The Cheapest Oklahoma Health Insurance for Individuals and Families
The amount of health coverage you need influences the cost of health insurance in Oklahoma's private market. Oklahoma's private health insurance market is divided into five different levels called metal tiers, each with varying deductibles and out-of-pocket maximums. Silver plans, which cost an average of $572 per month in Oklahoma, provide the best balance of cost and coverage among the five tiers. For example, Bright Health's Silver 5000 plan is the most affordable health insurance plan in Oklahoma, with an average monthly premium of $476.
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If your employer does not offer health insurance or you are not eligible for Medicare or Medicaid through the government, you can purchase a private health insurance plan through the Oklahoma insurance exchange.
It can be challenging to find a health insurance plan with low premiums and enough coverage. The deductibles and out-of-pocket maximums for cheaper insurance policies end up being higher than the policies with high premiums. You pay less each month for a low-cost plan but will end up with less coverage for medical expenses. As a result, you will have to pay more out-of-pocket for your medical expenditures.
Through an analysis of the insurance exchange, MoneyGeek found the cheapest and best health insurance plans in Oklahoma for various plan types and age groups. The study can help you if you’re looking for the best coverage at affordable rates.
The Cheapest Health Insurance in Oklahoma by Metal Tier
On the health insurance market, insurance plans are often categorized into metal tiers. The tier you choose determines the plan's premiums and cost-sharing. For example, the highest insurer cost-sharing is found in Platinum plans, while the lowest is found in Bronze plans.
Plans with lower monthly premiums will have high deductibles and out-of-pocket maximums. On the other hand, a plan with higher premiums gives more coverage and will have lower deductibles and out-of-pocket maximums.
Catastrophic, Bronze, Expanded Bronze, Silver and Gold are the current metal tiers available in Oklahoma. The average monthly health insurance premiums for the five tiers are as follows:
- Catastrophic: $369 per month
- Bronze: $452 per month
- Expanded Bronze: $461 per month
- Silver: $572 per month
- Gold: $587 per month
You may rarely have significant medical expenses if you're in good health, so a low-cost insurance plan, such as a Bronze plan, will be enough to cover your medical expenses. You don't need to pay high premiums each month for these plans. However, individuals with higher medical costs would benefit from selecting a Gold plan in Oklahoma. Although your monthly premiums will be higher, the deductibles will be low for these plans and the coverage will be greater.
The rates, deductibles and out-of-pocket maximums can differ significantly for plans within each metal tier in the Oklahoma insurance market. The table below tells you the cheapest average monthly premium for each metal tier.
If you have a low income, you may qualify for cost-sharing reductions, making a Silver plan the best choice. These plans provide affordable premiums and deductibles, as well as better coverage than the lower tier plans.
MoneyGeek used a 40-year-old male as a sample profile to determine rates for all types of plans available in Oklahoma. The rates listed above are for HMO or PPO plans, with HMO being the most common kind of insurance plan in the state.
Cheapest Health Insurance in Oklahoma by Metal Tier
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- Metal TierPlanCompanyMonthly CostOOP Max
- CatastrophicBalance by Medica CatastrophicMedica$255$8,550
- BronzeBalance by Medica Bronze ValueMedica$351$8,550
- Expanded BronzeBalance by Medica Bronze CopayMedica$351$8,550
- SilverSilver 5000Bright Health$476$8,550
- GoldCommunityCare Gold L21 Select PlusCommunityCare$471$8,100
The Cheapest Health Insurance in Oklahoma by Age and Metal Tier
Age was found to have a significant impact on the cost of a health insurance plan while studying the plans from the Oklahoma health exchange because insurance premiums rise as you get older. For example, a Silver plan (across all PPO plans) will cost an average of $459 per month for a 26-year-old individual in Oklahoma, whereas a 60-year-old will pay roughly $1,215 per month for the same plan.
