6 Bills That Will Go Up the Most in 2024, According to Experts
Written by
J. Arky
Edited by
Carly Brashears
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There are so many exciting things to look forward to on your agenda for 2024. Perhaps you’ve set new goals for your health, finances, and personal life.
One thing that you might not be prepared for, though, is the ugly fact that some of your most common bills could go up in 2024.
GOBankingRates received some insights from experts on which bills could potentially go up in terms of cost and why that might be happening specifically in 2024. Here’s what you should be on the lookout for.
Health Insurance Premiums
Health insurance premiums are intricately linked to the overall landscape of healthcare, according to Jonathan Rosenfeld, founder at Rosenfeld Injury Lawyers.
“In 2024, rising healthcare costs, whether due to increased demand for medical services, the introduction of expensive treatments, or general inflation in the healthcare sector, could contribute to higher premiums,” Rosenfeld said. “Regulatory changes, such as alterations to healthcare policies or insurance market dynamics, can also impact pricing. A healthier population generally results in lower insurance costs, so any shifts in public health may influence premium rates.”
Energy and Utilities
Gas, electricity, and heat are all expected to rise in 2024, and you will most likely see the costs reflected in your monthly utility payment.
“To begin with, energy bills will change,” said Loretta Kilday of Debt Consolidation Care. “They will go up first because of adjustments in the energy price cap, with a trend toward declines thereafter for the rest of this year. The reason for this is that the energy market can be particularly volatile.”
Jeff Greger, an independent financial anthropologist, said electricity bills may rise “due to utility company investments in reducing greenhouse emissions and modernizing the grid.”
Greger does see some potential good news on the horizon.
“Government predictions see prices plateauing or possibly decreasing,” he said.
Car Payments
You might see car payments increase in the coming year, whether that’s the cost of monthly payments for a new or used car, maintenance on your current vehicle or your insurance premiums.
Rosenfeld believes that “advancements in vehicle technology, safety features, and compliance with evolving environmental standards can raise manufacturing costs.”
“As automakers invest in innovation and sustainability, consumers may see the reflection of these costs in the form of higher car prices and subsequent loan payments,” Rosenfeld said.
Greger thinks that it is not just car payments, but insurance for your vehicle might also increase “due to a sharp increase in accidents since the pandemic, increased repair costs.”
Home Insurance
In 2024, there’s the potential for a 4% to 8% bump in home insurance premiums. This could be due to the increasing cost of home repairs and replacements. Additionally, there is a hyper focus on natural disasters and climate change-related incidents coverage, all factors that could add on to your bill.
“Homeowners Insurance [costs could rise], particularly due to insurers pulling out of California, other areas with high flood or wildfire risk,” notes Greger.
Borrowing Costs
You might be paying a mortgage off, trying to spend down a loan, or just have a credit card that you try to make the monthly minimum payments on. Expect all of these kinds of borrowing costs to go up a notch in the new year.
“Credit card, loan, mortgage interest rates will continue to rise, but may slowly come back down later in 2024 as the Fed lowers rates,” Greger estimates.
Rent
Experts said rents may rise slightly heading into 2024, but they also anticipate a potential softening of costs due to several factors.
“Last but not least, rents may offer some relief,” said Kilday. “This is due to the recent uptick in apartment buildings, which will help with supply and demand so that rental rates won’t be too high.”
“We might actually see inflation come back to normal soon,” Greger concludes, saying that the good news for 2024 might be that “bills likely won’t be on the rise as much as they have been.”
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