Cheapest HealthInsuranceWhere to Find Low-Cost Health Insurance in 2023
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When buying affordable health insurance, you can either look for low out-of-pocket maximums or low premiums. You usually can’t get both unless you’re shopping for low-income health plans.
If you’re healthy and don’t anticipate a lot of care, a plan belonging to a lower metal tier (such as Catastrophic or Bronze) may be the cheapest option. But if you expect to need much care, consider purchasing a plan with higher premiums but low maximum out-of-pocket (MOOP) costs.
MoneyGeek found the cheapest health insurance companies based on metal tiers, location and other factors. For our top picks, we defined “cheapest” by monthly premiums unless otherwise stated.
Cheapest HealthInsuranceThe Most Affordable Health Insurance in 2023
Cheapest Health Insurance by Metal Level
Our study analyzed providers offering plans on the federal marketplace, which houses most state-specific health insurance platforms. We found that the cheapest health insurance companies across all metal levels are, on average:
- Oscar: $470 per month
- Ambetter: $490 per month
- Cigna: $516 per month
Note that the cheapest is based on the average across metal levels of companies available in at least six states.
Of the providers that are limited to fewer than six states, the least expensive are:
- Ascension Care: $404 per month
- Kaiser Permanente: $435 per month
- Friday Health Plans: $455 per month
Cheap is often relative to the consumer. While these companies offer affordable plans with low monthly premiums, they often have high out-of-pocket maximums. If you anticipate needing much care, buying a plan in a higher metal level may make more sense. You may have higher premiums, but the tradeoff is lower MOOP costs.
The premiums shown above represent the average cost for a plan paid per month. Your actual rate may vary depending on your income, metal tier and location.
Cheapest Health Insurance Across Metal Levels
WHAT IS THE DIFFERENCE BETWEEN METAL TIERS?
Metal tiers are groupings of plans in the Health Insurance Marketplace. The more valuable the metal is, the more the plan tends to cost in premiums. Silver plans provide balance and the opportunity to lower your deductibles if you have limited income.
- Platinum: Although platinum plans have the highest premiums, expect to pay only 10% of health care costs, while insurance covers 90%.
- Gold: You pay 20% of health care costs, while insurance covers 80%.
- Silver: You pay 30% of health care costs, while insurance covers 70%.
- Bronze: Bronze plans may have the cheapest premiums, but you take on 40% of health care costs, while insurance covers 60%.
Companies With the Cheapest Silver Health Insurance
Aetna is the most affordable health insurance company for Silver plans, with an average premium of $499 per month. The top three cheapest options for this metal tier are:
- Aetna: $499 per month
- Ambetter: $505 per month
- Oscar: $512 per month
Make sure to do your due diligence and find out if these providers have poor reviews, smaller networks or limited geographic availability before purchasing a health plan.
Companies With the Cheapest Silver Health Plans
MONEYGEEK EXPERT TIP
The best health insurance should meet your specific needs in terms of cost, provider flexibility or coverage. To make your choice easier, plans are categorized into metal tiers and types (PPO, HMO, etc.). Silver plans are usually popular because they offer a middle-of-the-road cost structure and a robust network.
Cheapest Bronze Health Insurance Providers
If you’re looking for cheaper premiums than Silver plans offer, Bronze is a lower-cost option. The most affordable health insurance providers for Bronze plans are:
- Oscar: $369 per month
- Ambetter: $388 per month
- Medica: $414 per month
Bronze plans offer the lowest monthly premium outside of Catastrophic plans, which come with restrictions. The tradeoff with lower-cost Bronze premiums is higher out-of-pocket costs. Thus, this metal tier is preferable for those who don’t often need medical attention.
Cheapest Bronze Health Insurance Providers
A Bronze plan may be ideal if you can afford routine care services but want coverage for serious illnesses or injuries. However, if you need a little more than Bronze offers but don’t necessarily want to jump to the Silver tier, Expanded Bronze is an option worth considering.
Cheapest Expanded Bronze Health Insurance Providers
BRONZE PLANS VS. EXTENDED BRONZE PLANS
Compared with Bronze, Expanded Bronze has higher actuarial values, ranging between 62% and 65%, meaning Expanded Bronze plans cover more health care costs. They also cover at least one major service before the deductible is met.
According to our analysis, the cheapest health insurance providers for Expanded Bronze plans are:
- Aetna: $377 per month
- Oscar: $417 per month
- CareSource: $434 per month
Providers are not required to offer Expanded Bronze plans, so ensure this option is available when shopping for health insurance.
