Cheapest Health Insurance in Louisiana: Find your best option

By: Darla J. Christy
Updated: November 9, 2022
cheapest health insurance in Louisiana

Getting the cheapest health insurance in Louisiana is complicated because various options are available. Whether you’re just starting or you’ve been with your insurer for years, we’ve (newhealthinsurance.com) done the hard work for you and compiled a list of the cheapest options available. This guide will help you find the best health insurance for your needs.

Cheapest Health Insurance in Louisiana: What You Should Know?

Open enrollment It would help if you waited until open enrollment to buy or modify coverage, whether you’re looking for inexpensive plans to save money on health insurance when purchasing from on or off the exchange. Benefits normally begin on January 1 and the period stretches from November 1 through January 15 during that time.
Marketplace plans You have a choice between off-exchange plans provided directly by insurers and independent brokers, as well as on-exchange options offered on the Health Insurance Marketplace. The Affordable Care Act required that all plans provide ten basic health coverage. Preexisting conditions are not a bar to enrollment, and rates are not influenced by your medical history.
Special Enrollment Depending on your personal circumstances, such as losing coverage, moving, having a child, or getting married, you can also be eligible for a special enrollment period. On the Health Insurance Marketplace, you may be eligible for lower rates if your income is up to 400% of the Federal Poverty Level.
Health Insurance Marketplace The federal Health Insurance Marketplace is used in Louisiana. You must buy a plan through the exchange if you want an Advanced Premium Tax Credit to help with your expenses.
Medicaid and CHIP enrollment If you are eligible for Medicaid or the Children’s Health Insurance Program, you can enroll at any time.
Premium tax credit If you don’t qualify for an advanced premium tax credit or don’t want to use it, you can buy coverage directly from one of Louisiana’s health insurance providers.
Health Insurance Marketplace The federal Health Insurance Marketplace is used in Louisiana. Your must buy a plan through the exchange if you want an Advanced Premium Tax Credit to help with your expenses.
Coverage types Six million people call Louisiana home, and more than 90% of them have health insurance. Less than 9% of people lack health insurance. 40% of the states insured are covered by employer-sponsored plans, making them the most prevalent form of insurance. An extra 43% is covered by Medicare and Medicaid, which includes the Children’s Health Insurance Program.

Private Health Insurance on the Louisiana Marketplace

There is four main categories of private health insurance policies available in Louisiana. Gold, silver, Bronze, and Expanded are these. Here is a list of the differences between each tier.

Gold Even while Gold plans among the metal levels have the highest monthly premiums, they also have the lowest deductibles and out-of-pocket expenses. These are fantastic choices if you anticipate needing substantial medical coverage during the year.
Silver The most delicate balance between premium prices and out-of-pocket expenses is typically found in silver plans. They have average rates and are in the middle. They are, therefore, typically more expensive than Expanded Bronze and Bronze but less costly than Gold.
Bronze The monthly premium for Bronze is the least expensive in Louisiana. 

Higher out-of-pocket expenses are there, nevertheless. If a person experiences a medical emergency but does not frequently see a doctor, they should seek cost protection.

Expanded Bronze Expanded Bronze offers additional coverage than Bronze insurance. 

Moreover, their out-of-pocket expenses are smaller. While premiums are more expensive than Silver, Bronze, and Gold, they are less expensive.

affordable health insurance in louisiana

Insurance for Individuals in Louisiana

For citizens of Louisiana, individual health insurance plans give the most flexibility. Depending on whether you’re looking for a basic low-cost plan or have a chronic medical condition and need reduced out-of-pocket expenditures, these plans enable you to balance your budget and current demands. 

Your age, county of residence, level of coverage, and tobacco use can all affect the cost of your health insurance. Louisiana lets insurance firms charge elderly recipients up to three times as much for the same plan. 

Prices vary in Louisiana’s eight geographic rate determination zones, and premiums for tobacco users may be up to 50% higher. 

The best insurance companies are not permitted to raise your premiums based on your gender or medical history, though. Furthermore, your preexisting medical issues cannot be used as grounds for coverage denial.

Another crucial factor is the kind of plan you select.

