Your Options for Cheapest Health Insurance in Arkansas

By: Darla J. Christy
Updated: November 1, 2022
health insurance in arkansas

If you want an affordable health insurance plan in Arkansas, there are a few things you need to know before you start your search. Generally speaking, if you’re like most individuals, you likely believe that finding the cheapest health insurance in Arkansas is as easy as walking into your local insurance agent and saying, “I want the most affordable plan available!

However, did you realize that you must take a few actions before beginning shopping? But what if I told you there was a way to find the cheapest policy in your area? Believe it or not, it’s relatively easy – all you have to do is follow these steps. In this blog post, we’ll teach you how to pick the cheapest medical plan available based on your needs and budget and also give you some hints on how to save money on your premiums.

 

What Arkansas Insurance Consumers Should Know

Market strategies

If you are a U.S. citizen or are legally residing in the nation, don’t have Medicare coverage, or are not imprisoned, you may be able to purchase plans through the Arkansas Marketplace for Health Insurance.

Open Registration

Arkansas’s open registration period for 2022 health insurance policies runs from November 1 to January 15, 2022. If you miss free registration, unless you are eligible for a special enrollment period, you cannot purchase a marketplace plan until the following year.

Special registration

When a significant life event occurs that changes your area, number of dependents, or earnings. Life-changing events can include losing health insurance, loss of employment, being engaged or divorced, having a baby or fostering one, relocating, now becoming a citizen, etc. There are special registration seasons available to you when you can register your name easily.

Increased eligibility

The American Rescue Plan Act in 2021 raised the amount of financial aid available to those with low incomes and extended qualification for insurance coverage subsidies to individuals with earnings exceeding 400percent of the federal poverty threshold for the following two years.

Healthcare Insurance Exchange

On HealthCare.gov’s Health Insurance Marketplace, you can purchase Arkansas marketplace plans.

Tax credit for premiums

If you sign up for insurance through the federal exchange, you won’t receive support with insurance premiums. Still, you can obtain non-exchange plans through private insurance brokers, dealers, or companies.

Types of Coverage

42percent of Arkansans are covered by their client’s insurance, compared to 9 percent who are uninsured. Approximately 16% of people have Medicare coverage, over 26% have Medicaid, almost 1.5percent receive medical benefits from their military service, and roughly 5.5percent buy their health insurance straight from an insurance provider.

 

Individual Health Insurance in Arkansas

While you are aware of what to look for when researching your Medicaid, selecting individual health plans is straightforward.

Every program has the same authorized benefits; however, only the cost of health care is influenced by the various categories.

Youth, healthy individuals may also choose best catastrophic insurance with extremely low monthly premiums but extremely high expenditures.

You must pay a monthly payment regardless of the plan, even if you don’t need any medical services that month.

For an accurate understanding of the whole cost of each plan, make sure to compare premiums and others with their expenses, such as taxes.

You can select from a variety of plans, including

 

Family Health Insurance in Arkansas

health insurance in arkansas

Families can use individual insurance policies, so to obtain the best coverage for your whole family, choose from the same insurance companies that are listed below. Choosing a plan might be challenging depending on how many family members you serve.

If someone in your family has a preference for a specific provider or has a condition that requires regular treatment, you may choose to include everyone under one type of plan or just have family members on multiple programs.

 

Self-employed Health Insurance in Arkansas

For independent contractors, entrepreneurs, and business owners, outstanding Arkansas health insurance options are available today.

Since it gives you mobility if your income is uncertain, it is a common pick since it enables you to change your coverage when your income increases and to qualify for tax credits or subsidies if it drops.

Additionally, self-employed medical insurance allows you to explore your options without being forced to go with a pre-selected option, enabling you to find the best strategy for your particular situation.

You can register in self-employed coverage if your income comes from a business that has no other workers and whose income you disclose on a W2 form at the end of the year.

 

Medicare Choices in Arkansas for Seniors and Persons with Disabilities

Older persons and people with disabilities in Arkansas have access to a variety of Medicare choices.

-The fundamental type of Medicare provided by the federal government is called Original Medicare. The fundamental type of Medicare provided by the federal government is called Original Medicare. Part A (inpatient care) and Part B make up this system (preventive care and outpatient medical services). Prescription drugs are not included in the coverage, but it does pay for hospital care, preventive care, hospital equipment, and other health services. Prescription cost assistance is offered via supplemental policies. Medicare Part D refers to these programs.