Cheapest Health Insurance by State
The costs and coverage of health insurance vary greatly between states and by income. The least expensive states for health insurance based on average costs across all plans are:
- New Hampshire: Anthem Silver Pathway X Enhanced HMO 5800/40% Standard ($317 per month)
- Michigan: Ascension Personalized Care Low Premium Silver ($330 per month)
- Virginia: Innovation Health - Aetna Silver S ($343 per month)
The premiums shown above are just averages. Your actual rate may differ based on various individual factors.
Cheapest Health Insurance by State
Cheapest Cities for Health Insurance by City
Health insurance costs vary not only by state but also by city. More specifically, health insurance options and costs vary by rating areas within the state. Some examples of the cheap health insurance rates for a 40-year-old shopping for a Silver plan can be found in the following cities:
Cheapest Health Insurance by Rate
City | Provider | Monthly Premium |
|---|---|---|
UCare Minnesota | $265 | |
Ambetter from Meridian | $292 | |
Total Health Care USA, Inc. | $305 | |
Molina Healthcare | $313 | |
Kaiser Permanente | $321 | |
Bright Health | $330 | |
Kaiser Permanente | $339 | |
Molina Healthcare | $343 | |
BlueCross BlueShield Minnesotta | $346 | |
Kaiser WA | $358 | |
AmeriHealth Ins Company of NJ | $377 | |
Blue Cross and Blue Shield of Texas | $381 | |
Blue Shield California | $383 | |
Kaiser Permanente | $384 | |
Priority Health | $386 | |
Common Ground Healthcare Cooperative | $390 | |
Kaiser Permanente | $391 | |
Molina Healthcare | $391 | |
Priority Health | $396 | |
Blue Cross and Blue Shield of Texas | $399 | |
Blue Cross and Blue Shield of Texas | $399 | |
Health Net | $401 | |
Providence Health Plan | $402 | |
Anthem Blue Cross and Blue Shield | $406 | |
Molina Healthcare | $417 | |
Cigna Healthcare | $428 | |
CareSource | $433 | |
Valley Health Plan | $436 | |
Scott and White Health Plan | $441 | |
Independence Blue Cross | $447 | |
Raleigh | Blue Cross and Blue Shield of NC | $458 |
Blue Shield California | $461 | |
Capital BlueCross | $506 | |
Kaiser Permanente | $510 | |
Medica | $543 |
Additional Low-Cost Health Insurance Options
If you don’t qualify for low-cost plans in the Health Insurance Marketplace, consider these cheap alternatives:
1
Medicaid for Low- to No-Cost Health Insurance
Medicaid provides low- to no-cost health insurance to qualified individuals. Medicaid eligibility is based on income and family size, which vary across states. In addition to people with limited income or resources, those who are pregnant or have a disability may also be eligible for this government-funded health insurance program.
2
Medicare Health Insurance for Those 65 and Older
Medicare is another government-funded health program that subsidizes medical expenses for certain individuals. You may qualify for Medicare if you are 65 and older or have a disability.
You can get Medicare hospital and prescription coverage through Original Medicare with Medicare Supplement plans or Medicare Advantage. For the latter, we gathered the best Medicare Advantage plans based on various factors.
3
Short-Term Health Insurance
Short-term health insurance is designed to bridge temporary gaps in your medical coverage. Because it is not Affordable Care Act-compliant, these plans don’t include essential health benefits or cover pre-existing conditions. They’re typically not recommended for those with extensive health needs or those who need care for more than a few months.
Browse through the best short-term health insurance companies based on specific circumstances.
4
Community Health Centers
Federally Qualified Health Centers (FQHCs) may save uninsured individuals or those with little to no income from visiting ERs and other expensive forms of health care. This is because FQHCs provide preventative services on a sliding fee scale based on your ability to pay.
How to Find Cheap Health Insurance
Because most providers only offer health insurance plans in certain states, your options largely depend on where you live. You can narrow down your options based on your specific needs.
If affordability is your focus, choosing a Bronze HMO may be your cheapest option. However, you may find a better balance between health care coverage and costs with either a low-income plan (if you qualify) or a subsidized Silver HMO or PPO.
Keep in mind that you can also be added to someone else’s plan, including:
- Employer-based plan
- Parent’s plan
- Spouse’s plan
Expert Advice: Finding Affordable Health Insurance
- What are the pros and cons of buying health insurance plans with cheaper premiums?
- If I’m not eligible for Medicaid or Medicare, what other options are there for cheap health insurance coverage?
- Can I still get quality coverage if I buy a cheap health insurance plan?
Taylor Hough, PhD, MHA
Director of Clinical Education and Associate Professor at Touro University Nevada
Glenn Melnick
Professor at University of Southern California
Dr. Siwei Gao
Thomas and Rebecca Coffey Professor of Insurance Studies at Eastern Kentucky University
Elaine Luther, D.Sc.
