The Cheapest Vermont Health Insurance for Individuals and Families
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If you are not eligible for government programs like Medicaid or Medicare and do not have a health plan from an employer, you can get private health insurance from the Vermont Insurance Exchange. When purchasing a private health insurance plan, lower-cost options usually have low monthly premiums but high out-of-pocket costs. This means that in case you incur high medical expenses, you will pay more out of pocket.
To help you find the coverage you need, MoneyGeek analyzed the cheapest health insurance in Vermont for different ages and plan types. This analysis is based on plans purchased through the Vermont insurance marketplace.
The Cheapest Health Insurance in Vermont by Metal Tier
In Vermont, the metal tier system of health insurance allows you to choose the best plan for your needs based on the premiums you want to pay and the coverage you require. Low-cost plans are affordable in terms of monthly premiums, but for people who incur high medical expenses frequently, they may end up being costly due to the high out-of-pocket maxes. On the other hand, high-cost plans typically have lower out-of-pocket maxes and are more suitable if you have high medical expenses.
You can choose from four different plans in Vermont, including Bronze, Silver, Gold and Platinum. For the average 40-year-old, the average cost of health insurance in Vermont for each of the metal tier plans will be:
- Bronze: $534 per month
- Silver: $706 per month
- Gold: $726 per month
- Platinum: $869 per month
Gold and Platinum plans cost more in terms of monthly premiums, but low out-of-pocket maxes will offset the high premiums if you frequently incur high medical expenses. Low out-of-pocket maxes mean that the insurer will cover your medical costs once you reach the specified maximum.
You can find the cheapest plans by the monthly premium for each tier in the table below. However, premiums, deductibles and out-of-pocket maxes in the Vermont insurance marketplace may vary significantly within a metal tier.
If you have a low income, you may qualify for cost-sharing reductions (CSR), making Silver plans a great deal since you will have lower deductibles than usual.
The plans in this study are based on a sample profile of a 40-year-old male for both HMO and EPO plans. Vermont has two types of plans, HMO and EPO, with HMO being the most common.
Cheapest Health Insurance in Vermont by Metal Tier
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- Metal TierPlanCompanyMonthly CostOOP Max
- BronzeMVP VT Plus Bronze 1MVP Health Care$491$8,400
- SilverMVP VT Plus Silver 1MVP Health Care$666$6,700
- GoldMVP VT Gold 1MVP Health Care$674$5,200
- PlatinumMVP VT Platinum 1MVP Health Care$798$1,400
The Cheapest Health Insurance in Vermont by Age and Metal Tier
In Vermont, the cost of your health insurance will not be affected by your age. This is because state laws prohibit insurers from using age as a rating factor for health insurance costs. A 26-year-old in Vermont will pay an average of $706 monthly for a Silver-tier plan which is the same rate a 60-year-old would pay.
Health Insurance Costs in Vermont by Age and Metal Tier
The rates in MoneyGeek’s analysis are averages based on sample ages, so they may not account for your particular combination of income and age. To find out the exact rate for your age and income combination, you can apply for a personalized quote. In addition, in some cases, older people who qualify for tax exemptions and other regulations may find even cheaper health insurance options in the Vermont Marketplace.
You can use the table below to toggle between different metal tiers and ages. Our guide on health insurance in Vermont can also help you determine what metal tier is the best option for you.
Cheapest Health Insurance in Vermont by Age And Metal Tier
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- PlanCompanyMonthly Rate
- BronzeHMOMVP Health Care$491
- BronzeHMOMVP Health Care$497
- BronzeHMOMVP Health Care$503
- BronzeHMOMVP Health Care$509
- BronzeHMOMVP Health Care$522
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The Cheapest Health Insurance in Vermont by County
Although Vermont has 14 counties, all these counties are in the same rating area. This means that your health insurance will not be affected by where you live in the state.
The cheapest Silver plan in Vermont is MVP VT Plus Silver 1, offered by MVP Health Care for roughly $706 monthly. This Silver plan is the most affordable across all 14 Vermont counties.
You can look up the cheapest plans for different metal tiers in your Vermont county using the table below.
