Where to Find Low-Cost Health Insurance

The best and worst states for health care across the U.S. vary widely when it comes to health insurance costs. Fortunately, there are many ways to get cheap health insurance plans, regardless of where you live. Medicaid is a government-funded program created for low-income individuals and families. Medicaid offers free or low-cost health insurance coverage, though eligibility requirements vary by state. Seniors can get the cheapest health insurance through a different government program called Medicare, which provides plans like Medicare Advantage that covers most medical expenses.

If you aren't eligible for Medicaid or Medicare, the best way to find affordable health insurance is through your state's Health Insurance Marketplace. On average, these plans cost $477 per month. Rates vary widely depending on your location and premium tax credit eligibility.

As part of the Medicaid expansion, 38 states allow low-income individuals and families to be eligible for Medicaid based on income alone. For the rest of the states, you can’t qualify on just your income level. The income cut-off is usually 133% of the Federal Poverty Level (FPL), so a single person must make $17,774 or less to qualify.

The bigger the household, the higher the income cut-off limit. In the 12 states that do not offer income-only Medicaid qualification, you must be low-income and meet another eligibility requirement, including child guardianship or being over the age of 65.

• Alabama
• Florida
• Georgia
• Kansas
• Mississippi
• North Carolina
• South Carolina
• South Dakota
• Tennessee
• Texas
• Wisconsin
• Wyoming

Even though Medicaid benefits vary by state, emergency care, family planning, child healthcare and other select coverages are still free. Depending on your state and income levels, you may have copays for inpatient hospital care, physician visits and prescription drugs.

In 38 states, whether you qualify for Medicaid is based solely on your income levels as a required part of Medicaid eligibility expansion. The income level differs depending on the size of your household but is the same in 36 of the 38 states. Qualification numbers for Alaska and Hawaii are different. Take a look at the table below to find the income level for your state and find out if you qualify for Medicaid.

When the Affordable Care Act, also known as Obamacare, was passed, it offered a new way for individuals and families to get affordable health insurance. Each state now has its own Health Insurance Marketplace exchange for private insurance. Coverage offerings vary by state. These health insurance plans are the best option for those who don’t have health insurance through work and don’t meet the eligibility requirements for Medicaid or Medicare.

You can get the cheapest health insurance plans by qualifying for a premium tax credit. Even if your income is higher than the federal poverty limit, you can still be eligible. MoneyGeek gathered and analyzed the data to help you find the cheapest health insurance company and Silver plan in your state. Silver plans offer a middle-of-the-road policy, which balances moderate deductibles and costs for healthcare.

Click on your state below to find cheap health insurance plans in your area. Continue reading to learn more about Bronze and Gold plans.

The different metal tiers in the Health Insurance Marketplace determine how health care costs are split between you and the insurance company. The more responsibility put on the insurance company, the higher your the cost of your premiums will be.

• Bronze: With the Bronze plan, you take on the most expenses, around 40%. This policy has low monthly premiums averaging $383 nationally but could be costly if you have high medical costs. Our data shows an average annual deductible of $6,791, but maximum out-of-pocket costs of $8,137 per year. A Bronze plan is best suited for individuals who can pay for their own routine care but want coverage for serious illnesses or injuries.
• Silver: Expect to pay around 30% of your medical costs if you choose a Silver plan. Your premium will be higher than a Bronze plan with a national average of $503 monthly, but this plan has a lower annual deductible. We found the average annual deductible in a Silver plan is $4,236, while the average out-of-pocket maximum is $7,954. With the Silver plan, you may qualify for extra savings called cost-sharing reductions, which can lower your copays, co-insurance and deductibles. If you qualify, you might save thousands with a Silver plan versus a Bronze plan.
• Gold: Individuals and families with a Gold plan pay the highest premiums, an average of $562 monthly. But, you also pay fewer insurance costs, around 20%. The Gold plan has a low deductible and out-of-pocket maximum, averaging $1,500 and $6,650 per year, respectively. If you expect high medical bills and can afford the monthly premium, the higher Gold plan premium may be worth it to get most of the costs covered by the insurance company.

Some states also have a policy with a very high deductible called a Catastrophic health insurance plan. You can also get a Platinum plan in some states, which offers the lowest deductible but the highest monthly premium. A Catastrophic plan is best for the young and very healthy, while the Platinum plan is for those who expect very high medical bills.

When you buy health insurance on the Marketplace, insurance companies are required to cover these health benefits:

Other health services, like medical management programs for diabetes and weight management, may also be covered but vary by plan. For instance, not all Marketplace health insurance plans offer dental and vision coverage for adults.

If you can’t get cheap health insurance plans through your job, Medicaid or your state’s Marketplace, you still have options. You may find low-cost coverage through Medicare, non-compliant Affordable Care Act plans, short-term health insurance, a local healthcare sharing ministry or Farm Bureau health plans.

Short-term health insurance plans offer up to a year of coverage but aren’t as comprehensive as Marketplace plans. These plans provide coverage for doctor visits, urgent care, emergency care and preventive care and may offer some prescription drug coverage. They are designed to fill temporary gaps in coverage and can be canceled anytime without penalty.

Short-term health insurance comes with high deductibles, no pre-existing condition coverage and little government oversight as coverage is not standardized or mandated. Because of these qualities, plan offerings, coverage limits, exclusions and costs vary widely by the insurance carrier. You may also have to complete a medical questionnaire, which will help the insurance provider determine if you are approved or denied coverage.

If you’re healthy and don’t qualify for Marketplace subsidies, Farm Bureau plans may be cheaper than other alternatives. Like short-term health plans, Farm Bureau health insurance may not cover pre-existing conditions or could have a waiting period before these conditions are covered. Your medical history is a factor when you apply, and could cause you to be denied coverage.

Though Farm Bureau plans can be relatively affordable, these cheap health insurance plans are not compliant with the Affordable Care Act regulation and don’t have to cover the 10 essential health benefits. Coverage varies by state, but you can apply year-round if you’re a Farm Bureau member, which comes with a separate annual membership cost.