Cheapest (and Best) Health Insurance in Memphis, TN (2024)


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ByBrenna Kelly
Edited byJonathan Ramos
ByBrenna Kelly
Edited byJonathan Ramos

Updated: May 22, 2024

Advertising & Editorial Disclosure

Your location, age, plan type and health care needs influence your health insurance costs. MoneyGeek conducted a Marketplace data analysis to identify the cheapest health insurance in Memphis, Tennessee. We analyzed several factors, including monthly costs, MOOP expenses, plan options and claims denial rates, to find the best health insurance providers in the city.

Note that not all companies offer every metal tier or plan type. Therefore, exploring various options through comparison shopping is an effective strategy. If only one company provides coverage in your area, researching its plan and tier options can help you find the most suitable choice.

MoneyGeek Logo IconBestHealth InsuranceIn Memphis
2024

Best Health Insurance in Memphis (2023)

Why Trust MoneyGeek? We downloaded plan data directly from the Centers for Medicare & Medicaid Services (CMS).

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Plan data was updated with the CMS exchange data released in October for the 2023 enrollment period.

5Companies Compared
 
120Quotes Analyzed

Best Overall Health Insurance in Memphis

MoneyGeek evaluated insurance providers based on their affordability, plan options and customer service to identify the best health insurance companies in Memphis. Using our distinct scoring methodology, Blue Cross Blue Shield ranked the highest on our list. The average monthly cost for its Silver plans is $524, with a MOOP limit of $4,210. As our runner-up pick, Ambetter offers a Silver plan with an average monthly premium of $470 and a MOOP of $4,456.

While cost is a significant factor to consider, we recommend taking other aspects into account, like plan options and customer service, when deciding on a health insurance provider. Even if you are not a resident of Memphis, selecting an insurer that fulfills all of these requirements will assist you in getting the best cheap health insurance in Tennessee.

Blue Cross Blue Shield

Blue Cross Blue Shield

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Denies few claims

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Has the lowest average MOOP cost compared to other companies

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Offers flexible health plans

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Has the second-highest average monthly premium

COMPANY HIGHLIGHTS

Despite not having the cheapest average monthly premium, Blue Cross Blue Shield's rate of $524 is still reasonably priced. This, coupled with a relatively low MOOP cost of $4,210, makes it the best choice overall. However, since these are average costs, the price of your policy may differ.

Blue Cross Blue Shield's top-ranking as our best health insurance provider in Memphis is not solely based on affordability. The company boasts a claims denial rate of only 17.8%, signifying that it approves the vast majority of claims submitted by its policyholders.

Blue Cross Blue Shield offers its members access to the Blue Distinction® program for primary and specialty care. This program connects members with health care providers, including hospitals and doctors, who deliver exceptional patient care. The program aims to recognize select health care facilities and professionals for their provision of safe and effective care.

Ambetter

Ambetter

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Has the cheapest average monthly premium

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Has the second-lowest average MOOP costs

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Provides flexible health plans

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Has the highest claims denial rate

COMPANY HIGHLIGHTS

Ambetter is our runner-up pick for the best health insurance provider in Memphis. Its policies have an average monthly cost of $470, the lowest among the five insurers we compared. Its MOOP cost of $4,456 is the second-lowest among the other providers. Note that the cost of an actual plan may differ from these figures, but they provide an estimate of what you can expect to pay for coverage.

However, Ambetter has a track record of denying a higher average number of claims compared to other insurers. This suggests it may not be suitable for policyholders requiring frequent medical care.

Ambetter’s Health Management Programs provide personalized assistance in managing chronic health conditions and reducing the risk of complications. These programs include telephone support, educational resources, behavioral health services and depression management.

Best Cheap Health Insurance in Memphis

If you prioritize affordability, Ambetter provides the best cheap health insurance in Memphis, with an average monthly premium of $470 for its Silver plans and a MOOP cost of $4,456.

The cost of health insurance can vary from state to state and city to city. How you and your insurer divide health care expenses can also affect your premium. Plans with higher monthly premiums typically come with lower out-of-pocket expenses.

It's important to grasp the interrelation between metal tiers, plan premiums and MOOP costs to find the most affordable health insurance. Familiarizing yourself with terms such as deductibles, copays and co-insurance can also help you better understand plan pricing.

