tennessee residents can find affordable health insurance in the state’s health insurance marketplace. we looked at all health insurance plans in tennessee and found that the silver 5000, uhc silver value+ saver, cigna connect 4750 or silver s04s is the cheapest silver health insurance policy, depending on where you live in the state.
The best plan for you depends on both your coverage needs and your location, as plans and rates change by county.
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the cheapest health insurance by plan level
To help you find the best policy for your needs, we compare Tennessee plans by plan level and find the cheapest health insurance plans in the state for each level of coverage. these policies are not available in all counties, but they can provide a good starting point for comparing the monthly premium and out-of-pocket costs you can expect for each plan level.
for example, the cheapest bronze policy, bronze b08l, has a monthly premium of $329 for a 40-year-old in tennessee, but its deductible is $3,700 higher than the deductible of silver 5,000, the cheapest silver policy. cheap. however, you will need to pay $90 more per month for the silver 5000.
On average, a 40-year-old in Tennessee would pay $110 more per month than a 21-year-old for a silver plan. the monthly premium increases similarly for higher metal levels. for example, a gold plan would have an average 23% higher monthly premium than a silver plan premium.
finding your best health insurance coverage in tennessee
The best health insurance plan for you in Tennessee changes based on where you live because availability and monthly premium for a policy can change from county to county.
When choosing a policy, higher metal tier health plans, like gold plans, may have higher monthly premiums, but provide better coverage, which means lower out-of-pocket costs. So if you expect high medical costs next year, you may want to choose a higher metal tier, as lower deductibles, copays, and coinsurance would offset higher premium costs.
On the other hand, if you have no expected medical costs and are comfortable covering a large portion of unexpected medical costs, then you may want to purchase a lower metal-tier plan to take advantage of cheaper rates.
gold plans: best for expected high medical costs
Despite a higher monthly premium than silver or bronze plans, gold plans offer the lowest out-of-pocket costs, such as deductibles, copays or coinsurance. therefore, gold plans will generally offer you the lowest net costs if you use or expect to use your health insurance frequently.
Ultimately, these health plans are often best if you have high expected medical costs, such as needing ongoing care for chronic conditions, or worrying about paying out of pocket for an unexpected condition.
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the cheapest gold plan in tennessee is the gold 1000. compare all levels in tennesse above.
silver plans: best for those with low income or average medical costs
Silver plans offer a compromise between the expensive monthly premiums of a gold plan and the higher deductibles, copays, and coinsurance elements of bronze and catastrophic plans.
the silver 5000 plan, for example, has a monthly premium of $419 with a deductible of $5,000 for a 40-year-old in shelby county. the gold 1000 plan has a much lower deductible of $1,000, but has a higher monthly rate of $516.
if you are part of a low-income household, silver plans may also be the best option for you, as you may qualify for cost-sharing reduction (csr) subsidies. These csr grants would further reduce your out-of-pocket costs. typical silver plans cover about 70% of your health care costs, while you pay 30%. but with csr subsidies, you could qualify for a silver plan that covers up to 94% of your health care costs.
the cheapest silver plan in tennessee is the silver 5000. compare all levels in tennesse above.
bronze and catastrophic plans: the best for young and healthy people
While bronze plans are available to everyone, catastrophic plans require the policyholder to be under the age of 30 or qualify for an exemption. If you’re insured under a catastrophic health care plan, you can’t use premium tax credits to lower your monthly costs.
catastrophic is the lowest tier available in the state marketplace, meaning these plans may offer the lowest monthly premiums at the expense of high out-of-pocket costs if you had to use your health insurance.
We would not recommend these health plans unless you can afford the higher cost share in the event of a medical emergency.
the cheapest bronze plan in tennessee is the b08l bronze. the cheapest catastrophic plan is the catastrophic 8700. compare all levels in tennesse above.
short term health insurance in tennessee
tennessee residents can purchase short-term health insurance through non-exchange providers at any time during the year. For this reason, a short-term plan may be a good option if you need temporary coverage quickly or if you lose open enrollment.
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tennessee follows federal guidelines when it comes to regulating short-term health insurance. Initial coverage terms are limited to one year and can be renewed for up to 36 months.
the best cheap health insurance companies in tennessee
There are six health insurance companies listed on the Tennessee State Stock Exchange:
bluecross blueshield of tennessee is the only insurer available statewide. none of the other insurers are available in all counties. however, cigna health and life insurance co. and brilliant health insurance company. of tennessee usually offer the lowest rates for a silver plan if they are available in your county.
cheapest health insurance plan by county
Finding the best health plan for you can be difficult, as the pool of insurance plans changes depending on where you live in Tennessee.
To help you with your search, we’ve identified the most affordable silver health insurance policies available on the state market by county.
average cost of health insurance by family size in tennessee
The size of your family will directly affect your monthly health insurance premium, as the price of a policy is based on the age of each person covered. children under the age of 15 are entitled to lower health insurance premiums at a flat rate. however, once they turn 15, the monthly premium will increase as they get older.
for example, the average monthly health insurance premium for a tennessee family of three, assuming two parents are 40 and one child, is $1,320. With each additional child, the average cost of a silver health plan increases by $304, so a family of four would cost an average of $1,624 per month to insure.
changes in tennessee health insurance rates
Over the past year, the average cost of a tennessee health insurance plan decreased 3%, or $13 per month, for a 40-year-old. gold plans in particular saw the largest decline in average cost, with rates falling more than 6% from 2021.
Each insurer sets the premiums for its own policies. These are then submitted to the Tennessee Health Insurance Exchange for approval before being offered to residents.
This analysis used health insurance plan details and rate data provided by the Centers for Medicare & Government of Medicaid Services (CMS) website. Using CMS Public Use Files (POFs), ValuePenguin calculated the typical rates a Tennessee would pay based on their family size and county of residence. Our analysis used plans and providers for which county-level data was included in the CMS match file; those excluded from this dataset may not appear.
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