Cheapest Arkansas Health Insurance (2023 Plans)

In addition to Silver plans, Arkansas also offers other metal tiers with various rates, deductibles and maximum out-of-pocket caps. For all Bronze, Expanded Bronze and Gold plans, Ambetter provides the most affordable plans in the Natural State.

If you are looking to balance monthly premiums with quality claims and coverage, MoneyGeek analyzed the best health insurance in Arkansas.

The CMS Standard Silver (QualChoice) from Ambetter costs $423 a month, making it the cheapest Silver POS plan for the average Arkansas resident.

The price of health insurance varies by metal tier. A more expensive plan typically provides more comprehensive coverage. For all metal tiers, Ambetter offers the cheapest health insurance. Its most affordable plans for each respective metal tier are included below:

• Bronze: Clear Bronze ($354 per month)
• Expanded Bronze: CMS Standard Expanded Bronze ($373 per month)
• Silver: CMS Standard Silver ($411 per month)
• Gold: CMS Standard Gold ($491 per month)

The higher monthly premiums of Gold and Platinum plans typically feature lower MOOP costs and more coverage. With Bronze and Expanded Bronze plans, you’ll pay less each month, but your coverage will be limited, and you’ll likely pay a high MOOP cost.

Ambetter provides the cheapest Silver plan in Arkansas, with its CMS Standard Silver (QualChoice) POS plan costing $423 per month, on average. The top three Silver plans in the state with the lowest prices are:

• CMS Standard Silver (QualChoice) from Ambetter: $423 per month
• HA Silver Plan Standardized from Health Advantage: $425 per month
• Elite Silver from Ambetter: $461 per month

Due to their reasonable coverage and lower deductibles than Bronze plans, Silver health insurance policies are very common. Only Silver plans are eligible for cost-sharing reductions, which might lower your copay, deductible and out-of-pocket maximum.

MoneyGeek’s recommendations below are all POS plans. While they are not the cheapest plans in Arkansas, POS plans are the most accessible to residents of the state.

The CMS Standard Gold from Ambetter is the most affordable Gold plan in Arkansas, costing roughly $491 per month. The three budget-friendly Gold plans in the Bear State are:

• CMS Standard Gold from Ambetter: $491 per month
• Everyday Gold from Ambetter: $497 per month
• CMS Standard Gold (QualChoiceLife) from Ambetter: $520 per month

Gold plans typically have lower deductibles than less expensive policies, so you will pay less for medical services before your insurance starts to cover the cost. However, Gold plans do not provide the cost-sharing discounts that Silver plans do.

A Clear Bronze plan from Ambetter costs roughly $354 per month, making it the cheapest Bronze plan in Arkansas. A complete list of the most affordable plans in the state includes:

• Clear Bronze from Ambetter: $354 per month
• Clear Bronze + Vision + Adult Dental from Ambetter: $370 per month
• Bronze Plan Standardized from Blue Cross Blue Shield: $372 per month

Bronze plans feature the highest deductibles but the lowest monthly premiums, so you will be responsible for covering the majority of the cost of your health care needs.

The least expensive Expanded Bronze plan in Arkansas is the CMS Standard Expanded Bronze plan from Ambetter, which costs roughly $373 per month. In this category, the first three most affordable plans are:

• CMS Standard Expanded Bronze from Ambetter: $373 per month
• Everyday Bronze from Ambetter: $381 per month
• Bronze Plan 3 from Blue Cross Blue Shield: $394 per month

Expanded Bronze plans often include one major service and one initial appointment before your deductible is met, falling halfway between Bronze and Silver plans in terms of coverage. However, Expanded Bronze plans typically feature copays.

Arkansas residents who have an income below 250% of the FPL and meet certain requirements may qualify for cost-sharing reductions (CSRs). These discounts help offset the cost of medical expenses.

Based on your income, MoneyGeek found that the CMS Standard Silver plan from Ambetter is the least expensive plan for low-income people in Arkansas, with the following maximum out-of-pocket cost adjustments:

• Income lower than $20,385 per year: CMS Standard Silver ($1,700 MOOP)
• Income from $28,386 to $27,180 per year: CMS Standard Silver ($3,000 MOOP)
• Income from $27,181 to $47,565 per year: CMS Standard Silver ($7,200 MOOP)

Silver plans are the only ones that qualify for CSRs. These figures are only for an individual; depending on the number of people in your family, these income brackets may change.

