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Health insurance premiums are one of the most important factors when choosing the best affordable health insurance. But that’s just the start when shopping for the right plan for you.
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.
Table of Contents
Find The Best Health Insurance
Find The Best Health Insurance
Best Cheap Health Insurance Companies
Compare the Best Affordable Health Insurance Companies
How to Get Affordable 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.
How to Find the Best Cheap Health Insurance
Les Masterson
Insurance Editor
Jason Metz
Insurance Lead Editor
Michelle Megna
Insurance Lead Editor
Compare quotes.
If you’re buying a health plan through the ACA marketplace, I think it’s wise to compare health insurance quotes on the marketplace website. Make sure to compare the costs for the same metal tier, so you can gauge the plans accurately.
Get on a spouse or parent’s plan.
Getting added to a spouse or parent’s health plan may cost less than buying your own health insurance. I suggest reviewing all of your health insurance options, including a spouse or parent’s health plan, before choosing a plan.
What to Consider When Searching for 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.
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.
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