Health Insurance Costs in Oklahoma by Age and Metal Tier
Younger Oklahoma residents may be tempted to purchase a health insurance plan that costs less, such as a Bronze plan. However, it’s important to know that if your medical situation unexpectedly changes, resulting in high medical expenses, the plan will cost you more in out-of-pocket payments and deductibles.
The health insurance premiums in the Oklahoma insurance marketplace data are averages based on sample ages. The cost varies significantly based on your age and income. Because insurers take into account tax premiums and other criteria, seniors in Oklahoma may get rates that are lower than the sample prices. However, you won't know your actual rate unless you apply for a health insurance plan.
The table below can help you understand how prices vary depending on metal tier plans and age groups. To learn more about the various insurance metal tiers and make the right choice, see our comprehensive guide on Oklahoma health insurance.
Cheapest Health Insurance in Oklahoma by Age And Metal Tier
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- PlanCompanyMonthly Rate
- CatastrophicPPOBright Health$220
- CatastrophicPPOOscar Insurance Company$224
- CatastrophicPPOBlue Cross and Blue Shield of Oklahoma$298
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The Cheapest Health Insurance in Oklahoma by County
In Oklahoma, the cost of health insurance varies based on where you live. All counties in the state are categorized into rating areas. Health insurance companies consider the rating area your county belongs to when calculating insurance premiums.
Oklahoma's 77 counties are classified into five rating areas. Bright Health provides the most affordable health insurance plan in Oklahoma county, the most populous county. On average, the company’s cheapest plan, the Silver 5000 plan, costs an average of $476 per month.
Use the table below as a guide to find the cheapest plan for each metal tier in your county.
A 40-year-old male's profile was used to calculate the average premiums across all metal tiers.
Cheapest Health Insurance Plans in Oklahoma by County
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- Metal TierCompanyCheapest PlanMonthly Premium
- Le FloreCatastrophicBlue Cross and Blue Shield of OklahomaBlue Preferred Security PPO? 200$401
- SequoyahCatastrophicBlue Cross and Blue Shield of OklahomaBlue Preferred Security PPO? 200$401
- ComancheCatastrophicMedicaHarmony by Medica Catastrophic$298
- CanadianCatastrophicMedicaBalance by Medica Catastrophic$255
- ClevelandCatastrophicMedicaBalance by Medica Catastrophic$255
The Cheapest Health Insurance in Oklahoma With High Out-of-Pocket Maxes
Most healthy young people in Oklahoma may prefer a low-cost health insurance plan because their medical expenditures are lower. Although cheaper plans come with low premiums, you’ll have to pay more when you need to use the insurance for a medical emergency or frequent doctor visits.
Balance by Medica Catastrophic from Medica is the cheapest health insurance plan in Oklahoma with the highest out-of-pocket maxes. For a 26-year-old individual, the plan will cost an average of $204 per month.
For this study, MoneyGeek considered a high out-of-pocket maximum as a plan with yearly maximum out-of-pocket costs of $8,250 or higher.
Medica’s cheapest plan with the highest out-of-pocket maximum belongs to the Catastrophic tier and can only be purchased by eligible candidates. Those under the age of 30 or who qualify for a hardship or affordability exemption are eligible to apply for a Catastrophic plan.
The Cheapest Health Insurance in Oklahoma With Low Out-of-Pocket Maximums
Suppose you visit the doctor frequently or have more medical expenses than the average person. In that case, a health insurance plan with a low out-of-pocket maximum and higher premiums will be the best choice in Oklahoma. Although the monthly premiums for such plans are higher, the cost for regular medical visits and prescription medication will help meet the plan's low out-of-pocket limit. Your insurance company will then cover your medical expenditures.
Oscar Gold Classic from Oscar Insurance Company is the cheapest health insurance plan in Oklahoma, with a low out-of-pocket maximum. This plan will cost an average of $542 a month for a 40-year-old male.
