The Cheapest Mississippi Health Insurance for Individuals and Families
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If you can’t get health insurance through your employer or the government, you’ll have to find a private plan on Mississippi’s Insurance Marketplace.
It can be challenging to find a plan on the exchange that has adequate coverage and is affordable. In most cases, the lower your monthly premiums, the higher your deductible and out-of-pocket maximum. That means you’ll pay less monthly but will have less coverage for medical expenses and emergencies.
MoneyGeek analyzed average rates for individuals of different ages and for different plan types to identify the cheapest plans in the state. The analysis only features plans purchased through the Mississippi insurance marketplace.
The Cheapest Health Insurance in Mississippi by Metal Tier
The metal tier affects the cost of health insurance in Mississippi. Through this system, residents can lower their monthly premiums by purchasing a plan with high deductibles and out-of-pocket expenses. However, they can also select a higher-tier plan to get lower out-of-pocket costs and more coverage by paying higher premiums.
Currently, Mississippi offers Bronze, Expanded Bronze, Silver and Gold plans through its healthcare exchange. Average rates for each of these tiers are as follows:
- Bronze: $413 per month
- Expanded Bronze: $450 per month
- Silver: $498 per month
- Gold: $619 per month
Gold plans have the most expensive monthly premiums among all metal tiers. However, if you need major medical coverage and are expecting sizeable health expenses over the next year, a Gold plan may end up being cheaper. That’s because you’ll pay less out-of-pocket for medical services.
There can be a wide range of premiums, deductibles, and out-of-pocket maxes within each metal tier in the Mississippi marketplace. View the table below to see plans with the cheapest monthly premiums for each metal tier.
Mississippi residents with lower-than-average income may qualify for cost-sharing reductions (CSR), which apply to Silver plans. With CSRs, you’ll pay lower premiums and have increased access to coverage.
The table above shows premiums for an average 40-year-old male for HMO plans, the only type of plan available in Mississippi.
Cheapest Health Insurance in Mississippi by Metal Tier
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- Metal TierPlanCompanyMonthly CostOOP Max
- BronzeCore Care Bronze 2Molina Healthcare$409$8,550
- Expanded BronzeCore Care Bronze 5Molina Healthcare$420$8,550
- SilverConstant Care Silver 2Molina Healthcare$463$8,150
- GoldConfident Care Gold 1Molina Healthcare$543$6,500
The Cheapest Health Insurance in Mississippi by Age and Metal Tier
Age affects the cost of health insurance in Mississippi significantly. For example, a 26-year-old in the state pays an average of $399 per month for a Silver HMO plan. Meanwhile, a 60-year-old spends $1,057 for similar coverage.
Health Insurance Costs in Mississippi by Age and Metal Tier
The data included in this analysis is based on sample ages and doesn’t account for income, which also affects premiums. For instance, older Mississippi residents may be eligible to purchase cheaper health insurance due to tax premiums and other regulatory support services. For an exact quote, you will have to apply for a plan.
The table below shows costs associated with different metal-tiered plans based on age. Read MoneyGeek’s guide on health insurance in Mississippi to learn more about purchasing a policy and finding coverage that’s right for you.
Cheapest Health Insurance in Mississippi by Age And Metal Tier
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- PlanCompanyMonthly Rate
- BronzeHMOMolina Healthcare$203
- BronzeHMOMolina Healthcare$205
- BronzeHMOMolina Healthcare$207
- Expanded BronzeHMOMolina Healthcare$209
- Expanded BronzeHMOMolina Healthcare$214
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The Cheapest Health Insurance in Mississippi by County
The cost of health insurance in Mississippi is also affected by where you live in the state. This is because every state divides its counties into rating areas. Health insurance providers use these rating areas to calculate premiums, meaning each region has slightly different rates.
There are 82 counties in Mississippi divided into six rating areas. In Hinds County, the most populous county in the state, the cheapest option for a Silver plan is Molina Healthcare’s Constant Care Silver 2 policy at $459 per month.
Find the cheapest plan in your county for all metal tiers in the table below.
These plan premiums are a sample 40-year-old male looking for a health insurance plan in that county.
Cheapest Health Insurance Plans in Mississippi by County
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- Metal TierCompanyCheapest PlanMonthly Premium
- TunicaBronzeMolina HealthcareCore Care Bronze 2$418
- TateBronzeMolina HealthcareCore Care Bronze 2$418
- MarshallBronzeMolina HealthcareCore Care Bronze 2$418
- DeSotoBronzeMolina HealthcareCore Care Bronze 2$418
- BentonBronzeMolina HealthcareCore Care Bronze 2$410
The Cheapest Health Insurance in Mississippi With High Out-of-Pocket Maxes
Young adults in good health with low medical costs may opt for a policy with lower premiums and high out-of-pocket maximum expenses. If you choose this, you’ll pay more out-of-pocket if you incur high medical costs or have a medical emergency, but your monthly healthcare premiums will be lower.
The most affordable health insurance in Mississippi with high out-of-pocket maxes for 26 year-olds is Core Care Bronze 2 at $328 per month from Molina Healthcare.
For this analysis, MoneyGeek defined a plan’s out-of-pocket max as “high” if it was $8,250 or more annually.
Molina Healthcare
For cheap health insurance in Mississippi, the most affordable option for a plan with a high out-of-pocket maximum is from Molina Healthcare.
The Cheapest Health Insurance in Mississippi With Low Out-of-Pocket Maximums
If you anticipate high medical costs in the next year, it may be best for you to purchase a higher-cost plan. You’ll pay more expensive monthly premiums, but your out-of-pocket expenses will be lower. Recurring medical expenses, such as doctor’s visits and prescription drugs, will help you reach your maximum out-of-pocket limit relatively quickly. Once that happens, your insurance carrier will start covering your health expenses.