Ambetter

Ambetter

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Offers the cheapest average monthly premiums compared to all of the insurers in our study

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Has the second-lowest average MOOP cost among all companies

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Provides health plans with flexibility

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Has the highest denial rate than other insurers in our study

COMPANY HIGHLIGHTS

Ambetter tops our list as the best cheap health insurance provider, with an average monthly premium of $470 for a Silver plan, which is the cheapest among other insurers in Memphis. Its average MOOP cost of $4,456 is also one of the lowest in the city, making it an ideal option for budget-conscious buyers.

These are average rates, and your plan's cost may vary depending on the plan type and your specific profile. Policyholders who expect to file claims may be concerned about the insurer's low denial rate of 38.1%, as there is no guarantee that their claims will be approved.

The Ambetter Telehealth program grants customers access to medical professionals for non-emergency health concerns or inquiries. You can receive medical advice or request a prescription via video or phone at any time with no co-pay for in-network telehealth providers.

Cheapest Provider by Metal Tier

Ambetter offers the most affordable Silver plan in Memphis with an average monthly premium of $470. However, it is essential to remember that the cheapest option may not always be your best choice. Silver plans can provide good value for their cost, offering mid-tier coverage and cost-sharing reductions.

Health insurance plans are categorized into metal tiers based on their level of coverage and cost, with Bronze plans having the lowest premiums and Platinum plans having the highest rates. Catastrophic plans are cheaper than Bronze plans but are only available to specific age groups and cover fewer services. Plans with lower premiums generally have higher MOOP costs, making them more suited for emergency medical situations than everyday health care needs.

The table below displays the average monthly premiums for the most cost-effective providers in Memphis for each metal tier. It doesn't include Catastrophic plans as they are limited to individuals under 30 years of age.

Data filtered by:Results filtered by:
Age:
Age:40
AmbetterMetal LevelBronzeMonthly Cost$339
AmbetterMetal LevelExpanded BronzeMonthly Cost$385
AmbetterMetal LevelSilverMonthly Cost$470
AmbetterMetal LevelGoldMonthly Cost$497
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WHICH METAL TIER IS RIGHT FOR ME?

This brief overview of each metal tier can help you determine which is the most suitable for your health care needs:

  • Catastrophic: Ideal for those who require coverage only for emergency situations and don't need frequent care.
  • Bronze: Suitable for people in good health who don't require regular medical care.
  • Silver: A good option for those wanting moderate coverage at an affordable rate.
  • Gold: Suitable for customers requiring regular health care.
  • Platinum: Best for individuals whose health care needs allow them to reach the MOOP cost earlier, making the higher monthly premiums more cost-effective.

Cheapest Plan by Metal Tier

Blue Cross Blue Shield's Silver S28E $30 PCP Copay at Blue of TN + Free Telehealth plan is the most affordable Silver plan in Memphis, with a monthly premium of $439. The following table lists the cheapest options and average monthly premiums for other metal levels. We excluded Catastrophic insurance plans due to their age requirements.

Data filtered by:Results filtered by:
Age:
Age:40
BronzeCompanyAmbetterPlanCMS Standard BronzeMonthly Premium$324
Expanded BronzeCompanyBlue Cross Blue ShieldPlanBronze B14E $70 PCP Copay + Free TelehealthMonthly Premium$348
SilverCompanyBlue Cross Blue ShieldPlanSilver S28E $30 PCP Copay at Blue of TN + Free TelehealthMonthly Premium$439
GoldCompanyAmbetterPlanCMS Standard GoldMonthly Premium$458
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How Age Affects Health Insurance in Memphis

Health insurance rates increase as you age. Aside from Catastrophic plans, the most affordable plans are usually Bronze or Expanded Bronze. However, you must meet the eligibility criteria to qualify for Catastrophic plans.

Opting for a lower-tiered plan can reduce your premium costs, but it's essential to have a clear sense of your insurance provider's network to avoid unexpected out-of-pocket expenses for services outside the approved coverage area. In the table below, we've listed some of the most affordable Silver plan options in Memphis.

Cheapest Health Insurance in Memphis by Age
Data filtered by:Results filtered by:
Metal Level:
Metal Level:Silver
18CompanyAmbetterMonthly Cost$336Maximum Out-of-Pocket$4,456
26CompanyAmbetterMonthly Cost$376Maximum Out-of-Pocket$4,456
40CompanyAmbetterMonthly Cost$470Maximum Out-of-Pocket$4,456
50CompanyAmbetterMonthly Cost$656Maximum Out-of-Pocket$4,456
60CompanyAmbetterMonthly Cost$997Maximum Out-of-Pocket$4,456

The cost of health insurance premiums is primarily determined by age and metal tier. Generally, the older you are, your premium will be more expensive. Higher metal tiers are also associated with elevated premiums. The graph below illustrates the relationship between age, metal tier and health insurance costs.