Point-of-Service (POS) plans To see a specialist, you must request a referral, but if you’re ready to foot a bigger portion of the bill, you can receive care from physicians, not in your insurance network.
Health Maintenance Organization (HMO) plans  Plans offered by Health Maintenance Organizations (HMOs) are often less expensive than other types of health insurance. Still, they may have some limitations that may limit your ability to receive care. For instance, if your network is local, you might need to ask for a referral to see a specialist.
Preferred Provider Organizations (PPOs)  Don’t need referrals and typically provide nationwide coverage, but they are more expensive than HMO plans. Most PPO plans also offer benefits outside of their network.

Read more on PPO and HMO reviews before signing up for coverage.

Insurance for Families in Louisiana

Family health insurance plans provides coverage for more than one individual, possibly even ex-spouses, stepchildren, domestic partners, and dependents. Family plans offer a fair value; however, they are a little less flexible than solo plans. 

Some insurance companies cap premiums after the initial three kids, which can lead to significant savings. No of how many individuals are insured, deductibles and out-of-pocket maximums are routinely doubled for family plans. Lack of affordability or bankruptcy can make eligible for catastrophic healthcare plans in Louisiana which may help you from something major does happen. 

Saving time by not having to spend hours looking for the best plan for each household member is another benefit. Additionally, billing statements and claims are simplified. Furthermore, since everyone has access to the same providers, you won’t need to worry about which family member is covered by which network.

Medicaid in Louisiana

About 28% of Louisiana’s population, or 1.7 million adults and kids, are covered by Medicaid. As a state that has expanded Medicaid, Louisiana offers free medical care to those in need, including expecting mothers, parents with modest incomes, and individuals without children whose household income is less than 138% of the federal poverty level. Furthermore, you can access Healthy Louisiana if you:

  • Are you a lawful resident of Louisiana and an American citizen?
  • Age 19 to 64
  • Do not meet the requirements for Medicare or have Medicaid benefits already.
  • Earn less than $1,482 per month for a single person in 2021, equal to 138% of the FPL, or presently get Supplemental Security Income.

Medicaid income limits in Louisiana

  • The monthly cost for couples is $2,004
  • $1,482 per person per month
  • The monthly income for a household of four is $3,048.
  • $522 for each new member of the household
  • $2,526 per month for a household of three

Medicare in Louisiana

Medicare is a federal government program available to anyone who is 65 years of age or older and who has a qualifying disease or disability. Medicare does, however, mandate payment for some benefits, unlike Medicaid. Despite this, it is still less expensive than insurance plans from private health insurance companies. The three components of Medicare are as follows:

Part A The free service in question is hospital insurance. It includes some home health care services as well as hospice care, inpatient hospital stays, nursing facility care, and other related services.
Part B Outpatient treatment, Doctor’s services, required medical supplies, and preventative services are covered under medical insurance, often known as Part B. Your income will determine how much the premium for this will cost.
Part C Prescription medicine coverage is what this is. It pays for the price of prescription medications, as the name would imply. There are also suggested vaccinations listed. The plan you select will determine how much your insurance will cost.

Medicare Options for seniors and People with Disabilities?

Medicare is a program that provides elderly people and those adults with disabilities (A Complete Overview of Young Adult Health Insurance) with inexpensive health insurance. Most Americans who reside in Louisiana and are 65 or older are eligible for Medicare. With Medicare, you have choices:

  • Original Medicare, which includes Part A (inpatient care) & Part B (outpatient care), is the most basic option (preventive care and outpatient medical services). Prescription coverage is not provided by Original Medicare, but there are supplemental plans that can assist lower your out-of-pocket costs. Medicare Part D is the name given to these extra-prescription insurance policies.
  • Additionally, Louisiana offers a Medicare Advantage program that lets eligible residents select one of many Medicare plans provided by private insurance companies. By covering medicines as well as extras like gym memberships and transportation to doctor’s appointments, many of these plans offer more coverage than Original Medicare.

 

Even with Medicare coverage, paying for premiums, deductibles, copays, and other out-of-pocket expenses can be difficult. By covering many of these costs, Medicare Supplement Insurance policies, often known as Medigap, help make your Medicare coverage more reasonable.

Short-Term Health Insurance Plan Options in Louisiana?

