Cheapest (and Best) Health Insurance in Tampa, FL (2024)

Health insurance premiums are affected by factors like location, age, plan type, health care needs and the number of individuals included in the plan. MoneyGeek conducted an analysis of Marketplace data to find the most cost-effective health insurance providers in Tampa, Florida. This assessment went beyond the evaluation of monthly charges and maximum out-of-pocket (MOOP) expenses and researched plan options and claim denial percentages to determine the top provider for specific groups.

Not all companies provide every plan type or metal tier, so it is vital to explore options to find the best plan for your needs. When just one company offers plans in your area, select the plan or tier that meets your needs and preferences.

MoneyGeek evaluated Tampa's insurance companies, seeking the perfect blend of affordability, plan options and customer service. Ambetter ranked first, boasting an average premium of $469 and a MOOP of $4,401 for Silver plans. Oscar secured second place with an average premium of $483 and a MOOP of $5,070 for the same tier.

Don't let cost alone dictate your decision. Consider plan options, cost-sharing arrangements and customer service when selecting the best health insurance in Florida.

MoneyGeek's leading choice for the best budget-friendly health insurance in Tampa is Ambetter, with an average premium of $469 monthly and a MOOP of $4,401. Premiums are determined by what you and the insurer agree to split in terms of health care expenses. These refer to your premiums, deductibles, copays and co-insurance. The cost of health insurance can also differ based on location and state.

The cheapest health insurance may not always be the best. If affordability is a top priority, it's essential to familiarize yourself with the Marketplace metal system and understand the correlation between premiums and MOOPs. By doing so, you can get a better sense of what you'll pay out of pocket.

As you research health insurance, you'll encounter the metal system, which ranges from Bronze to Platinum. Bronze plans feature the lowest monthly premiums but tend to come with higher MOOPs. Catastrophic plans, typically more affordable than Bronze options, have age restrictions and cover fewer services.

While the cheapest policy isn't always the best choice, Silver plans can be an ideal middle-ground if cost is important to you. They frequently offer premium reductions without necessarily sacrificing coverage. On a provider level, Ambetter has the most affordable average Silver premium in Tampa at an average monthly rate of $469.

Check out the table below to compare the cheapest health insurance in Tampa by metal tier and their average plan costs (excluding Catastrophic plans), making it easier to find the perfect balance between cost and coverage for your needs.

At approximately $453 per month, Ambetter's CMS Standard Silver VALUE plan may be the lowest average premium for individuals around 40-year-olds, presenting an attractive choice for those on the hunt for an economical Silver plan.

To assist in your search for the best bang for your buck, we created a table for the most cost-effective providers in Tampa by metal tier (excluding Catastrophic) alongside their average plan expenses.

Age is critical in determining health insurance expenses, regardless of geographical location. As individuals age, the anticipated increase in health care needs drives up costs accordingly.

In most cases, the most budget-friendly plans are Bronze or Expanded Bronze options. While Catastrophic plans tend to be less expensive, they come attached with specific conditions. However, when selecting a lower-tiered plan, you need to be at ease with its network provided to avoid out-of-pocket charges for out-of-network services.

For those interested in cost-effective Silver plans, a chart highlighting the most affordable providers can be found below.

Metal tier and age are two fundamental factors that determine the cost of health insurance. The metal tier is an indicator of the plan's coverage level, while age is an indicator of expected health care needs. These elements play a significant role in determining the total cost of health insurance.

To gain a better understanding of how metal tier and age affect health insurance costs, the graph below showcases various examples of costs broken down by these two critical factors.

Health insurance subsidies designed for those within specific low-income brackets can help alleviate plan expenses. Previously, subsidies were only available to individuals with income between 100% and 400% of the FPL. However, the American Rescue Plan Act and Inflation Reduction Act has temporarily lifted this restriction from 2022 through 2025, extending subsidies to those exceeding 400% of the FPL.

For individuals not meeting health insurance subsidy criteria, Medicaid and the Children’s Health Insurance Program (CHIP) offer alternative solutions. Typically, Medicaid eligibility requires income between 100% and 150% of the FPL, with variances across states. It's crucial to stay updated on 2023 income limits for health insurance subsidies and be well-informed about available health care coverage options, including understanding the distinctions between Medicaid and Medicare.

We’ve answered some of the most frequently asked questions about health insurance in Tampa so that you can make informed decisions for your health.