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MEDICAID AND MEDICARE

Although the Marketplace is the primary source of health insurance, individuals who meet specific requirements may be able to receive government-sponsored health insurance through Medicare or Medicaid at a lower cost.

Medicare is exclusively available to individuals who are 65 years of age or older. Eligibility for Medicaid depends on a family's size and income. If you reside in a service region and are already covered under Medicare Parts A and B, you may also qualify for Medicare Advantage.

How to Find the Best Cheap Health Insurance in Memphis

Finding the cheapest medical insurance in Memphis requires more than just comparing rates, MOOP costs and coverage options from different providers. You also need to assess your own health care needs and anticipated expenses.

1
Know Where to Look

The best way to find affordable health insurance involves knowing where to look. For a 26-year-old, for example, an employer-sponsored plan may be the best option, while a parent's plan may be more cost-effective for an 18-year-old. You can also research different private insurance providers or check the Marketplace to find the right plan.

2
Budget Based on Your Health Care Needs

Comparing rates, out-of-pocket expenses, monthly payments and coverage is crucial. While a low premium may save you more monthly, a higher MOOP limit can consume your savings in a medical emergency. Conversely, a high monthly premium or a low MOOP plan can help you pay your MOOP charges faster if you require medical attention, making it the most cost-effective option.

3
Check for Premium Tax Credits

You can lower your monthly premium with a premium tax credit if you meet the eligibility criteria. Individuals with an annual income that’s at least 100% of the federal poverty level (FPL) may be eligible for this tax credit. However, premium tax credits are only for those who don’t already qualify for publicly assisted health insurance such as Medicare or Medicaid.

4
Check Government Program Eligibility

Medicare and Medicaid are government-sponsored programs that offer health insurance at a significantly lower cost than private Marketplace plans. These programs can be ideal for unemployed individuals who meet their eligibility criteria. To be eligible for Medicare, you must be at least 65, while your income determines Medicaid eligibility.

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Choose Your Plan

If you are content with the health care network, medication coverage and other specifics of a health plan, it is acceptable to opt for the least expensive plan that meets all of your health care requirements.

Health Insurance Subsidies and Income-Based Assistance

Health insurance can be expensive, but there is good news: you may qualify for a subsidy based on your income. Individuals who earn between 100% and 400% of the FPL are usually eligible for these subsidies. However, the American Rescue Plan Act has removed the 400% cap until 2025, allowing more people to access subsidies.

Qualifying individuals can opt for affordable health coverage options such as Medicare and Medicaid. Even if your age doesn't qualify you for Medicare, you may still be eligible for Medicaid or the Children's Health Insurance Program (CHIP) if your income falls between 100% and 150% of the FPL. It's worth noting that the actual income requirement varies by state.

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SHORT-TERM HEALTH INSURANCE

You may face a gap in health care coverage when you're in between jobs or waiting for open enrollment to begin. In such situations, short-term health insurance can be an affordable solution to ensure that you remain covered.

Despite being a cost-effective option, it's important to note that short-term health insurance plans in Tennessee cannot fully substitute Marketplace plans. Although these policies may be cheaper, they may not provide essential benefits or cover individuals with pre-existing conditions. Opting for a plan with higher co-insurance or copay amounts can result in elevated treatment costs. Individuals with such plans are not eligible for tax credits or financial assistance.

Frequently Asked Questions About Health Insurance in Memphis

We’ve answered some of the frequently asked questions regarding health insurance in Memphis to simplify the process for you.

How do I get health insurance in Memphis?
What’s the best health insurance in Memphis?
What’s the cheapest health insurance in Memphis?

About Brenna Kelly


Brenna Kelly headshot

Brenna Kelly is a licensed health insurance agent and former health insurance content manager at MoneyGeek. Licensed in Florida, Kelly is qualified to advise on medical insurance, disability, long-term care, critical illness, Medicare Supplements and Medicare Advantage Plans. She combines her experience in content production with expert insight into state, regional and local health insurance markets and policies.

Kelly holds a Master of Arts degree in Applied Sociology from the University of Central Florida.


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