The Cheapest Florida Health Insurance for Individuals and Families
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Unless your employer provides medical coverage or you qualify for a government healthcare program such as Medicaid or Medicare, you’ll have to purchase a private plan from the Florida insurance exchange. Premium prices vary, but those with lower premiums tend to have high deductibles and out-of-pocket maximums. This means that you’ll have to pay more out of pocket if you need a lot of medical care.
MoneyGeek compared different plan types from the Florida insurance exchange for sample buyer ages and incomes to find the most affordable options, making it easier for you to find the best health insurance plans in Florida matching your needs and preferences.
The Cheapest Health Insurance in Florida by Metal Tier
Health insurance plans are divided into metal tiers with a wide range of premiums, deductibles and out-of-pocket maximums. There are six tiers of private plans available in Florida, including Catastrophic, Bronze, Expanded Bronze, Silver, Gold and Platinum. Those named for less valuable metals, such as Bronze or Expanded Bronze, tend to cost less per month but may require you to spend more money if you need medical care.
The average cost for each metal tier in Florida is:
- Catastrophic: $303 per month
- Bronze: $414 per month
- Expanded Bronze: $433 per month
- Silver: $571 per month
- Gold: $618 per month
- Platinum: $827 per month
Choosing a plan with higher premiums, such as Gold or Silver, may require you to pay more per month but are cost-effective options if you have high health expenses. These tend to have lower deductibles, and you’ll end up spending less when you require medical care.
Out-of-pocket maximums, deductibles and monthly premiums vary between plans within the same tier. The table below shows the most affordable health insurance options in Florida based on monthly premiums per metal tier.
One way to have lower deductibles is if you qualify for cost-sharing reductions. These are available to buyers with low income who purchase Silver plans and provide you with lower deductibles than normal.
All the plans analyzed by MoneyGeek are for 40-year-old males in Florida looking to purchase health coverage. A variety of plan types are available in Florida, such as EPOs and POSs. The most common plan type, however, is HMO.
Cheapest Health Insurance in Florida by Metal Tier
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- Metal TierPlanCompanyMonthly CostOOP Max
- CatastrophicHealth First GYM ACCESS Catastrophic HMO 1746Health First Commercial Plans, Inc.$200$8,550
- BronzeHealth First Bronze HMO 100 1774Health First Commercial Plans, Inc.$356$8,250
- Expanded BronzeSuper Bronze 85 + DentalBright Health$328$8,550
- SilverSuper Silver 50 + DentalBright Health$436$8,550
- GoldHealth First Gold VALUE 80 1819Health First Commercial Plans, Inc.$465$8,550
The Cheapest Health Insurance in Florida by Age and Metal Tier
Insurance providers factor in several things when setting premiums. The buyer’s age impacts the cost of health insurance in Florida. A Silver plan for someone in their 60s is nearly three times more expensive than a similar plan for a buyer in their 20s.
A 60-year-old buyer purchasing an HMO Silver plan has a premium of $1,212 per month on average. In comparison, a 26-year-old can buy a policy from the same metal tier for only $457 per month.
Health Insurance Costs in Florida by Age and Metal Tier
Monthly premiums change according to your age, meaning the older you are, the more expensive the cost of health insurance in Florida becomes. Buying a low-cost plan like Bronze or Expanded Bronze may seem like the most affordable option, but you’ll have to pay more out of pocket if you have more medical needs.
The rates shown are based on sample buyer ages and don’t consider the unique combination of your exact age and income. Sometimes, older people can find cheaper plans in the insurance exchange because of regulations or tax premiums. The only way to get an accurate quote is to apply for a health plan.
The table allows you to switch between metal tiers and buyer ages. MoneyGeek’s detailed guide on health insurance in Florida can help you decide from which metal tier you want to purchase.
Cheapest Health Insurance in Florida by Age And Metal Tier
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- PlanCompanyMonthly Rate
- CatastrophicHMOHealth First Commercial Plans, Inc.$143
- CatastrophicHMOHealth First Commercial Plans, Inc.$150
- CatastrophicHMOFlorida Health Care Plans$187
- CatastrophicEPOBright Health$193
- CatastrophicPOSFlorida Health Care Plans$202
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The Cheapest Health Insurance in Florida by County
Your address also has an impact on the cost of health insurance in Florida. Some states have rating areas, which insurance providers use to set premiums. Counties within a rating area calculate for rates using the same method.
In Florida, each county has a different rating area. Of Florida’s 67 counties, Miami-Dade is the most populous, where the most affordable Silver plan is Super Silver 50 + Dental. It’s offered by Bright Health for an average monthly premium of $445.
You can use the table below to find the cheapest health insurance plan in Florida available in your county for all metal tiers.
These premiums are for a sample profile of a 40-year-old male in Florida looking for available health plans in that county.