The cheapest option for Mississippi residents looking for a plan with the lowest out-of-pocket maximum is Ambetter Secure Care 5 (2021) from Ambetter from Magnolia Health. A 40-year-old man typically pays $643 monthly for this plan.
MoneyGeek considers a plan to have a low-out-of-maximum if its maximum out-of-pocket costs don’t exceed $4,250. Ambetter Secure Care 5 (2021) has an annual maximum out-of-pocket expense of $6,300, higher than our typical threshold. Despite this, the plan still has the lowest out-of-pocket max and most affordable average premium in the state.
Ambetter from Magnolia Health
Ambetter from Magnolia Health offers the cheapest plan with the lowest out-of-pocket max in Mississippi. Since it is a Gold-tier plan, it has higher monthly premiums compared to other metal tiers. That said, its low out-of-pocket maximum helps cover more of your medical expenses once you reach the plan’s spending limits.
Cheapest HMO Health Insurance Plan in Mississippi
The best health insurance in Mississippi is a plan that fits your healthcare needs and preferences. Currently, the state insurance marketplace only offers Health Maintenance Organization (HMO) plans. These policies require you to stay in your provider network to have services covered, except for emergencies. They also require a referral to see a specialist.
Cheapest HMO Silver Plan: Constant Care Silver 2 provided by Molina Healthcare at $463 per month.
Cheapest Plan in Mississippi With an HSA
If you don’t visit the doctor’s office often and are in good health, you may consider a plan with a Health Savings Account (HSA). Health insurance with an HSA tends to cost less. These plans also allow you to make pre-tax contributions you can use toward your medical expenses. If you don’t use this money for healthcare, it can serve as savings.
MoneyGeek found that the most affordable health insurance plan with HSA in Mississippi is an Expanded Bronze plan from Ambetter from Magnolia Health. This plan is called Ambetter Essential Care 2 HSA and has an average rate of $448 per month.
Plans with HSAs tend to have high deductibles. Keep in mind that you may use a significant amount of your savings if you have an unexpected major medical expense.
What to Know About Health Insurance in Mississippi
MoneyGeek analyzed average rates based on private plan data from Mississippi’s Health Insurance Marketplace. The actual cost of health insurance in Mississippi may be different. You may find even cheaper rates when you apply for a plan. If you have low income or are an older resident, you may be eligible for Medicaid or Medicare, which are cheaper than Marketplace plans.
Private Health Insurance on the Mississippi Marketplace
Health insurance in Mississippi for an individual in the state marketplaces is categorized into four metal tiers. Bronze and Expanded Bronze plans have low premiums and high out-of-pocket costs, while Silver and Gold plans cost more monthly but cover more of your medical expenses.
Bronze: Bronze plans have the lowest premium rates among all available tiers in Mississippi. However, the out-of-pocket expenses for these plans are high. These policies are best for individuals who rarely need to go to the doctor’s office and are looking for cheap health insurance in Mississippi.
Expanded Bronze: Plans that fall into this tier are a little bit more expensive than Bronze policies. However, they also offer more coverage and slightly lower out-of-pocket costs. These plans are more affordable than Silver and Gold-tier options.
Silver: Typically, SIlver plans have moderate premium costs and coverage. They charge higher premiums than Bronze and Expanded Bronze but cheaper than Gold. Silver-tier plans have lower out-of-pocket costs than their Bronze and Expanded Bronze counterparts, meaning Silver plans cover more of your healthcare costs.
Gold: Gold plans are the most expensive options in the state in terms of monthly expenses. However, they have more coverage and lower out-of-pocket costs than all other tiers. This tier is the best option for individuals who need major medical coverage in a given year.
Depending on your income level, you may be able to pay less for your insurance and receive more coverage.
Residents who have income between 100% and 400% of the federal poverty level may qualify for premium tax credits. For a two-person household, this applies to those making between $17,420 and $69,680 per year. Learn more using the Healthcare.gov calculator.
There is a period known as open enrollment when you can purchase a new policy or change an existing plan through the Healthcare Marketplace. It’s typically between November and December, but the government expanded the enrollment dates due to COVID-19.
Those whose annual earnings are between 138% and 250% of the federal poverty level can get cost-sharing reductions when purchasing a Silver plan. These can lower your deductible, copayments or coinsurance and out-of-pocket maximum. You may even be able to buy Gold plan coverage at Silver plan rates.
Medicaid in Mississippi
Medicaid is a government program that offers free health insurance to eligible individuals. Mississippi has not adopted Medicaid expansion, meaning you can only qualify if you meet the state’s requirements. These typically include residents who have disabilities, extremely low family income or low-income children. Pregnant women may also be eligible.
Medicare in Mississippi
If you are 65 or older or have a qualifying disability or illness, you may be eligible to apply for Medicare, a federal program that provides healthcare at relatively affordable rates. However, unlike Medicaid, Medicare policyholders have to pay for some coverages.
Medicare is broken down into three parts:
- Part A (Hospital Insurance): Covers hospital stays, care in a skilled nursing facility, hospice care, and some home healthcare services. It is also called premium-free Part A, as it is free.
- Part B (Medical Insurance): Covers some doctors’ services, outpatient care, necessary medical supplies and preventive services. Premiums for this Medicare part depend on your income.
- Part D (Prescription Drug Coverage): This benefit includes recommended vaccines and prescription drugs. The cost will depend on the insurance plan you select.
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 Mississippi for you
MoneyGeek collected plans and premiums for health insurance in Mississippi 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. "How to Buy a Catastrophic Healthcare Plan." Accessed June 17, 2021.
- Healthcare.gov. "How to Pick a Health Insurance Plan." Accessed June 17, 2021.
- Medicare.gov. "What's Medicare?." Accessed June 17, 2021.