The Cheapest (and Best) Health Insurance in Philadelphia, PA (2024)

The cost of health insurance can be affected by your location, age, the type of plan and the number of people who are covered. MoneyGeek researched and analyzed market data to identify which provider in Philadelphia offers the best rates.

We also selected the top overall companies depending on customer satisfaction, plan options, cost and customer service.

Since not all health insurance providers provide the same plans, MoneyGeek advises comparison shopping to find the best deal for your requirements. Also, if only one insurer is available in your area, choose the best tier for your needs.

When shopping for health insurance, you shouldn't make price your top priority. Examine each company's various plans, customer support, price and cost-sharing alternatives.

MoneyGeek determined that Oscar is the best health insurance company in Philadelphia, with a score of 78 out of 100. It offers the best balance of affordability, service and plan options.

Independence Blue Cross, which received a rating of 74 out of 100 from MoneyGeek, came in second place when the same criteria were used to determine the best health insurance company in Philadelphia. It ranked well for affordability and service.

The cost of health insurance in Philadelphia may differ depending on how you and the insurance company divide up the cost of your medical care. Costs also vary by city and state.

The best company is not always the cheapest. Understanding the relationship between market metal tiers, premiums and maximum out-of-pocket (MOOP) payments is crucial if cost-effectiveness is your top concern. Be sure to keep an eye out for other expenses not covered by your monthly premiums, such as the deductible, copay and co-insurance. These additional expenses may be associated with your chosen Philadelphia health insurance provider.

The marketplace is broken up into metal categories ranging from Bronze to Platinum. Bronze plans have the cheapest premiums. These premiums are balanced by higher MOOPs, offering protection against catastrophic events but minimal coverage for everyday needs.

The following table from MoneyGeek provides examples of plan rates for different metal tiers in Philadelphia.

While Expanded Bronze plans are offered in some places, Philadelphia is typically not one of them. The difference between these and ordinary Bronze plans is that Expanded Bronze plans provide slightly more coverage and pay for a minimum of one major service before the deductible is met.

Age is a significant factor in determining the cost of health insurance in Philadelphia, regardless of where you reside. Due to the expectation that seniors will have increasing health care requirements, health insurance firms increase their rates.

The cheapest coverage will almost always be Bronze or Expanded Bronze plans. If you choose a lower-tier plan, make sure you are comfortable with the network so that you don’t pay for out-of-network services.

Catastrophic plans have eligibility restrictions, so they are not shown in the cheapest company table below.

Health insurance is not one-size-fits-all. You need to find health insurance in Philadelphia that gives you coverage that meets your needs while remaining within your budget.

You might be able to save money on your premium by purchasing a Catastrophic or high-deductible plan. You’ll likely pay out of pocket all year, but this can be cheaper than paying higher premiums and not needing care.

If you need more care, opt for a more expensive monthly plan with lower deductibles.

If your income falls within a specific low-income bracket, you could be eligible for financial assistance to offset the cost of your health insurance. If a person's income is 100% or more than the federal poverty level (FPL) in 2022, they could be eligible for subsidies that will pay a portion of their premiums for health insurance. Typically, this is capped at 400%, but the American Rescue Plan lowered the level so more people could qualify.

If you do not qualify for health insurance subsidy, you may still be able to get coverage through the Medicaid program or the Children's Health Insurance Program (CHIP). Medicaid eligibility requirements vary by state and range from 100 to 150% of the FPL.

You won't always get the most bang for your buck with the cheapest medical insurance in Philadelphia. Choosing the plan with the cheapest premium may cost you more in the long run, especially if you regularly need medical care.

It can be challenging to navigate the Philadelphia health insurance market. However, MoneyGeek compiled a list of frequently asked questions about health insurance in Philadelphia to help in your research.