To find the best affordable health insurance companies, we analyzed average premiums and deductibles, as well as consumer complaints, breadth of plans and metal tier offerings. Our findings show a range of costs so review our research to determine the coverage that’s best for you and your budget.
Best Cheap Health Insurance Companies
Kaiser Permanente
Best for price
Kaiser Permanente
Plans offered
Average premium
$570 a month
Average silver plan deductible
$4,218 annually
$570 a month
$4,218 annually
Our Expert Take
Kaiser Permanente has the cheapest prices among the health insurance companies we evaluated. We like that this integrated insurance company offers the lowest premiums for each age group we analyzed. If Kaiser Permanente is available where you live it’s worth taking a look at.
Pros & Cons
- Operates an integrated health system, which may reduce potential claims problems and make healthcare more seamless.
- One of the cheapest silver plan deductibles of the companies we analyzed.
- Very low consumer complaints to state insurance commissioners.
- Only available in 8 states and Washington, D.C.
- Doesn’t offer a PPO on the ACA marketplace.
Health Plan Cost
Source: Healthcare.gov. Averages are for unsubsidized plans.
Aetna
Best for low complaints
Aetna
Plans offered
EPO, HMO, PPO
Average premium
$594 a month
Average silver plan deductible
$7,231 annually
EPO, HMO, PPO
$594 a month
$7,231 annually
Our Expert Take
We like that Aetna has the lowest complaint levels of the companies we reviewed. A low complaint level to state insurance departments can signify high customer satisfaction. It also offers some of the cheapest health insurance premiums among the insurers we analyzed.
Pros & Cons
- Aetna, which is owned by CVS Health, provides members a $25 allowance every three months to shop at CVS Health and a 20% discount on CVS Health brand products.
- One of the best deductibles for bronze plans.
- Highest average silver plan deductible of the companies in our study.
- ACA plans offered in only 17 states.
Health Plan Cost
Source: Healthcare.gov. Averages are for unsubsidized plans.
Oscar
Great for bronze plans
Oscar
Plans offered
EPO, HMO, PPO
Average premium
$610 a month
Average silver plan deductible
$4,760 annually
EPO, HMO, PPO
$610 a month
$4,760 annually
Our Expert Take
We like that Oscar has one of the lowest overall costs for bronze plans, which usually have the cheapest premiums. Although bronze plans often have the highest deductibles, we found that you may save overall by choosing a bronze Oscar plan because of its low deductibles and average premium costs.
Pros & Cons
- Low silver plan deductible means you pay less out of pocket when you need care compared to some competitors.
- Low complaints to state insurance departments.
- While average deductibles are cheaper for bronze and silver plans, an Oscar gold plan has higher-than-average deductibles.
- Offers ACA plans in only 13 states.
Health Plan Cost
Source: Healthcare.gov. Averages are for unsubsidized plans.
Compare the Best Affordable Health Insurance Companies
How to Get Cheap Health Insurance
There are multiple avenues to finding cheap health insurance.
How Much Does Health Insurance Cost?
A bronze health insurance plan on the Affordable Care Act marketplace costs an average of $413 monthly for a 30-year-old.
- A 40-year-old pays an average of $465 monthly for the same coverage.
- A 50-year-old pays $650 monthly.
- A 60-year-old pays $987 monthly.
Average Cost of Health Insurance by Age
Age plays an important role in how much you pay for ACA marketplace coverage.
Source: HealthCare.gov. Based on unsubsidized ACA plans.
Bronze plans have the lowest health insurance premiums on the ACA marketplace (at HealthCare.gov). Silver plans have the next lowest premiums. A silver health insurance plan costs an average of $502 monthly for a 30-year-old, $565 for a 40-year-old, $790 for a 50-year-old and $1,199 for a 60-year-old.
None of these averages factor in subsidies or tax credits, which will lower your overall cost. ACA plans are the only health plans that have these tax credits. People with household incomes below 400% of the federal poverty level qualify for subsidies on ACA plans.
Average Cost Of Health Insurance by Tier
Average costs for a 27-year-old. Source: HealthCare.gov. Based on unsubsidized ACA plans.
Average Monthly Health Insurance Cost by State
Source: HealthCare.gov. Based on unsubsidized ACA plans.
Factors That Impact the Cost of Health Insurance
Health insurance costs in the ACA marketplace at HealthCare.gov vary based on multiple factors, including:
- The health insurance company.