These plans are for a sample 40-year-old male in Vermont purchasing a health plan in the specified county.
Cheapest Health Insurance Plans in Vermont by County
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- Metal TierCompanyCheapest PlanMonthly Premium
- ChittendenBronzeMVP Health CareMVP VT Plus Bronze 1$491
- FranklinBronzeMVP Health CareMVP VT Plus Bronze 1$491
- Grand IsleBronzeMVP Health CareMVP VT Plus Bronze 1$491
- AddisonBronzeMVP Health CareMVP VT Plus Bronze 1$491
- BenningtonBronzeMVP Health CareMVP VT Plus Bronze 1$491
The Cheapest Health Insurance in Vermont With High Out-of-Pocket Maxes
If you are a young person in Vermont with few medical expenses, a low-cost plan which costs less monthly is a good option. However, it is essential to note that low-cost plans will typically have higher out-of-pocket costs if you incur high medical expenses.
For a 26-year-old in Vermont, the cheapest plan with high out-of-pocket maxes is MVP VT Plus Bronze 1, offered by MVP Health Care for $491 monthly.
MoneyGeek defines a high out-of-pocket max as a plan with max out-of-pocket expenses of $8,250 or higher.
MVP Health Care
The cheapest plan for high out-of-pocket maxes in Vermont is a Bronze plan from MVP Health Care. This plan is ideal for young people with limited medical expenses looking for affordable health insurance in Vermont.
The Cheapest Health Insurance in Vermont With Low Out-of-Pocket Maximums
If you have higher than average medical expenses in Vermont, a high-cost plan with low out-of-pocket maxes could be the most suitable option. Although you will pay higher monthly premiums, if you incur medical expenses frequently, you will reach your out-of-pocket maximum quickly and the insurer will cover the rest of your medical expenses.
The cheapest health insurance in Vermont for low out-of-pocket maximums is MVP VT Platinum 1, offered by MVP Health Care for an average of $798 monthly.
This Platinum plan has an out-of-pocket maximum of $1,400. MoneyGeek defines a low out-of-pocket max as a plan with an out-of-pocket maximum that is below $4,250.
MVP Health Care
MVP Health Care offers the plan with the lowest out-of-pocket maximum for people in Vermont. Although the monthly premiums for such low out-of-pocket plans are high, the minimal out-of-pocket costs mean that Platinum and Gold plans are the best option for people who incur high medical expenses regularly.
Cheapest HMO/EPO Health Insurance Plan in Vermont
When choosing a private health insurance plan in Vermont, it is crucial to consider your particular coverage needs and preferences. The Vermont Insurance exchange offers both HMO and EPO plans.
HMO (Health Maintenance Organization) plans are the most common plan type in Vermont. An HMO plan is the most affordable of all plan types, but it restricts the user to a specific provider network unless there is an emergency. With this type of plan, you will need a referral to see a specialist.
EPO plans (Exclusive Provider Organization) are similar to HMOs in that you are restricted to a specified provider network. However, an EPO plan will not require you to get a referral before you can see a specialist.
In Vermont, the cheapest Silver plans for HMO and EPO plans are:
- Cheapest HMO Silver plan: MVP VT Plus Silver 1 offered by MVP Health Care for roughly $666 per month.
- Cheapest EPO Silver plan: BCBSVT Vermont Preferred Silver Plan offered by Blue Cross and Blue Shield of Vermont for roughly $725 per month.
Cheapest Plan in Vermont With an HSA
If you are in relatively good health and do not incur medical expenses regularly, an HSA plan is a good option. An HSA plan allows you to make your pre-tax contributions to build up a nest egg and save that money if you don’t use it on health expenses.
In Vermont, the cheapest HSA plans for all available metal tiers are, on average:
- Cheapest HSA Bronze plan: MVP VT Bronze 3 HDHP offered by MVP Health Care at $503 monthly.
- Cheapest HSA Silver plan: MVP VT Silver 4 HDHP offered by MVP Health Care at $669 monthly.
- Cheapest HSA Gold plan: MVP VT Plus Gold 3 HDHP offered by MVP Health Care at $683 monthly.
