The Cheapest (and Best) Health Insurance in Memphis, TN (2023)

For a 40-year-old in Memphis, Tennessee, the best health insurance is from Oscar Insurance Company (approximately $319 monthly) and Blue Cross Blue Shield of Tennessee (around $393 monthly).

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Advertising & Editorial DisclosureLast Updated: 1/20/2023
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Your location, age, medical history and plan type all impact the cost of your health insurance.

MoneyGeek looked at marketplace data to find the best cheap health insurance in Memphis. We also evaluated health insurance companies based on their customer service ratings and plan options.

Not all plan types or metal tiers are offered by each company. Comparing quotes can get you the best plan for your needs.

If only one insurer provides coverage in your city, choose the plan that is right for your medical needs.

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METHODOLOGY

Best Overall and Runner-Up

For best overall and runner-up, MoneyGeek evaluated cost, customer satisfaction and plan data obtained from the Health Insurance Exchange Public Use Files, the National Committee for Quality Assurance (NCQA) and the National Association of Insurance Commissioners (NAIC) complaint index to establish recommendations. Categories were weighted 55% for cost, 35% for customer service and 10% for plan options.

Best Cheap

In most cases, plans were aggregated to generate the estimated costs for any given company. Although the represented data shows the average premiums for any given section, specific company plans will vary in price. Unless otherwise stated, rates reflect the cost for a 40-year-old individual.

Best Overall Health Insurance in Memphis

Aside from choosing the cheapest health insurance, you need to consider factors like plan options, cost sharing and customer service. These are necessary if you want to get good health insurance.

Oscar Insurance Company provides the best value in Memphis in terms of price, plan options and customer satisfaction. It received an overall score of 78 out of 100 — earning the best score for affordability, ranking well in satisfaction but low in plan options.

Best Health Insurance in Memphis

Oscar Insurance Company

pros

Has the most affordable premium in the city

Good customer satisfaction scores

Offers virtual urgent and primary care

Account access through mobile app

cons

Limited metal tier options

Available only in limited areas

Can’t pay premiums with a credit card or cash

COMPANY HIGHLIGHTS

Oscar Insurance Company has become one of the largest health insurance companies in the United States. Since its founding in 2012, it has expanded from the individual market to small groups and Medicare Advantage. Its services are available in 22 states.

Among the health care providers in Memphis, Oscar Insurance Company received the lowest NCQA rating for customer service. While its score is not particularly high, its redeeming quality is its affordability.

Health Insurance in Memphis Runner-Up

The second-best health insurance company in Memphis is Blue Cross Blue Shield of Tennessee. Based on premiums, customer service ratings and plan options, it earned a score of 78 out of 100. While this score ties with our top pick, the insurer’s premiums cost around $392.60 monthly, making it our runner-up.

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Health Insurance Runner-Up
BlueCross BlueShield of Tennessee

Blue Cross Blue Shield of Tennessee is a not-for-profit health insurance provider based in Tennessee that provides health care services. It has partnerships with different health care providers and fosters programs that allow them to give back to the community.

It offers several plan types as well as a few metal tiers to cover the needs of its customers. Based on our analysis, Blue Cross Blue Shield of Tennessee received a high score for affordability and customer service.

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HOW TO FIND CHEAP HEALTH INSURANCE

Marketplace plans are categorized according to metal tier. Bronze is the least expensive, and Platinum (if available) is the priciest. Catastrophic plans — if offered — are only available to people below 30 years of age or those who fall within a low-income range.

Based on your coverage needs, Catastrophic or Bronze plans are good starting points if you’re looking for the cheapest insurance. However, Silver plans usually have subsidies if additional care is required.

Cheapest Health Insurance in Memphis for Individuals

Different factors influence the cost of health insurance. For instance, your proposed cost-sharing arrangement with the insurance provider will affect your premiums. Prices also depend on where you live. Nevertheless, the cheapest company may not always be the best health insurance company.

The marketplace metal system, premiums and maximum out-of-pocket costs (MOOPs) go hand-in-hand in determining the price of health insurance. If cost-effectiveness is your main concern, it’s best to be familiar with these three factors. Additional cost factors that you may need to take note of are deductibles, copays and co-insurance.

Levels Bronze up to Platinum make up the metal system. Among these tiers, Bronze has the least expensive monthly premiums. The table below includes examples of the prices for plans of varying metal tiers in Memphis.

Higher MOOPs offset lower premiums. This provides protection from catastrophic events but offers limited coverage for regular medical treatments.

Cheapest Health Insurance in Memphis for Individuals by Metal Tier
  • Metal Tier
    Company
    Monthly Premium
  • Catastrophic

    Oscar Insurance Company

    $319

  • Bronze

    Blue Cross Blue Shield of Tennessee

    $295

  • Expanded Bronze

    Blue Cross Blue Shield of Tennessee

    $364

  • Silver

    Cigna Healthcare

    $428

  • Gold

    Blue Cross Blue Shield of Tennessee

    $519

Some locations may offer Expanded Bronze plans. These plans have a bit more coverage than regular Bronze plans and also cover one major service before meeting the deductible.

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UNDERSTANDING HEALTH INSURANCE COSTS

There is more to health insurance than its monthly premium. Several other factors influence your costs. If you’re looking for health insurance, understanding the following terms might be useful.