For one to 36 months, Louisianan insurance companies provide short-term coverage. Depending on how much information the carrier wants regarding preexisting conditions, coverage may be capped at six months. 

The length of the coverage varies greatly depending on the package. Deductibles range from $2,500 to $15,000 with coinsurance ranging from 50% to 80%.

When faced with a coverage gap, such as when retiring before Medicare eligibility, losing a parent’s coverage, between jobs, or dealing with other life circumstances that influence your insurance coverage, short-term policies offer financial security and peace of mind. 

If you need insurance before the upcoming open enrollment period, you can enroll in short-term coverage at any time, and coverage can start as soon as the following day.

You might question your current health, cigarette use, weight, and if you’ve received treatment for any chronic health conditions in the last one to five years because the Affordable Care Act does not regulate short-term health insurance. 

For further information on these plans, speak to a licensed insurance agent or the Office of Consumer Services at the Louisiana Department of Insurance.

cheapest health insurance in Louisiana

How do I Enroll in the Louisiana Health Insurance Marketplace?

There are other options outside the Health Insurance Marketplace for enrolling in coverage. Additionally, you have the option of working with an independent broker, using a comparison shopping website, or contacting insurance providers by phone or online. However, you won’t have access to the tax credits it offers once you leave the Marketplace.

In addition to short-term health insurance plans and initiatives like the Consolidated Omnibus Budget Reconciliation Act (COBRA), you can continue your current health coverage for up to 18 months after leaving a job by paying 102% of the total cost. These options are compliant with the Affordable Care Act.

 Cheapest Health Insurance in Louisiana: How Much Does it Cost?

All Louisianans should have access to affordable, comprehensive health insurance that doesn’t cost more than 10% of their annual salary, according to the Affordable Care Act. Plans are separated into four metallic grades when purchasing insurance on the Health Insurance Marketplace: Gold, Silver, Platinum, and Bronze.

The average cost of Bronze plans is $408, down marginally from 2021, according to the Kaiser Family Foundation. Gold plans decreased in price by $5 to reach the current price of $609, while Silver plans climbed by $10 from $502 to $512.

Average Premium 2018 2019 2020 2021 2022
Glod $550 $523 $571 $614 $609
Silver $445 $419 $467 $502 $512
Bronze $367 $341 $376 $410 $408

 Cheapest Health Insurance in Louisiana: Can You Get?

For many Louisianans, affordable health insurance appears to be out of their price range, with monthly rates averaging around $541. 

Medicaid covers expecting moms, low-income parents, and uninsured women with breast or cervical cancer, provided they meet the requirements and have significant medical needs.

Marketplace plans are accessible for as little as $50 per month because of tax credits that are available if your income is up to 400% of the federal poverty line. 

Seniors with low and moderate incomes may be eligible for Medicare Savings Programs and Extra Help Benefits to cover their prescription drug coverage, copays, and deductibles.

Louisiana Insurance FAQs

Do I Need Long-Term Disability Coverage in Louisiana if I have Health Insurance?

If you are unable to work for a number of years, long-term care insurance (disability) offers essential cash benefits to replace your income. These funds will be used for tuition, accommodation, food, utility, and medical expenditures. You still need health insurance to provide preventive medical care or services connected to the qualifying injury or sickness, even while disability insurance includes some medical treatments to speed up the claims process.

How much is Health Insurance a Month for a Single Person?

The average monthly cost of health insurance in the country in 2020 is $456 for an individual and $1,152 for a family. However, prices vary among the numerous health plans available.

Does Louisiana Require Health Insurance?

Is health insurance a requirement in Louisiana? The federal Affordable Care Act (ACA), which no longer mandates that Americans have health insurance coverage, is followed by Louisiana.

Who is Eligible for Medicaid in Louisiana?

Be in charge of a child who is blind, 18 years old or younger, or both. Have a disability, or you have a family member who has a disability. Age 65 or older is required.

Does Louisiana have Affordable Health Care?

For a 40-year-old in Louisiana, the average monthly cost of a Silver health insurance plan in 2022 is $728. Medicaid or the federally supported state health insurance exchange are two options for Louisiana people to find inexpensive health insurance plans.

 

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