While HSA plans can help you build up a nest egg over time, they tend to have high deductibles. If you incur high medical expenses, you may have to pay out of your savings to cover the out-of-pocket costs.
What to Know About Health Insurance in Vermont
In this study, MoneyGeek used rates based on private plan data from the Vermont insurance marketplace. You may be able to find even cheaper plans when you apply for a private health insurance plan on the marketplace. In addition, older residents of Vermont and those with a low income may qualify for state programs like Medicaid or Medicare, which are more affordable than any private plans available on the marketplace.
Private Health Insurance on the Vermont Marketplace
In the Vermont marketplace, private health insurance plans are typically categorized into metal tiers. The four options available in Vermont are Bronze, Silver, Gold and Platinum.
These tiers vary in terms of premiums, out-of-pocket maxes and deductibles.
- Bronze: If you choose a Bronze plan, your monthly premiums will be low since this is the most affordable tier in terms of monthly costs. However, this type of plan has high out-of-pocket maxes meaning that in case you incur medical expenses, you may have to pay more out of pocket. Therefore, a bronze plan is ideal for people in Vermont who have few medical expenses and are looking for a low-cost option.
- Silver: The Silver tier is a middle-of-the-road plan that balances coverage and affordability. This tier is more affordable than Gold and Platinum plans and offers lower out-of-pocket costs than the bronze plan. Therefore, a Silver plan is ideal for the average person in Vermont with moderate medical expenses.
- Gold: A Gold plan is a high-cost option that is ideal for people looking for a high-cost plan with low out-of-pocket maxes. This type of plan has high monthly premiums, but the lower out-of-pocket maximums mean that you will pay less out of pocket for medical expenses.
- Platinum: A Platinum plan has low out-of-pocket maxes but high monthly premiums. This means that this tier is a high-cost option best suited to people in Vermont who incur high medical expenses. This is because the lower out-of-pocket maximums mean that you will pay less out of pocket to cover medical costs.
Depending on your income level, you may be eligible for even higher coverage or cheaper plans than what is listed in MoneyGeek’s analysis. In Vermont, an income level between 100% and 400% of the federal poverty level makes you eligible for premium tax credits. This means that if you live in a two-person household with an income ranging from $17,420 to $69,680, you can tax credits on your health insurance premiums.
When you want to change your existing health plan, you can do so during the open enrollment period. Typically the open enrollment period runs from November to December, but the enrollment dates have been extended due to COVID-19.
People in Vermont with an income of $24,040 to $43,550, 138% to 250% of the federal poverty level, qualify for cost-sharing reductions if they purchase a Silver plan. This means that they get lower deductibles and coinsurance payments and out-of-pocket maximums. If you are eligible for cost-sharing reductions, you can get a Gold plan at Silver plan rates.
Medicaid in Vermont
In expansion states like Vermont, you can be eligible for Medicaid based on your income alone. Medicaid is the most affordable health insurance plan in Vermont for eligible people since it is a free government program. If your income is below 138% of the federal poverty level, you qualify for Medicaid in Vermont.
Medicare in Vermont
In Vermont, older residents who are 65 years or older and those with specified illnesses qualify for Medicare. Medicare is a federal government program, but unlike Medicaid, you will pay some premium to get some of the coverages. However, even with the premiums, Medicare is still more affordable than private health insurance plans in Vermont.
Medicare has three core coverages including:
- Medicare Part A: This coverage caters to medical expenses from inpatient hospital stays, hospice care and certain types of home health care. No premiums are required to get this Medicare coverage.
- Medicare Part B: Outpatient expenses, medical expenses, preventive services and some doctor services are covered under Medicare part B. This coverage requires a monthly premium.
- Medicare Part D: This coverage covers expenses associated with prescription drugs, including most vaccines and recommended shots.
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 Vermont for you
MoneyGeek collected plans and premiums for health insurance in Vermont from the website for Vermont Health Connect for all available metal tiers and across several age groups. Plans and premiums were analyzed in May 2021.
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
- Medicare.gov. "What is medicare?." Accessed July 20, 2021.