The Most Affordable Health Insurance Providers (2023) | MoneyGeek.com

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 Health

Insurance

2023

The Most Affordable Health Insurance in 2023

MoneyGeek accessed the Centers for Medicare & Medicaid Services (CMS) public use files which includes data from the 34 states that use the federal marketplace, Healthcare.gov.

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

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Company

Metal Tier

Monthly Cost

Maximum Out-of-Pocket
Oscar

Catastrophic

$210

$9,100
Oscar

Catastrophic

$236

$9,100
Oscar

Bronze

$264

$9,064
Aetna

Expanded Bronze

$270

$9,017
Oscar

Catastrophic

$294

$9,100
Oscar

Bronze

$296

$9,064
Aetna

Expanded Bronze

$302

$9,017
Molina

Silver

$344

$9,035
Molina

Gold

$355

$8,967
Oscar

Bronze

$369

$9,064
Aetna

Expanded Bronze

$377

$9,017
Aetna

Silver

$401

$8,750
Oscar

Catastrophic

$411

$9,100
Ambetter

Gold

$423

$7,512
Aetna

Silver

$501

$8,750
Oscar

Bronze

$516

$9,064
Aetna

Expanded Bronze

$527

$9,017
Ambetter

Gold

$528

$7,512
Oscar

Catastrophic

$625

$9,100
Blue Cross Blue Shield

Platinum

$636

$3,065
Aetna

Silver

$700

$8,750
Blue Cross Blue Shield

Platinum

$713

$3,065
Ambetter

Gold

$738

$7,512
Oscar

Bronze

$784

$9,064
Aetna

Expanded Bronze

$801

$9,017
Blue Cross Blue Shield

Platinum

$890

$3,065
Aetna

Silver

$1,064

$8,750
Ambetter

Gold

$1,122

$7,512
Blue Cross Blue Shield

Platinum

$1,244

$3,065
Blue Cross Blue Shield

Platinum

$1,891

$3,065

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

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Company

Monthly Cost

Maximum Out-of-Pocket
Molina

$344

$9,035
Aetna

$358

$8,750
Ambetter

$358

$7,655
Oscar

$366

$8,821
Cigna

$368

$8,985
United Healthcare

$388

$9,068
Aetna

$401

$8,750
Ambetter

$405

$7,655
CareSource

$410

$8,235
Oscar

$411

$8,821

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

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Company

Monthly Cost

Maximum Out-of-Pocket
Oscar

$264

$9,064
Ambetter

$273

$8,708
United Healthcare

$292

$9,100
Oscar

$296

$9,064
Medica

$296

$9,091
Blue Cross Blue Shield

$301

$9,096
CareSource

$302

$9,100
Cigna

$304

$9,005
Ambetter

$311

$8,708
Medica

$332

$9,091

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

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Company

Monthly Cost

Maximum Out-of-Pocket
Aetna

$270

$9,017
Molina

$296

$8,775
Oscar

$298

$9,057
United Healthcare

$300

$9,058
Aetna

$302

$9,017
CareSource

$310

$9,100
Ambetter

$312

$8,745
Cigna

$313

$9,073
Blue Cross Blue Shield

$323

$9,023
Medica

$325

$9,065

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

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State

Company

Plan

Monthly Cost

Maximum Out-of-Pocket
AK

Moda Assurance Company

Moda Pioneer Alaska Standard Silver

$527

$8,900
AK

Moda Assurance Company

Moda Pioneer Alaska Standard Silver

$592

$8,900
AK

Moda Assurance Company

Moda Pioneer Alaska Standard Silver

$739

$8,900
AK

Moda Assurance Company

Moda Pioneer Alaska Standard Silver

$1,032

$8,900
AK

Moda Assurance Company

Moda Pioneer Alaska Standard Silver

$1,568

$8,900
AL

Blue Cross Blue Shield

Blue Saver Silver EPO

$268

$8,650
AL

Blue Cross Blue Shield