- The metal tier, such as bronze vs. silver plans..
- The type of health plan (such as an HMO vs. a PPO).
- Your age.
- Your out-of-pocket costs when you get healthcare, including deductibles and coinsurance.
- Your smoking status.
While ACA plans base rates partially on age and whether you smoke, employer-sponsored group health insurance plans can’t base prices on individuals. Group health plans instead take into account the overall health insurance costs accrued from the group over a period when deciding on costs.
What to Consider When Buying Affordable Health Insurance
When looking for a cheap health plan, consider your family’s current and near-future healthcare needs. Are you planning to start a new family? Are you on many prescription medications? Do you expect you’ll need to get that knee fixed in the coming year?
All of those factors should be taken into account so you can decide whether or not you should choose a plan with a high deductible. A high-deductible health plan (HDHP) typically has lower premiums, but you pay more out-of-pocket when you need healthcare.
Premiums
A health insurance premium is what you pay to have insurance. Premiums are a major cost driver for health insurance.
Deductibles
A deductible influences how much you pay for a health insurance premium and decides how much you pay when you need care. You must pay your health insurance deductible before a health insurer begins paying for healthcare services.
Coinsurance
A higher coinsurance means you pay more for healthcare when you need it. The percentage of healthcare costs that you pay when you need care after reaching your deductible.
Metal Tiers
ACA plans are grouped into four “metal” categories: bronze, silver, gold or platinum health insurance, which are separated based on premiums and out-of-pocket costs. Bronze and silver plans have lower premiums but higher out-of-pocket costs when you need care. Gold and platinum have higher premiums but lower out-of-pocket costs.
Premium Tax Credits
ACA plans are the only ones with premium tax credits based on your household income. Depending on your income, you may save hundreds on your ACA plan each year.
Provider Network
Health plans typically have provider networks, which are doctors and healthcare professionals who have contracts with your health insurer. Staying in a plan’s network is generally cheaper than getting out-of-network care.
Out-of-Pocket Maximum
This amount is the most you could pay for healthcare services in a year. Your deductible, copays and coinsurance for in-network services count toward this maximum. Your health insurance plan covers 100% of your in-network costs for the year once you reach our out-of-pocket max.
Methodology
We analyzed 96 data points related to coverage and quality for eight large health insurance companies to determine the best health insurance companies. Our ratings are based on:
- Average premiums (40% of score): We averaged Affordable Care Act health insurance marketplace rates for ages 21, 27, 30, 40, 50 and 60. Source: HealthCare.gov.
- Complaints made to state insurance departments (30% of score): We used complaint data from the National Association of Insurance Commissioners.
- Average silver plan deductible (20% of score): The deductible is how much you have to pay for healthcare in a year before the health plan begins picking up a portion of the costs. Companies with health plans that had low deductibles got more points. Source: HealthCare.gov.
- Breadth of health plans (5% of score): Health insurance companies may offer up to four types of plan benefit designs (PPO, HMO, EPO and POS). We gave companies that offered more types of plans more points. Source: HealthCare.gov.
- Metal tier offerings (5% of score): The ACA marketplace has four metal tier levels. We gave points to companies that offered more tier plan options. Source: HealthCare.gov.
Read more: How Forbes Advisor rates health insurance companies
Affordable Health Insurance Frequently Asked Questions (FAQs)
Can I buy affordable health insurance any time?
You usually can only buy a new health insurance plan or change your coverage during the annual open enrollment period unless you have a qualifying life event. For instance, open enrollment for ACA marketplace plans runs from November 1 to January 15 in most states, though some states have longer open enrollment periods.
A qualifying life event, such as losing your health coverage, getting married or having a baby, typically kicks off a special enrollment period. During a special enrollment period, you can sign up for overage or change your existing health coverage.
Can I negotiate the cost of health insurance?
No, you can’t typically negotiate health insurance costs. The health insurance company may offer another plan that would be a better fit for you.
For instance, an insurer may suggest a lower-cost bronze plan, going with a higher deductible or choosing a more restrictive plan like a health maintenance organization (HMO) plan. Those options often have lower premiums than more expensive coverage options.
Is $200 a month good for health insurance?
Yes, paying only $200 a month is good for health insurance in the Affordable Care Act marketplace. The average monthly health insurance premium is more than three times that amount.