  • Premium: This is the amount you pay for your insurance to maintain your policy.
  • Deductible: The deductible is the amount you need to pay with your own money before your insurance covers the rest of the cost.
  • Out-of-Pocket Maximum: This is the highest amount you have to pay on your own for your coverage (not including your premium) before your insurance kicks in.
  • Co-Insurance: This is the portion of the covered costs that you need to pay after your deductible. If your co-insurance is 20%, you’ll have to pay that percentage, and your insurance will pay for the rest.
  • Copay: A copay is what you are required to pay when you see a doctor.

How Age Affects Health Insurance Costs in Memphis

Age is one of the major factors that affect the cost of health insurance as costs increase with a person’s age. For instance, older people pay more for health insurance because they require more medical attention. Therefore, their insurance needs to cover more treatments, medicines and doctor visits.

Bronze or Expanded Bronze plans usually have the cheapest premiums. For lower-tiered plans, it’s important to be comfortable with the network if you want to avoid paying for out-of-network services on your own.

The table below shows the relationship between the cost of health insurance and age as we compare the cheapest companies in the city. It does not include Catastrophic plans because of the limitations on their eligibility.

Cheapest Health Insurance in Memphis by Age
  • Age
    Company
    Monthly Premium
  • 18

    Blue Cross Blue Shield of Tennessee

    $211

  • 26

    Blue Cross Blue Shield of Tennessee

    $237

  • 40

    Blue Cross Blue Shield of Tennessee

    $295

  • 60

    Blue Cross Blue Shield of Tennessee

    $627

Cheapest Health Insurance in Memphis for Families

Family health insurance in Memphis is more expensive since there are more people covered by your insurance. However, it’s cheaper than purchasing insurance for each family member individually. As a bonus, having one family health insurance plan also means that you won’t need to keep track of several policies and payments since everything will be consolidated into one policy.

Cheapest Premiums for Family Health Insurance
  • Metal Tier
    Family of Three
    Family of Four
    Family of Five
    Family of Six
  • Catastrophic

    $829

    $1,020

    $1,211

    $1,402

  • Bronze

    $768

    $944

    $1,121

    $1,298

  • Expanded Bronze

    $945

    $1,162

    $1,380

    $1,598

  • Silver

    $1,112

    $1,368

    $1,625

    $1,881

  • Gold

    $1,348

    $1,659

    $1,970

    $2,280

How to Find Cheap Health Insurance in Memphis

The perfect health insurance plan varies by person. Finding the best plan means finding a comfortable balance of costs and coverage based on your medical needs.

For instance, a Bronze plan is cheaper, but it doesn't cover the services that you may regularly need if you have ongoing care needs. In this case, it’s better to pay more for your plan for more coverage so you can save on your overall costs.

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SHORT-TERM HEALTH INSURANCE

Short-term health insurance is an inexpensive way to fill in the gaps in your coverage while waiting for open enrollment or for a new job.

Essential benefits may not be covered, and you could be turned away for having a pre-existing condition. Plus, these plans have high copays and co-insurance costs, and they do not include subsidies or tax credits. You might end up paying more for treatments with these plans.

Health Insurance Subsidies and Income-Based Assistance

Buyers within specific low-income brackets can find financial assistance for health insurance. In 2022, people with an income of at least 100% of the federal poverty level (FPL) can get health insurance subsidies to help them pay for health insurance.

Subsidies were limited to 400% of the FPL until the suspension of this rule in 2022. As a result, more people can seek financial assistance through subsidies.

Other options for people who don’t qualify for subsidies are Medicaid and the Children’s Health Insurance Program (CHIP). The income requirement for Medicaid is between 100% and 150% of the FPL. However, this can vary depending on your state.

Finding the Best Health Insurance in Memphis

Just because a plan is cheap doesn’t mean it is the best option for health insurance. A low-premium or high-deductible plan can cause you to pay more for your medical treatment, especially if you need it often.

Tips for Finding the Right Coverage for You

Choosing the best insurance for your health care needs in Memphis means considering the different insurance plans that each company offers. The following steps will help you find the best insurance that fits your needs.

1

Know Where to Start

You can begin your search in your workplace, by asking your parents if you are under the age of 26, searching the marketplace, researching insurance companies or finding coverage from the government.

2

Mark the Enrollment Deadlines

Generally, you can only purchase marketplace plans during open enrollment. There may be instances where you can purchase a plan outside of these dates. An example is when you’re starting a new job.

3

Understand Your Health Care Needs

You need to choose a plan that meets your health care preferences and needs. Go over the benefits summary to learn about the covered services. Also, take note of your preferred physicians since it’s better to choose a plan that includes them in their network.

4

Review Costs

Silver plans can be a good start when thinking about the cost. Copays, deductibles, premiums and out-of-pocket maximums give you the full picture of your costs. Cheaper premiums usually mean higher out-of-pocket maximums. More expensive premiums give you more coverage. Additionally, flat fees are better than a percentage of co-insurance.

5

Check Your Prescriptions

If you have prescriptions that you need to take regularly, make sure to check if they are covered by your health insurance.

6

Choose Your Plan

After you’ve checked everything and considered every aspect of your health insurance plan, the next step is to make a decision. As long as you’re comfortable with your choice — even if it’s the cheapest plan available — you can apply.

Frequently Asked Questions About Health Insurance in Memphis

MoneyGeek compiled questions that people who are looking for health insurance in Memphis usually ask. To help you decide which company and plan to choose, we answered the questions below.

About the Author


Brenna Kelly headshot

Brenna Kelly is a content manager at MoneyGeek specializing in health insurance. She has extensive experience in the content production field and is a licensed health insurance agent. She graduated from the University of Central Florida with a Bachelor of Science and a Master of Arts.


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