Blue Secure Silver for Business

$302

$8,550
AL

Blue Cross Blue Shield

Blue Secure Silver for Business

$377

$8,550
AL

Blue Cross Blue Shield

Blue Secure Silver for Business

$527

$8,550
AL

Blue Cross Blue Shield

Blue Secure Silver for Business

$801

$8,550
AR

Ambetter

CMS Standard Silver

$294

$8,900
AR

Ambetter

CMS Standard Silver

$329

$8,900
AR

Ambetter

CMS Standard Silver

$411

$8,900
AR

Ambetter

CMS Standard Silver

$575

$8,900
AR

Ambetter

CMS Standard Silver

$873

$8,900
AZ

Health Net

Clear SELECT Silver with Select Providers

$258

$5,400
AZ

Health Net

Clear SELECT Silver with Select Providers

$290

$5,400
AZ

Health Net

Clear SELECT Silver with Select Providers

$361

$5,400
AZ

Health Net

Clear SELECT Silver with Select Providers

$505

$5,400
AZ

Health Net

Clear SELECT Silver with Select Providers

$767

$5,400
DE

Aetna

Silver S: Aetna network of doctors & hospitals + $0 MinuteClinic + $0 Telehealth 24/7

$387

$8,900
DE

Aetna

Silver S: Aetna network of doctors & hospitals + $0 MinuteClinic + $0 Telehealth 24/7

$434

$8,900
DE

Aetna

Silver S: Aetna network of doctors & hospitals + $0 MinuteClinic + $0 Telehealth 24/7

$542

$8,900
DE

Aetna

Silver S: Aetna network of doctors & hospitals + $0 MinuteClinic + $0 Telehealth 24/7

$757

$8,900
DE

Aetna

Silver S: Aetna network of doctors & hospitals + $0 MinuteClinic + $0 Telehealth 24/7

$1,151

$8,900
FL

Health First – AdventHealth

Silver Value 1815

$327

$8,700
FL

Health First – AdventHealth

Silver Value 1815

$367

$8,700
FL

Health First – AdventHealth

Silver Value 1815

$457

$8,700
FL

Health First – AdventHealth

Silver Value 1815

$639

$8,700
FL

Health First – AdventHealth

Silver Value 1815

$971

$8,700
GA

Friday Health Plans of Georgia Inc

Friday Standard Silver

$270

$8,900
GA

Friday Health Plans of Georgia Inc

Friday Standard Silver

$302

$8,900
GA

Friday Health Plans of Georgia Inc

Friday Standard Silver

$377

$8,900
GA

Friday Health Plans of Georgia Inc

Friday Standard Silver

$527

$8,900
GA

Friday Health Plans of Georgia Inc

Friday Standard Silver

$801

$8,900
HI

Kaiser Permanente

KP HI Standard Silver 5800/40

$307

$8,900
HI

Kaiser Permanente

KP HI Standard Silver 5800/40

$345

$8,900
HI

Kaiser Permanente

KP HI Standard Silver 5800/40

$430

$8,900
HI

Kaiser Permanente

KP HI Standard Silver 5800/40

$601

$8,900
HI

Kaiser Permanente

KP HI Standard Silver 5800/40

$913

$8,900
IA

Blue Cross Blue Shield

Wellmark Silver Primary Care | UnityPoint Health

$323

$8,900
IA

Blue Cross Blue Shield

Wellmark Silver Primary Care | UnityPoint Health

$362

$8,900
IA

Blue Cross Blue Shield

Wellmark Silver Primary Care | UnityPoint Health

$452

$8,900
IA

Blue Cross Blue Shield

Wellmark Silver Primary Care | UnityPoint Health

$632

$8,900
IA

Blue Cross Blue Shield

Wellmark Silver Primary Care | UnityPoint Health

$960

$8,900

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

Additional Low-Cost Health Insurance Options

If you don’t qualify for low-cost plans in the Health Insurance Marketplace, consider these cheap alternatives:

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.

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.

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.

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?