While the Point of Service (POS) plan type is the most popular one in Arkansas, there are other plan types available through the exchange. In the state, alternate forms like the Preferred Provider Organization (PPO) may also be found.

The cheapest POS and PPO health insurance providers in Arkansas are:

• POS: CMS Standard Silver (QualChoice) from Ambetter ($423 per month)
• PPO: CMS Standard Silver from Ambetter ($411 per month)

Flexibility is where PPO and POS plans diverge the most. PPOs provide you with the freedom to choose the doctors you want to visit, but this freedom comes at a higher cost. POS plans have lower rates but fewer options.

Not all Arkansas residents can access certain plan kinds. The cheapest option in one county might not be the cheapest one in another. The cheapest Silver plan in Arkansas’ largest county, Pulaski, and its smallest county, Calhoun, cost the same monthly.

• Pulaski County: CMS Standard Silver (QualChoice) ($423 per month)
• Calhoun County: CMS Standard Silver (QualChoice) ($423 per month)

Use the table below to look through the Silver plan choices that are offered in your county.

Age and metal tier affect the cost of health insurance. A 40-year-old in Arkansas will pay the following average monthly premiums for each respective metal tier:

• Bronze: $367
• Expanded Bronze: $809
• Silver: $904
• Gold: $1,141

As a person ages, health insurance costs increase. For instance, a Silver plan in Arkansas typically costs $1,920 for seniors, $904 for middle-aged adults and $646 for young adults.

The cheapest health insurance company in Arkansas was identified using information from private health insurance policies. During the open enrollment period, potential purchasers can browse these plans and choose the one that best fits their needs and coverage requirements.

Checking your eligibility for less expensive government-sponsored health insurance programs like Medicaid and Medicare is another option available to Arkansans. Low-income individuals can access Medicaid, whereas seniors or people with disabilities can use Medicare.

Residents in Arkansas can obtain private health insurance during open enrollment from November 1 to January 15 each year. This timeline is allotted for customers to purchase health insurance through the marketplace.

Early registration provides you with additional time to modify your plan before the term has passed. To receive coverage on January 1, 2024, borrowers should sign up by December 15, 2023.

Bronze, Expanded Bronze, Silver and Gold are the different metal tiers that make up Arkansas' health insurance coverage.

• Bronze: Larger deductibles with lower premiums. These plans work best for those who are generally in good health and who plan on seeing a doctor and a specialist less frequently.
• Expanded Bronze: Cost-sharing is marginally higher than in Bronze plans, although it is still lower than with Silver plans.
• Silver: The most preferred choice with reasonable rates and MOOP expenses. You can reduce your co-insurance, copay and deductible through cost-sharing reductions.
• Gold: Premiums are higher than those for Silver and Bronze plans, but frequent service will result in lower out-of-pocket costs.

The monthly premium and deductible are smaller and higher, respectively, depending on how valuable the metal is.

Medicaid is a government health insurance program that offers protection to Arkansas residents who qualify. In Arkansas, if your income falls below 138% of the FPL, you can qualify for Medicaid.

Another excellent choice for coverage is Medicare. Arkansas residents who are 65 or older, as well as those with qualifying illnesses, are eligible for Medicare.

Medicare is divided into three parts:

• Part A: Pays for some home health care services, hospital stays, skilled nursing facility care and hospice care.
• Part B: Pays for outpatient care, professional services, preventive services and medical supplies.
• Part D: Reimburses costs associated with the acquisition of prescription medications and immunizations.

You will have to pay for some of the coverage, but Medicare still works out to be a less expensive alternative for health insurance.

MoneyGeek reviewed the best Medicare Advantage and Medicare Supplement plans available to residents of Arkansas.

Concerns about the price and accessibility of various health insurance plans in Arkansas are common. MoneyGeek answered the most frequently asked questions about the topic below to help you learn more.