Cheapest Health Insurance Plans in Florida by County
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- Metal TierCompanyCheapest PlanMonthly Premium
- AlachuaCatastrophicAvMedAvMed Catastrophic 100$355
- BakerCatastrophicAvMedAvMed Catastrophic 100$395
- BradfordCatastrophicAvMedAvMed Catastrophic 100$424
- BrevardCatastrophicHealth First Commercial Plans, Inc.Health First GYM ACCESS Catastrophic HMO 1746$200
- BrowardCatastrophicBright HealthCatastrophic 3 $0 PCP Visits$260
The Cheapest Health Insurance in Florida With High Out-of-Pocket Maxes
Younger people may find paying a monthly premium for a health plan they may not use to be an unwise investment. However, not having medical coverage is still discouraged.
As an alternative, you can choose a low-cost plan with a high out-of-pocket maximum. Although you may spend more if the frequency of your visits to the doctor increases within the year, the monthly premiums are lower.
The most affordable health insurance plan for a 26-year-old in Florida is from Health First Commercial Plans, Inc. Their Health First GYM ACCESS Catastrophic HMO 1746 plan costs $160 per month on average.
A plan with out-of-pocket thresholds of more than $8,250 or higher is considered by MoneyGeek to have a high out-of-pocket maximum.
Health First Commercial Plans, Inc
Health First Commercial Plans, Inc. offers the cheapest health insurance plan with high out-of-pocket maximums in Florida. Being a Catastrophic plan, this is only available to buyers under 30 or those with affordability or hardship exemptions.
The Cheapest Health Insurance in Florida With Low Out-of-Pocket Maximums
If you have high medical expenses because you frequently go to the doctor or regularly purchase prescription drugs, getting a plan with a low out-of-pocket maximum can be advantageous. While the monthly premiums are higher, needing constant medical care will allow you to reach your plan’s limit sooner. This means your insurance carrier will begin covering your health expenses earlier.
Florida Health Care Plans offer Gym Access IND Platinum HMO 1941 for $666 per month on average. It’s the cheapest health insurance plan available in Florida with a high out-of-pocket maximum.
MoneyGeek considers a plan with an expense limit of $4,250 as having a low out-of-pocket maximum. With a $2,000-limit, Gym Access IND Platinum HMO 1941 meets this standard.
Florida Health Care Plans
Florida Health Care Plans offers the most affordable health insurance plan in Florida with a high out-of-pocket maximum, which falls in the Platinum tier. Plans in high-level tiers, such as Platinum and Gold, typically have more expensive premiums but can be cost-effective in the long run. Reaching out-of-pocket maximums earlier means insurance providers can begin covering medical expenses.
Cheapest HMO/EPO/POS Health Insurance Plan in Florida
You should consider your preferences regarding the kind of healthcare you want when deciding what type of plan to purchase. There are several plan types available in Florida.
Health Maintenance Organization (HMO) plans are typically more affordable than other plan types, but you have to stay within your provider network to ensure your medical services are covered. If you can easily access your provider network, these plans are a good investment since their premiums tend to be lower.
Executive Provider Organization (EPO) plans are similar to HMOs and offer some of the same advantages. However, one difference is you don’t necessarily need a referral to see a specialist.
Point of Service (POS) plans cover services regardless if you stay within or go out of our provider network. Rates, however, differ. For example, in-network services are more affordable. These types of plans are ideal if you don’t want to be limited to in-network providers.
MoneyGeek found that, on average, the most affordable Silver plans for each plan type are:
- HMO: Health First Silver VALUE 80 1815 by Health First Commercial Plans, Inc. It costs an average of $437 per month.
- EPO: The Super Silver 50 + Dental by Bright Health costs an average of $436 per month.
- POS: Gym Access IND Silver POS BC 7741 by Florida Health Care Plans cost an average of $487 per month.
Cheapest Plan in Florida With an HSA
Health Savings Accounts serve a double purpose for buyers who don’t have a lot of health expenses but would like to have medical coverage. If you’re in good health, opting for an HSA plan can be beneficial in the long term. Asides from having lower premiums, you can also make pre-tax contributions that allow you to earn savings. Should you have a medical emergency, you can use it to pay for costs.
In Florida, Expanded Bronze, Silver and Gold plans have HSA options. The most affordable health insurance plans in Florida for these metal tiers are:
- Expanded Bronze: Gym Access IND Bronze HMO HSA 5065 by Florida Health Care Plans cost an average of $358 per month.
- Silver: Ambetter Balanced Care 25 HSA (2021) by Ambetter by Sunshine Health costs an average of $536 per month.
- Gold: Gym Access IND Gold HMO H.S.A. 9010 by Florida Health Care Plans cost an average of $473 per month.
If you opt to get an HSA plan, you have to be ready for the possibility that a portion of your savings may be used for medical expenses.
What to Know About Health Insurance in Florida
MoneyGeek used information on private plans on the insurance exchange to complete this analysis, but it’s possible to find more affordable health insurance plans in Florida when you apply for one. People with lower income or are older can qualify for government programs like Medicare or Medicaid. These are likely to be cheaper compared to private plans in the Marketplace.