Dr. Brian J Adams

Associate Dean of Graduate Business Programs and Professor of Finance at the University of Portland’s Pamplin School of Business

Jonathan Handy

Assistant Professor of Finance at Western Kentucky University

Amit Sinha

Professor of Finance and Quantitative Methods at Bradley University

Dr. Andrew Burnstine

Associate Professor of Marketing at Lynn University

Matt Hylland

Financial Planner at Arnold & Mote Wealth Management

Marta Podemska-Mikluch

Schnell Family Chair in Econ-Capital Systems and Associate Professor in Economics and Management and Public Health at Gustavus Adolphus College

Joanna Short

Associate Professor of Economics at Augustana College

Dr. Greg Page

Assistant Professor of the Practice of Health Care Management at the Phillips School of Business at High Point University

Dr. Zhigang Feng

Associate Professor at the Department of Economics, University at Nebraska at Omaha

Jeffrey DeSimone

Visiting Associate Professor of Economics at Tippie College of Business at the University of Iowa

Jennifer Juguilon-Hottle, MBA

Adjunct Faculty Member at Baldwin Wallace University

Geoffrey Hill

CEO & Principal Advisor at Raisonné & Hammer Price Corporation

Meghan Hope

Faculty, BS in Health Studies Program at Walden University

David Sacco

Practitioner in Residence at the University of New Haven

Henrique Veras

Visiting Assistant Professor of Economics and Business at Centre College

Gal Wettstein

Senior Research Economist at Center for Retirement Research at Boston College

Dr. Stephen Willand

Adjunct Professor at the School of Business, Quinsigamond Community College

Deborah M Mullen, PhD.

Greg Vital – Franklin Farrow Associate Professor in Healthcare Administration at the University of Tennessee

Lacey Loomer, PhD, MSPH

Assistant Professor of Health Care Management at the University of Minnesota Duluth

Patricia Born

Professor at Florida State University

Dr. Kara Grant

Assistant Professor of Economics at Missouri Western State University

J. Tim Query, Ph.D., C.P.A., A.R.M.

Professor at the New Mexico State University, College of Business

Haizhen Lin

Associate Professor of Business Economics at Indiana University

Jeff Bolles, Ph.D.

Interim MBA Director at the University of North Carolina at Pembroke

Jonathan Gruber

Professor of Economics at the Massachusetts Institute of Technology

Dr. Sherif A. Ebrahim

Professor at Tulane University and Chairman at SMG Capital

Dr. Brandon Di Paolo Harrison

Assistant Professor of Accounting at Austin Peay State University

Jeanne M. Boeh

Professor of Economics at Augsburg University

Matt Rutledge

Associate Professor of the Practice of Economics and Research Fellow at the Center for Retirement Research at Boston College

Lanlan (Lacey) Chu

Assistant Professor of Economics at St. Catherine University

Makayla Lavender, Ph.D.

Assistant Professor at the University of Nevada, Las Vegas

Li Zhang

Professor at St. Cloud State University

Kamal Gursahani

Vice Chair for Education; Associate Professor, Emergency Medicine

Teresa Serratt

DNP Program Director and Associate Professor at Boise State University School of Nursing

Raymond March, Ph.D.

Assistant Professor of Economics at North Dakota State University

Zachary Bachner

Advisor and Investment Research Analyst at Summit Financial Consulting

Mengying He

Assistant Professor of Healthcare Management at California State University, Los Angeles

Dr. Pallavi Panda, Ph.D.

Associate Professor of Economics in the School of Business at SUNY Geneseo

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.

The average cost of private health insurance in 2022 was $8,000 per year for individual coverage. It’s worth noting that private health insurance companies are not connected to government health insurance.

Usually, getting health insurance coverage from your employer is more affordable. But if this is not possible, you can buy your own health insurance. One benefit of doing this is you no longer need new insurance whenever you switch jobs.

You can buy health insurance coverage from the national or state insurance Marketplace. If you’re looking for low-cost alternatives, consider Medicaid, Medicare, short-term health insurance or COBRA coverage.

About Mandy Sleight, Licensed Insurance Agent

Mandy Sleight, Licensed Insurance Agent headshot

Mandy Sleight is a licensed insurance agent and has worked in the industry since 2005. She has her property, casualty, life and health licenses. Mandy has worked for well-known insurance companies like State Farm and Nationwide Insurance, and most recently as the Operations Coordinator for a startup employee benefits company.

Mandy earned her Bachelor of Science degree in Business Administration and Management from the University of Baltimore and her Master of Business Administration from Southern New Hampshire University. She uses her vast knowledge of the insurance industry and personal finance combined with her writing background to create easy-to-understand and engaging content to help readers make smarter choices with their budgets and finances.