For this study, MoneyGeek considered a low out-of-pocket maximum as a plan with yearly maximum out-of-pocket costs of less than $4,250. The MOOP (Maximum Out-of-Pocket) is $6,000 in the instance of Oscar Gold Classic, which is higher than the low MOOP threshold of $4,250. Considering the plans exclusive for the state, this is the lowest out-of-pocket maximum for a plan with the cheapest premiums.
Oscar Insurance Company
Oscar Gold Classic from Oscar Insurance Company is a Gold plan. You can expect higher monthly premiums, but it will have a low out-of-pocket maximum. You'll soon hit the out-of-pocket maximum and the insurance provider will begin covering your medical bills.
Cheapest PPO/HMO Health Insurance Plan in Oklahoma
To get the best health insurance plan in Oklahoma, you need to consider your healthcare needs and preferences. In Oklahoma, most plans are Health Maintenance Organization (HMO) plans. Preferred Provider Organization (PPO) plans are also available in the state.
The HMO plan, Oklahoma's most popular plan, only covers medical care you use through in-network health providers. Your primary care physician will refer you to specialists within the network. These plans are less expensive than the other types of insurance. Except in an emergency, the plan does not cover services received from a provider outside of its network.
On the other hand, a PPO plan allows you to receive healthcare services from both in-network and out-of-network doctors without requiring a referral. However, the plans can be pricey due to the flexibility they provide.
Out of all the plan types, the following are the cheapest health insurance plans in Oklahoma:
- Cheapest HMO Silver Plan: CommunityCare Silver L21 Select Plus provided by CommunityCare, costing an average of $493 per month for a 40-year-old male.
- Cheapest PPO Silver Plan: Silver 5000 offered by Bright Health, costing an average of $476 a month for a 40-year-old male.
Cheapest Plan in Oklahoma With an HSA
Several health insurance plans in Oklahoma include an HSA (Health Savings Account). HSAs are untaxed dollars that you can use as deductibles, copayments or other expenses. They are usually combined with a High Deductible Health Plan or HDHP. HSA insurance plans feature high deductibles and are ideal for healthy people who rarely need to see a doctor. You'll pay less for these plans and have more pre-tax contributions for medical benefits. If you do not use the money for medical expenses, it can be considered your savings.
The only cheapest plan in Oklahoma with an HSA is:
- Cheapest HSA Expanded Bronze Plan: Balance by Medica Bronze HSA provided by Medica. This PPO plan costs roughly $386 per month for an average 40-year-old male.
Note that higher deductibles are common with HSA plans. If you have an unexpected medical emergency with high medical bills, you should be prepared to pay a significant portion of your savings.
What to Know About Health Insurance in Oklahoma
MoneyGeek's study used private plan data from Oklahoma's insurance marketplace to calculate sample health insurance rates. The rates indicated in our study are not necessarily the most affordable options. For example, residents from low-income families or seniors may be eligible for Medicaid or Medicare, which are usually cheaper than most marketplace plans.
Private Health Insurance on the Oklahoma Marketplace
The Oklahoma insurance exchange categorizes healthcare plans into different metal levels. The Catastrophic and Bronze plans have the lowest premiums but the highest out-of-pocket maximums. Although the monthly premiums for Gold plans are on the higher side, the overall cost to you for purchasing this plan will be lower.
All the metal-tier health insurance plans listed below meet state and federal health insurance regulations. They do, however, have significant differences.
- Catastrophic: Catastrophic plans are the most affordable metal tiers, but they are not available to everyone. You must be under 30 or qualify for a financial hardship exemption to apply for a catastrophic insurance plan. These plans have the lowest monthly costs but provide limited coverage and higher deductibles. However, they offer the same essential health coverage as the majority of other policies.
