Affordable Health Insurance in Missouri to Choose From

By: Shawnda
Updated: September 5, 2022
affordable health insurance in missouri

Affordable health insurance in Missouri can be attained with little effort. Celtic Insurance/Ambetter provides the least expensive Silver health insurance plan in most of the state. In a combined 70% of counties, Ambetter Balanced Care 11 and Ambetter Balanced Care 129 are the least expensive options.

Depending on your financial situation and medical requirements, five different levels of coverage are available on the Missouri health insurance exchange. The Silver metal tier stands out because it offers discounted programs based on your income level. We will also discuss some free health insurance in Missouri.

Cheap Metal Tier Health Insurance in Missouri

The metal tier you select will determine how much your Missouri health insurance will cost. With the metal tier system, policyholders can choose between paying higher monthly rates for less coverage and greater deductibles that will cut their insurance premiums.

There are five metal tiers accessible in Missouri. The Catastrophic, Bronze, Expanded Bronze, Silver, and Gold categories are these. In Missouri, the average monthly rates for each tier are as follows:

  • Devastating: $297 monthly
  • Bronze ($410 monthly)
  • Expanded Bronze ($453 monthly)
  • Silver costs $569 a month.
  • Gold monthly fee: $644

A Gold or Platinum plan may offer more savings for people with high medical costs because it has lower out-of-pocket charges. That means people can now easily save money on health insurance.

A healthy individual might decide a Bronze or Expanded Bronze is more advantageous and affordable. Premium, deductible and maximum out-of-pocket costs within a metal tier may differ significantly in the Missouri market.
Cost-sharing reductions may be available for health insurance to people with low income in Missouri. Silver plans decrease the cost of deductibles, allowing you to access more coverage.

Higher metal tier health plans typically have higher monthly premiums but lower deductibles. As an illustration, the WellFirst Bronze Copay Plus 8650X plan has a minimum monthly premium of $322, which is $97 less than the WellFirst Silver HSA-E 4500X, which is the least expensive Silver plan. However, the Expanded Bronze plan’s deductible is $4,150 higher than the Silver plan, reducing out-of-pocket expenses.
Whatever metal tier plan you select, your monthly health insurance premiums go up as you age. For instance, in Missouri, a 60-year-old typically pays 112 percent more than a 40-year-old for the same Silver health plan. Accordingly, a Silver health plan would cost a 60-year-old $696 more each month on average.

In Missouri, Locating the Greatest Health Insurance Coverage

Missouri’s four types of health insurance plans are catastrophic, Bronze, silver, and gold. The most expensive premiums are often found in higher metal tier health plans, such as Gold coverage. However, out-of-pocket costs like deductibles, copays, and coinsurance are typically not prohibitively expensive.

A higher metal tier plan may be the best choice if you have significant recurrent medical bills, such as medicines, or believe you may require medical attention. If you are young, healthy, and don’t foresee any medical bills, on the other hand, and can afford the higher cost-sharing, a lower metal tier coverage would be the best choice.

 

Best for high anticipated medical insurance costs are gold plans in Missouri

Since they have the lowest out-of-pocket costs, gold health insurance plans are typically the most economical if you use or anticipate using your insurance regularly. If you use your insurance frequently, the cheaper monthly premiums can be offset by the lower deductibles and copays.
In the end, Gold plans are ideal if you have high anticipated medical costs, including chronic illnesses that demand ongoing care or are concerned about having enough money to cover an unforeseen ailment.

Silver plans are ideal for people with limited resources or moderate medical expenses

Silver plans are ideal for people with limited resources or moderate medical expenses. Consider silver plans if you seek a health insurance choice that compromises costs and benefits. If you are not eligible for premium subsidies like cost-sharing reduction (CSR) subsidies, which the federal government no longer supports, these health plans may still be expensive.

You might be eligible for CSR subsidies with a Silver health plan if your household has a low income, which would further reduce out-of-pocket costs. The typical Silver plans cover roughly 70% of your medical expenses, with the other 30% being your responsibility. However, you can qualify for a Silver plan through CSR subsidies that pays up to 94 percent of your medical expenses.

WellFirst Silver HSA-E 4500X is, on average, Missouri’s least expensive Silver plan. Only three counties, though, can use this scheme. Ambetter Balanced Care 11 is the least expensive Silver plan that is frequently accessible.