-One can obtain Medicare Advantage Plans from a health insurance company that has been authorized by the federal government to distribute MA plans.

Despite being required to provide at least the same coverage as Original Medicare, Medicare Advantage Plans frequently provide additional services like vision and dental care.

 

Affordable Health Insurance in Arkansas

Arkansas offers low-income people and kids medical coverage through three programs in the province’s Medicaid program.

ARKids First, Arkansas Jobs, and Medicaid are all examples of several health insurance schemes that Medicaid covers.

If a person’s income is less than 100percent of the federal level of poverty, they may be eligible for medical care under Arkansas Medicaid.

Residents who belong under one of the following categories and are low-income are eligible for Medicaid:

  • 65 years old minimum
  • Pregnant
  • Keeping an underage youngster under control
  • Possess a disability

Visit your nearby DHS office or Access Arkansas online to submit a Medicaid application. You might be able to submit an application by mail or over the phone.

If you use the Health Insurance Marketplace to apply for insurance, the system will let you know if you are eligible for Medicaid.

 

Does Arkansas Have Access to Short-term Health Insurance Plans?

Arkansas has various state rules but generally follows federal regulations for short-term plan validity.

There are no enrollment restrictions with a short-term plan, which is commonly known as a limited-duration scheme.

This is one of the major attractions of these policies, which occasionally makes them a worthwhile investment for short-term healthcare.

You might be waiting for your Medicaid policy to start, for instance, or you might have slipped the Insurance Coverage Marketplace’s deadline for an enrollment period.

 

In Arkansas, How Do I Enroll in Individual and Family Insurance?

Both individuals and families are covered under individual health insurance programs in Arkansas. Realizing that family programs generally have more significant monthly premiums and deductibles than individual coverage, comparing your options may take longer.

If you’re purchasing insurance for your home, keep the following things in mind:

  • Medical needs
  • Preferred style of plan
  • Affordable premium quality
  • Family deductibles versus individual ones

There are various types of plans from which you can select:

-An HMO/PPO hybrid is known as a “Point of Service Plan.” However, if you wish to see a specialist, you must first obtain a referral from a general practitioner before using any other practitioner.

-A Health Plans Organization (PPO) plan is a better option if you frequently visit doctors or specialists. A PPO plan will give you more options but cost more. No primary care physician is required, you have no restrictions on in-network doctors, and you never need a recommendation to see a specialist.

-If you don’t need prescription medication or frequent doctor or specialist visits, an HMO plan is the best option for you. It has greater limits and lowers interest charges. The cheaper alternatives are HMO plans. With an HMO network, there are limitations, though. You are bound to use the in-network healthcare providers covered by the HMO plan, must identify a primary care physician, and require a recommendation if you wish to see a specialist.

Check all PPO, and HMO reviews before buying a plan.

What Is the Cost of Health Insurance in Arkansas?

The four metal types used to identify health insurance plans show how expenses are distributed between the individual and the insurance company. They range under the Gold, Silver, Bronze, and Platinum groups.

Every metal group has various rates for the subscription, copay, prescription costs, and coinsurance you pay for the difference between what your package includes and the cost of your medical care.

 

Arkansas’s Affordable premiums 2019 2020 2021 2022
Gold $461 $461 $499 $458
Silver $361 $358 $387 $374
Bronze $320 $320 $322 $311

 

Medical Insurance Companies in Arkansas

The Arkansas state marketplace currently has five health insurance providers.

Arkansas-based health insurance firms

  • QCA Health Plan, Inc.
  • Celtic Insurance Company/Ambetter
  • QualChoice Life & Health Insurance Company, Inc./Ambetter
  • USAble Mutual Insurance Company
  • HMO Partners, Inc.

 

Finding the Options of Cheapest Health Insurance in Arkansas

health insurance in arkansas

Depending on the policies offered in your province and the level of coverage you select, the best cheap health insurance plan in Arkansas may fluctuate.

In general, higher metal tier medical plans, like Gold schemes, have higher monthly premiums but also offer cheaper costs, such as thresholds, higher deductibles, and alimony.