Private Health Insurance on the Florida Marketplace
Private plans in the Florida Health Insurance Marketplace are categorized into metal tiers. Although these don’t impact the quality of care you receive, they determine your premiums, coverage and more.
There are advantages and disadvantages for every metal tier.
Catastrophic — These plans are an affordable option to ensure you have medical coverage for worst-case scenarios such as getting severely ill or injured. Routine medical expenses, however, come out of your pocket. This is mainly due to having high deductibles and out-of-pocket maximums. To be eligible for a Catastrophic plan, you need to be under 30 or have hardship or affordability exemptions.
Bronze – Bronze plans are widely available and have lower premiums. Similar to Catastrophic plans, these cost you more out of pocket if you need medical care. However, they do have the benefit of lower premiums and could be a good option if you don’t anticipate having many medical expenses.
Expanded Bronze – These plans offer the same advantages as a Bronze plan. The main difference lies in the amount of health expenses covered by your insurance provider. Expanded Bronze plans provide more coverage than Bronze plans, costing you less out of pocket if you have a medical emergency.
Silver – These are usually described as middle-of-the-road plans given that their premiums typically fall between Catastrophic and Platinum plans. It’s also possible to qualify for “extra savings” by purchasing a Silver plan, allowing you to set aside thousands of dollars per year. Compared to Gold or Platinum plans, Silver ones have lower rates while having deductibles and out-of-pocket maxes lower than Bronze and Expanded Bronze ones.
Gold – The downside of these plans is their premium is higher compared to Bronze or Silver ones. Conversely, the primary benefit is its lower deductible and out-of-pocket maximum. Once you reach the limits for these, your insurer will start paying for your expenses.
Platinum – Platinum plans have the highest premiums of the private plans available in the insurance exchange. If you have high health expenses due to a lot of medical care, these plans can save you money in the long term. Their low out-of-pocket max and deductible require your insurance provider to start covering medical costs earlier.
You may be able to get lower rates or increased coverage depending on your income. Your annual income can even qualify you for premium tax credits. Households whose income falls between 100% to 400% of the federal poverty level are eligible. In Florida, this applies to two-person households that earn between $17,420 to $69,680 each year. Calculate for possible premiums using the healthcare.gov calculator.
You can renew your existing plan or purchase a new one during open enrollment, which typically happens between November and December of each year. However, due to the current COVID-19 pandemic, enrollment dates have been expanded.
Your plan’s deductible, copayments or coinsurance and out-of-pocket maximums can be lowered if you qualify for cost-sharing reductions. These are available for households whose income falls between 138% and 250% of the federal poverty level and have a Silver plan, making it possible to have coverage similar to a Gold plan while having Silver plan costs. In Florida, a two-person household earning $24,040–$43,550 may be eligible for these reduced rates.
Medicaid in Florida
An option you can explore if funds are tight is your eligibility for Medicaid. This is a government healthcare program that provides free medical coverage for those who qualify. Florida is not a Medicaid expansion state, which means eligibility isn’t determined by income alone. Medicaid is available based on state guidelines and is generally for pregnant women, low-income children, those with disabilities and people with extremely low family income.
Medicare in Florida
Another government healthcare program to consider is Medicare. If you are 65 or older or have a qualifying disability or illness, you may be eligible for this program. Unlike Medicaid, you’ll have to pay for some coverage. However, it still comes out cheaper than purchasing a private plan from the insurance exchange.
Medicare has three parts, each covering a specific set of services:
- Part A: This serves as hospital insurance, which covers inpatient stays, care in a skilled-nurse facility, a hospice and even at home.
- Part B: This serves as medical insurance, which covers the cost of doctor and preventive services, outpatient care and medical supplies.
- Part D: This provides coverage for the purchase of prescription drugs, vaccines and other recommended shots.
Expert Advice: Finding Affordable Health Insurance in Florida
- When can I shop for health insurance on the Florida health insurance exchange?
- How do I take advantage of cost-sharing reductions and tax credits for health insurance in Florida?
Professor at Florida State University
Methodology
MoneyGeek's research is based on estimates, and the cheapest plan for you will depend on your individual needs and characteristics. This analysis is intended to serve as a guide and no single plan is guaranteed to be the cheapest in Florida for you
MoneyGeek collected plans and premiums for health insurance in Florida from the Health Insurance Exchange Public Use Files (Exchange PUFs) for all available metal tiers and across several age groups.
Health insurance premiums on this page are an estimate and exclude potential premium tax credits and cost-sharing subsidies that users may be eligible for.
About Mark Fitzpatrick
sources
- HealthCare.gov. "Catastrophic Health Plans." Accessed June 16, 2021.
- HealthCare.gov. "Health Savings Account (HSA)." Accessed June 17, 2021.
- HealthCare.gov. "How Insurance Companies Set Health Premiums." Accessed June 17, 2021.