquerque Rapid Transit) route provides fast and easy access along a central corridor through the heart of town. This option is great for students and visitors who want to explore some of ABQ’s coolest neighborhoods.
Rio Metro is the other option, offering bus and commuter rail services. One-way bus fares are $1 per zone. A full month pass costs $30.
Opened in 2006, the New Mexico Rail Runner Express was a splashy new addition to central New Mexico’s mass transit option. This sleek commuter train connects Santa Fe to the Albuquerque metro area. With 15 different stops, it aims to give commuters a faster, more affordable way to get around. It also makes it easier for visitors to explore both Santa Fe and Albuquerque without cars. Zones determine the fares on the Rail Runner. Starting fares are 50 cents for Zone 1, with a top one-way fare for all six zones of $2.50. The top price for a monthly pass is $30.25, with discounts available if purchased online.
Since its transit score is currently 28, Albuquerque has been working hard to shore up support and use of its mass transit. Due to sprawl, it’s also not the most walk-friendly city, either. Its walk score is 53. But many areas are easy to navigate by bike, giving it a higher bike score of 68. Some of the most walkable areas include the Nob Hill university area, downtown and Old Town. Rio Rancho doesn’t fare much better for pedestrians and cyclists. Its walk score is an extremely low 15 and its bike score is 33.
RoadRUNNER Transit in Las Cruces
RoadRUNNER Transit provides bus-based public transit service to residents of Las Cruces and surrounding Mesilla and Doña Ana County. A one-way fare for adults costs $1. Daily passes are $2 and a monthly pass will set you back $30. Reduced fare options are available.
Having a car or using mass transit is essential for getting around Las Cruces. It’s not the most walk or bike-friendly city, with scores of 38 and 48, respectively.
New Mexico healthcare prices
The cost of living in New Mexico for healthcare is a bit of a mixed bag. In some areas, it’s higher than the national average. But in others, it falls far below. But it’s important to not take these figures fully at face value. It’s very difficult to find average healthcare costs for cities or states. Since healthcare costs can fluctuate widely from person to person, costs are very different even within the same area.
If someone has more expensive prescription drugs or a pre-existing condition, naturally their healthcare costs are higher. Someone with fewer health issues will usually pay less for their care. That being said, New Mexico has been pushing hard to bring quality, affordable healthcare to its residents.
Here’s how some New Mexico cities compare to the national average for healthcare costs:
- Albuquerque is 11.7 percent below the national average
- Rio Rancho is 2.1 percent above the national average
- Las Cruces is 5.5 percent above the national average
Healthcare costs are highest in Las Cruces, with Albuquerque being the lowest. Albuquerque is the home of the University of New Mexico, which has a well-regarded school of medicine. As such, hospitals around the city have qualified medical professionals. But in a great example of how variable healthcare costs are, it costs more to go to the doctor in Rio Rancho. Here’s what you can expect to pay for a doctor’s visit in these different cities:
- Albuquerque: $106.97
- Rio Rancho: $134.50
- Las Cruces: $113.39
Going to the dentist will also cost the least in Albuquerque at $99.14 compared to $112.80 in Las Cruces. In general, the most affordable healthcare will be found in the heart of Albuquerque.
New Mexico goods and services prices
Miscellaneous goods and services is a blanket term covering non-essential but regular monthly spending, but still a part of the cost of living in New Mexico.
Say that you spill some delicious green chile stew all over your shirt and need to take it to the dry cleaners. Or, maybe you want to go see a movie, perhaps filmed locally in Albuquerque? Both these activities and services fall under the banner of miscellaneous goods and services.
Since all these costs can add up, it’s important to note if you’re paying more than the national average. Luckily, the cost of goods and services in these New Mexico cities falls below the national average:
- Albuquerque is 5.8 percent below the national average
- Rio Rancho is 5.2 percent below the national average
- Las Cruces is 4.4 percent below the national average
But these costs can still vary widely from city to city. Getting a haircut in Albuquerque costs $35. But in Rio Rancho, it’s $19.35. You’re better off driving or taking the bus over to Rio Rancho to get your hair cut at that price difference. If you want to catch a movie, you’ll pay the least in Las Cruces where tickets are $11.50. In Rio Rancho, it’s a pricier outing at $13.42.
In family-friendly cities like Rio Rancho, it’s especially important to consider childcare costs. The least expensive childcare in the state is found in Las Cruces. There, a month of private preschool or kindergarten costs $550 compared to $640 in Albuquerque. Childcare costs are highest in Rio Rancho at $750 per month for the same kind of care.
Taxes in New Mexico
New Mexico doesn’t have a sales tax. Instead, it levies a gross receipts tax for business owners. However, this cost of living in New Mexico is still passed to the customer. It can either be built into the price of a good or is separately stated to the customer. So, it still impacts prices, and it also varies around the state.
New Mexico’s statewide gross receipts tax is 5 percent. To put that into perspective, if you spend $1,000 stocking up on green chiles in the fall, you’ll pay $50 on top of that. Some New Mexico cities and towns also add their own tax on top of the statewide rate:
- Albuquerque has a combined tax rate of 7.75 percent
- Rio Rancho has a combined tax rate of 7.56 percent
- Las Cruces has a combined tax rate of 8.19 percent
Las Cruces has the highest markup, meaning you’ll be paying the most in tax there. You’ll spend an additional $81.90 on top of every $1,000 you spend there.
How much do you need to earn to live in New Mexico?
When figuring out if you can afford to live somewhere, you need to start with your housing budget. Housing costs usually take the biggest chunk out of a monthly budget. The general rule of thumb is that you shouldn’t spend more than 30 percent of your gross monthly income on housing. That way, you have plenty left over for other essentials, as well as fun activities and savings.
The average rent in New Mexico is $1,333 per month. That means you need to make $4,443 per month or $53,316 annually to follow the 30 percent role. This is pretty close to New Mexico’s median household income of $51,243.
Use our rent calculator to figure out what part of New Mexico fits your rental budget.
Living in New Mexico
Compared to the rising cost of living in other Southwestern states, the cost of living in New Mexico is a refreshing change of pace. For the most part, it’s below the national average. Not only will you be paying less for your quality of life, but you get to take advantage of New Mexico’s many benefits, like scenic landscapes and great dining.
You also have your choice of living in a vibrant big city or a smaller desert town. Overall, living in New Mexico can fit a wide range of budgets and lifestyles.
The Cost of Living Index comes from coli.org.
The rent information included in this summary is based on a calculation of multifamily rental property inventory on Rent. as of June 2022.
Rent prices are for illustrative purposes only. This information does not constitute a pricing guarantee or financial advice related to the rental market.
Source: rent.com