A higher metal tier health insurance coverage may be the best option for you if you anticipate getting sick or have high ongoing hospital bills, such as medicines.

A lower metal tier health plan might be a better option to save money if you’re a youth, active, and possess the resources to pay additional medical bills in a sudden emergency.

Gold

 Higher metal tier healthcare plans, such as gold plans, often cover the largest portion out of budget. But the charges for these advantages are more expensive.

Despite the higher monthly premiums, these health insurance plans may be the most reasonable for people with high estimated medical bills or chronic medical conditions.

A Gold plan will typically pay for approximately an 80percent of your medical costs, leaving you to bear the rest, 20%.

Silver

Silver policies are ideal for people who want to find the right balance between the expensive insurance payments of a Gold plan and the cheap insurance offered by the Bronze or Catastrophic metal tiers.

For example, the Ambetter Balanced Care 12 Silver health plan has a threshold of $6,500 and an average monthly premium of $387 for a 40-year-old.

The Ambetter Protected Healthcare 5 is a Gold plan with a significantly lower $1,450 threshold, but it averages $102 more for each month in price.

 A Silver health plan also allows lower-income families to be eligible for cost-sharing reduction (CSR) subsidies, which would reduce additional costs.

Usually, Silver plans cover roughly a 70percent of the total of your hospital bills, with your share being 30%.

However, with CSR subsidies, you might be eligible for a Silver plan that pays approximately to 94percent of your healthcare fees.

Due to this, lower-income people regularly find that these health policies offer the best value.

Bronze

The limited coverage and greater extra expenses of bronze plans exceed their lower monthly payments compared to higher metal tier plans.

Prior to your medical insurance taking effect, this involves paying extra cash.

With a Bronze plan, you can assume that a 60percent of your healthcare fees will often be covered, with the remaining 40percent becoming your responsibility.

Enhanced Bronze plans cost approximately a 35percent more but offer programs that are about a 65percent more extensive.

Methodology

For the purposes of this research, information about Arkansas health insurance plans, costs, deductibles, and extra pocket money was obtained from the Centers for Medicare & Medicaid Services website. NewHealthInsurance was capable of constructing averages and eligibility for a range of parameters, like family size, metal tier, and county, using the numerous health insurance factors. In our research, we used the plans and companies for which the CMS Intersection file contained district data; those who were left out of this database may not even be visible.

 

Health Insurance in Arkansas FAQs

What is the average cost of health insurance in Arkansas?

The average cost per individual for a health insurance plan for Arkansans is $202.99. Costs will vary, and if your health is good, your charges can be cheaper.

Does Arkansas have affordable health care?

Arkansas offers three programs under the state’s Health insurance program that cover health care for low-income people and youngsters. The Medicaid, Arkansas Works, and ARKids First schemes are just a few health insurance options available in Arkansas.

Does Arkansas have health insurance?

Through the Health Insurance Exchanges, you can buy health insurance for yourself. These are plans that fit with the Affordable Care Act’s government regulations.

How much is Obamacare in Arkansas?

Obamacare subsidies, also known as Advanced Premium Tax Credits, were provided to 88 percent of those subscribing to Arkansas Exchange policies in 2020. This amount increased somehow from 2019. In 2020, a $382 monthly allowance was typical. That is a great deal less than the $491 average earnings.

Does Arkansas have free medical?

After the end of 2022, ARHOME will stop charging premiums for members whose income is over the poverty line. In 2018, Arkansas introduced a Medicaid work requirement. However, a judge denied it in March 2019, and HHS publicly terminated the labor requirement waiver in March 2021.

 Does Arkansas have state health insurance?

Act 107 of 2019 established the Arkansas Health Insurance Marketplace (AHIM) as more than just an Arkansas Insurance Department (AID). Per state and federal law, the AHIM Division supervises and executes the state-based healthcare insurance exchange in Arkansas.

What is the income limit to qualify for Medicaid in Arkansas?

The minimum level of income a non-applicant spouse is believed to need to stay out of poverty. The minimal amount is $2,288.75. An applicant’s spouse’s income may be transferred to a non-applicant whose monthly income is less than $2,288.75 to raise it.

How much is the cheapest medical insurance per month?

The least expensive Bronze plan in each state is $336 per month for an inexpensive individual health insurance plan.

 

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