Business Management Professor at Point Park University
Jack Riashi, Jr.
CFP®, Financial Advisor at Bloom Advisors
Bob G. Wood, Ph.D.
Professor of Finance at University of South Alabama
Sean J. Britton, MPA, NRP
Principal and Financial Planner at STAT Financial Health
William C. Binning, Ph.D.
Faculty Emeritus at Youngstown State University
James R. Langabeer, Ph.D.
Professor of Emergency Medicine and Biomedical Informatics at the University of Texas Health Science Center at Houston
Chunhuei Chi, Sc.D., MPH
Professor of Health Management and Policy, Professor in Global Health at Oregon State University
Aislinn Conrad, Ph.D.
Assistant Professor of Social Work at The University of Iowa
Anastasia Miller
Program Director, Healthcare Leadership B.S., University of Louisville
Michael Flynn
Professor of Law
Zachary Bachner
Advisor and Investment Research Analyst at Summit Financial Consulting
Dr. Pallavi Panda, Ph.D.
Associate Professor of Economics in the School of Business at SUNY Geneseo
Dr. Stephen Willand
Adjunct Professor at the School of Business, Quinsigamond Community College
Mengying He
Assistant Professor of Healthcare Management at California State University, Los Angeles
David Sacco
Practitioner in Residence at the University of New Haven
Meghan Hope
Faculty, BS in Health Studies Program at Walden University
Geoffrey Hill
CEO & Principal Advisor at Raisonné & Hammer Price Corporation
Matt Hylland
Financial Planner at Arnold & Mote Wealth Management
Dr. Andrew Burnstine
Associate Professor of Marketing at Lynn University
Amit Sinha
Professor of Finance and Quantitative Methods at Bradley University
Jonathan Handy
Assistant Professor of Finance at Western Kentucky University
Dr. Brian J Adams
Associate Dean of Graduate Business Programs and Professor of Finance at the University of Portland's Pamplin School of Business
Raymond March, Ph.D.
Assistant Professor of Economics at North Dakota State University
Teresa Serratt
DNP Program Director and Associate Professor at Boise State University School of Nursing
Kamal Gursahani
Vice Chair for Education; Associate Professor, Emergency Medicine
Li Zhang
Professor at St. Cloud State University
Makayla Lavender, Ph.D.
Assistant Professor at the University of Nevada, Las Vegas
Lanlan (Lacey) Chu
Assistant Professor of Economics at St. Catherine University
Matt Rutledge
Associate Professor of the Practice of Economics and Research Fellow at the Center for Retirement Research at Boston College
Jeanne M. Boeh
Professor of Economics at Augsburg University
Dr. Brandon Di Paolo Harrison
Assistant Professor of Accounting at Austin Peay State University
Dr. Sherif A. Ebrahim
Professor at Tulane University and Chairman at SMG Capital
Jonathan Gruber
Professor of Economics at the Massachusetts Institute of Technology
Jeff Bolles, Ph.D.
Interim MBA Director at the University of North Carolina at Pembroke
Haizhen Lin
Associate Professor of Business Economics at Indiana University
Dr. Kara Grant
Assistant Professor of Economics at Missouri Western State University
Patricia Born
Professor at Florida State University
Lacey Loomer, PhD, MSPH
Assistant Professor of Health Care Management at the University of Minnesota Duluth
Deborah M Mullen, PhD.
Greg Vital - Franklin Farrow Associate Professor in Healthcare Administration at the University of Tennessee
Gal Wettstein
Senior Research Economist at Center for Retirement Research at Boston College
Jeffrey DeSimone
Visiting Associate Professor of Economics at Tippie College of Business at the University of Iowa
Dr. Greg Page
Assistant Professor of the Practice of Health Care Management at the Phillips School of Business at High Point University
Joanna Short
Associate Professor of Economics at Augustana College
J. Tim Query, Ph.D., C.P.A., A.R.M.
Professor at the New Mexico State University, College of Business
Henrique Veras
Visiting Assistant Professor of Economics and Business at Centre College
Jennifer Juguilon-Hottle, MBA
Adjunct Faculty Member at Baldwin Wallace University
Dr. Zhigang Feng
Associate Professor at the Department of Economics, University at Nebraska at Omaha
Marta Podemska-Mikluch
Schnell Family Chair in Econ-Capital Systems and Associate Professor in Economics and Management and Public Health at Gustavus Adolphus College
Affordable Health Insurance FAQ
When looking for health insurance, it’s common to have questions about finding low-cost options. If so, you may benefit from answers to some of the most frequently asked questions about affordable health insurance.
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sources
- Healthcare.gov. "Federally Qualified Health Center (FQHC)." Accessed January 20, 2023.