The best plans are Bronze and Catastrophic for young, healthy individuals

Bronze and Catastrophic plans often offer lower premium costs than Silver and Gold plans. However, in order to obtain a catastrophic plan, you must be under 30 or meet specific requirements. These affordable policies offer less coverage, which results in higher out-of-pocket expenses.
Before the insurance policy began to pay benefits, you would have to pay higher deductibles and copays if you needed medical care during the year. If you can’t afford the higher deductibles, copays, and coinsurance in the event of a medical emergency, we don’t recommend Bronze or Catastrophic policies.
WellFirst Bronze Value Copay 8650X is the least expensive Bronze plan in Missouri. WellFirst Catastrophic Safety Net is the least expensive catastrophic plan.

Most affordable EPO health insurance plan in Missouri

Consider your healthcare needs and preferences when choosing the type of health insurance plan to purchase. The majority of plans in Missouri are Exclusive Provider Organization (EPO) plans, which mandate that you use just the network of your insurance company’s providers unless there is an emergency. For these, a referral to a specialist is not necessary.

The WellFirst Silver HAS-E 4500X offered by WellFirst Health is the least expensive EPO Silver plan. The average monthly cost is $445.

 

Most affordable HSA-Eligible Health insurance Plan in Missouri

A health savings account is an option for those who are in good health and do not anticipate needing to see a doctor frequently (HSA). These programs typically cost less. You can also contribute before taxes, which you can put toward your medical insurance costs. It can be saved if you decide not to use the money for medical expenses.
The most affordable health insurance in Missouri with HSAs are as follows:

  • Expanded Bronze: WellFirst Health’s WellFirst Bronze HSA-E plan has an average monthly cost of $319.
    Silver: The monthly average cost of the WellFirst Silver HSA-E 4500X plan offered by the WellFirst Health Company is $445.
  • The high deductibles of health insurance plans with HSAs should not be overlooked. As a result, if you incur a significant medical bill, your savings may be impacted.

What Missourians Should Know About Health Insurance?

Based on information about private plans from Missouri marketplaces, MoneyGeek used sample rates. However, if you apply for a plan, you can get even lower rates. Medicaid or Medicare health insurance may be available to low-income or older Missouri individuals. Usually, these are less expensive than Marketplace plans.

 

The Missouri Marketplace for Private Health Insurance

Individual health insurance alternatives in Missouri in 2022 that are offered on marketplaces are divided into three tiers. Plans at the Catastrophic and Bronze levels have the lowest premiums. However, the out-of-pocket expenses for these are the largest. While monthly premiums for Gold plans are greater, out-of-pocket costs are lower.

Every metal-tier health insurance plan complies with all applicable state and federal regulations. They do, however, differ in their advantages and disadvantages:

  • Catastrophic: In Missouri, catastrophic plans are the least expensive options for health insurance, but they also offer the least comprehensive coverage. They also have less coverage than other metal tiers. Deductibles and out-of-pocket expenses are frequently significant. These are accessible to persons who are under 30 or are struggling financially.
  • Bronze: These policies offer additional benefits and fewer out-of-pocket expenses than Catastrophic insurance. These are ideal for locals who don’t visit the doctor frequently but want to be protected against unforeseen medical costs. However, Bronze plans still have substantial out-of-pocket expenses.
  • Expanded Bronze: Unlike a Bronze plan, an Expanded Bronze plan offers additional coverage and reduced out-of-pocket expenses. As a result, it is cheaper than Silver and Gold, even though Catastrophic and Bronze insurance usually is more expensive.
  • Silver: Silver plans fall between the least expensive and most expensive metal levels due to their intermediate premiums and out-of-pocket expenses. Catastrophic, Bronze, and Extended Bronze insurance feature higher monthly premiums and out-of-pocket expenditures than Silver plans.
  • Gold: Gold plans often feature the lowest deductibles and out-of-pocket expenses of all the metal categories. However, their premiums are sometimes the most expensive monthly. The ideal candidates for this kind of plan are those who believe they will require serious medical insurance throughout the year.
Points to ponder!