- Bronze: Bronze plans are slightly more expensive than the Catastrophic plans but cost much less than the higher-tier plans. These plans have lower monthly premiums, but you'll end up paying more out of your pocket for medical care. Their deductibles can go up to thousands of dollars every year. These policies are ideal for healthy individuals who rarely have medical expenses and are only interested in a low-cost health insurance policy that can protect them in the case of a medical emergency.
- Expanded Bronze: These plans are for those who do not expect major medical expenses but want to make the best use of their insurance plan from day one. The plan covers at least one of the essential health benefits before you hit the deductible limit. As a result, the actuarial value of these policies is higher than that of Bronze plans.
- Silver: Consider a Silver plan if you want your insurance to cover more of your regular medical expenses. These plans have moderate premiums and provide lower out-of-pocket maximums than Catastrophic, Bronze and Extended Bronze plans. They're perfect for individuals who qualify for cost-sharing reductions. If you have many medical bills, these plans can help you save hundreds or even thousands of dollars per year.
- Gold: Gold plans feature higher monthly premiums and offer lower deductibles and out-of-pocket maximums than Catastrophic, Bronze or Silver plans. These plans are intended for people who require regular medical care and are ready to pay higher premiums to cover most of their medical expenses. The total expenditures incurred by selecting a Gold plan will be much cheaper than those incurred by choosing a lower-tier plan.
MoneyGeek’s data shows only sample rates and you may be eligible for cheaper plans or more coverage. The income level of your family has a significant impact on insurance premiums. If your monthly family income is between 100% and 400% of the federal poverty threshold, you are eligible for premium tax credits. In Oklahoma, these tax credits are available to a two-person household earning between $17,420 and $69,680 per year. You can find more information by using the Healthcare.gov calculator.
Open enrollment refers to when you can enroll in a new health insurance plan through the health insurance exchange. Although the enrollment period is generally between November and December, the government has extended it owing to the COVID-19 pandemic. In addition, life events, such as getting married, losing health insurance, having a baby or moving, may qualify you for a special enrollment period.
If your household income is between 138% and 250% of the federal poverty level, you are eligible for cost-sharing reductions (CSR) through a Silver plan. Qualifying residents may qualify for a Gold plan’s coverage for the price of a Silver plan. These reductions can reduce the plan's deductible, copayments or coinsurance and out-of-pocket maximums. In 2021, a two-person household earning $24,040–$43,550 in Oklahoma may be eligible for these lower rates.
Medicaid in Oklahoma
Medicaid is free, making it the cheapest option for eligible residents. However, Oklahoma is not a Medicaid expansion state, and not everyone can qualify for it based on income. You're eligible to apply for Medicaid only if you meet Oklahoma's guidelines. Generally, people who have meager family income, disabilities or are pregnant are considered suitable in Oklahoma.
Medicare in Oklahoma
Oklahoma residents 65 and older and younger people with a disability or illness may be eligible for Medicare, a federal healthcare program. In contrast to Medicaid, which may be free, you may be required to pay for certain Medicare plan coverages. However, Medicare policies are much less expensive when compared to private insurance plans.
Medicare is divided into three parts that cover different services:
- Part A: Part A is known as hospital insurance and pays for hospital stays, skilled nursing facility care, hospice care and home health care services.
- Part B: Part B is your medical insurance, and it covers particular doctor's services, outpatient treatments, medical supplies and preventative care services.
- Part D: This covers your prescription medications as well as several essential vaccines. Another name for it is prescription drug insurance.
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 Oklahoma for you
MoneyGeek collected plans and premiums for health insurance in Oklahoma 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 the Author
- HealthCare.gov. "Catastrophic Health Plans." Accessed June 15, 2021.
- HealthCare.gov. "Open Enrollment Period." Accessed June 15, 2021.
- HealthCare.gov. "The metal categories: Bronze, Silver, Gold & Platinum." Accessed June 15, 2021.
- Medicare.gov. "What’s Medicare?." Accessed June 15, 2021.
- Policygenius. "What are metal tiers?." Accessed June 14, 2021.