Missouri citizens may be eligible for cheap health insurance plans or coverage depending on their income levels. Premium tax credits were available to people whose income was between 100 and 400 percent of the federal poverty threshold. In Missouri, a two-person household earning between $17,420 and $69,680 per year is eligible for these tax benefits. The Healthcare.gov calculator can be used to learn more about this.

Policyholders can enroll in a new healthcare plan or renew an existing policy through the healthcare marketplace during the open enrollment, usually between November and December. The government extended the enrollment time because of COVID-19. You may also request a special enrollment period if you move or have a change in job status.

affordable health insurance in Missouri

Missouri Medicaid

Medicaid is the least expensive choice if you qualify because coverage is free. Medicaid will be expanded in Missouri starting on July 1, 2021. Medicaid will be available to locals whose income is less than 138 percent of the federal poverty threshold.

Missouri Medicare

Medicare may be available to Missouri residents who are 65 years of age or older and have a qualifying disease or disability. This government healthcare program may include costs for some coverage, unlike Medicaid. Despite this, it is still less expensive than a private insurance company’s plan.

Medicare consists of three components:
  • Part A: This is hospital insurance, which includes some home health care services, hospice care, inpatient hospital stays, and nursing facility care. This portion is of free health insurance in Missouri.
  • Part B: Also named medical insurance, Part B pays for some medical services provided by doctors, outpatient treatment, required medical supplies, and preventative services. The Part B premiums are calculated based on the policyholder’s income.
  • Part D: Prescription drug coverage is the third part. It pays for the price of prescription medications, including suggested vaccinations. The total cost of this coverage will depend on your plan.

Medicare coverages contain restrictions, so it’s crucial to read the contract carefully before committing.

Missouri’s best affordable health insurance providers

Missouri now has eight health insurance providers to choose from:

  1. Kansas City’s Blue Cross and Blue Shield
  2. Irish Insurance Company
  3. Cigna Life and Health Insurance Co.
  4. Cox Health Systems
  5. Healthy Alliance Life Insurance (Anthem BCBS)
  6. Medica Insurance
  7. The Oscar Insurance Group
  8. SSM Health Insurance

Residents of many counties can only choose a health plan from one insurer, although some of the bigger counties, like Jackson and Clay in the Kansas City metro region, offer numerous insurers. Despite the fact that most counties only have a small number of health insurance providers, you can customize your coverage from a variety of plans in several metal tiers.

Missouri’s average cost of health insurance by family size

The coverage price depends on the number of persons covered by a specific health insurance plan and their ages. A flat price is set until the child reaches the age of 15, after which the cost of adding them to your health insurance plan rises annually. A person’s monthly payment increases as they become older after they reach the age of 15.

For instance, assuming two parents in their 40s and one child on a Silver plan, the typical insurance cost for a family of three in Missouri is $1,611. The plan’s monthly cost would rise by $371 if you added a second child. Therefore, the total monthly cost of health insurance for a family of four would be $1,982.

Methodology

The official website of CMS or Center for Medicare & Medicaid Services made data available that had been combined to calculate health insurance costs, deductibles, and out-of-pocket maximums. NewHealthInsurance calculated average values by metal tier, family size, and county using the Public Use Files (PUF) to better understand the Missouri health insurance market. In our research, we used the plans and providers for which the CMS Crosswalk file contained county-level data; those who were left out of this dataset might not be visible.

Affordable Health Insurance in Missouri FAQs

How much does health insurance typically cost in Missouri?

For a 40-year-old in Missouri, the average cost of health insurance in 2022 will be $538. However, the price of health insurance may differ based on your age, location, and metal tier of coverage.

Which Missouri, health insurance provider offers the best value?

For most people in Missouri, Celtic Insurance/Ambetter is the cheapest health insurance company. In 70% of Missouri’s counties, this health insurance company’s silver plan is the most cheap health insurance option. However, several other organizations, such as Cigna, SSM Health Insurance Company/WellFirst Health, Healthy Alliance Life Insurance Co./Anthem BCBS, and others, also provide affordable plans on the market.

Where can I find affordable health insurance in Missouri?

When looking for health insurance in Missouri, comparing plans from several providers will help you locate the most reasonable option. Then, considering your unique requirements, you can assess which businesses offer the best rates and choose the coverage that suits you.

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