Best Cheap Health Insurance in Michigan 2022 – ValuePenguin

the cheapest silver health insurance plan in michigan is ambetter balanced care 30. however, it is only available in two counties. mypriority telehealth pcp silver 5500 is the most affordable silver plan in 42% of michigan counties. Because the price and availability of health insurance varies by location and age, we recommend comparing rates from multiple insurers before purchasing a policy.

cheapest health insurance by metal level

we compared health insurance plans in michigan by metal tier to determine the cheapest policies available for each level of coverage.

Reading: What is the best health insurance in michigan

Higher metal coverage levels have lower out-of-pocket costs, meaning you’ll pay less if you need to use your health insurance, but they also have more expensive premiums.

In addition to the level of coverage you choose, your age is an important factor in determining health insurance rates, as premiums get more expensive as you age. As you can see from the example above, a 40-year-old would pay 28% more than a 21-year-old for a silver policy, while a 60-year-old would pay 112% more than a 40-year-old. old for the same policy.

Insurers and health plans available will change depending on the county you live in, so the ones listed below may not be offered in your region.

finding your best health insurance coverage in michigan

The best health insurance plan available to you in Michigan will depend on the county you live in, as this determines which plans are offered, as well as your income.

In each county, you’ll be able to choose from metallic levels of coverage, which indicate both the monthly premiums and benefits of a plan. Higher metal tier plans generally have higher premiums, but out-of-pocket costs such as deductibles, copays, and coinsurance are much lower. lower metal tier health plans, on the other hand, have cheaper monthly rates along with much higher cost-sharing features.

So, for example, if you’re young and haven’t had any health problems, your net cost is likely to be lower with a silver or bronze plan, since you’re likely to have fewer medical expenses during the year. however, if he became ill and had to be hospitalized, his total expenses may be higher, since he would have to cover large out-of-pocket expenses before his health insurance would cover him.

gold and platinum plans: the best for high medical costs

See also: Best Cheap Health Insurance in Missouri 2022 – ValuePenguin

Gold and platinum health plans have the highest monthly premiums, but also offer the lowest out-of-pocket costs, such as deductibles and copays. therefore, if you have high expected medical expenses, such as expensive ongoing prescriptions, a higher metal tier policy may be your best option for health insurance.

silver plans: best if you have low income or moderate medical expenses

silver plans are often the best health insurance option if you’re looking for a middle ground to balance affordable premiums and out-of-pocket costs. They are also eligible for cost-sharing reduction (CSR) subsidies for low-income households, which can help make their health coverage more affordable.

bronze and catastrophic plans: the best for healthy people with emergency savings

Bronze and Catastrophic plans have the lowest monthly health insurance rates, making them great options for young, healthy people with low expected medical costs. We would not recommend these policies unless you have the financial resources to cover the high out-of-pocket costs in an emergency.

Lower tiers have the highest deductibles, copays, and coinsurance, meaning coverage won’t extend until you’ve covered these costs yourself. Also note that catastrophic plans are not available unless you are under 30 or meet certain exemptions, so this option may not be available to you. catastrophic plans are also not eligible for premium tax credits.

medication

Michigan expanded Medicaid for residents under the Affordable Care Act (ACA), so depending on your income, you may qualify for Medicaid or a qualified health plan. however, michigan differs from other states in that if your household income is greater than the federal poverty level and you enroll in medicaid, you must contribute 2% of your annual income to a health savings account.

changes in the rate of health insurance in michigan

Health insurance providers must submit any changes in the policy premium, deductible, and out-of-pocket maximum to federal regulators. this happens annually and is why you may see a slight increase in your health insurance costs.

For 2022, health insurance costs in Michigan are down for most plans by an average of 2%, and catastrophic plans are up just 4% compared to 2021.

short term medical insurance in michigan

You can buy short-term health insurance in Michigan, but the policies are restricted compared to federal guidelines for these types of plans. if you had a short-term plan, coverage would only be provided for up to 185 days and renewals would be prohibited; it would be necessary to buy a new plan from a different insurer.

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Although short-term plans provide a variety of coverage benefits, they do not cover some of the essential benefits, such as maternity, mental health, and prescription drugs. Before you buy a short-term health plan, you need to make sure the policy is right for your needs.

the best cheap health insurance companies in michigan

For those looking to compare policies, there are currently eight health insurance companies listed on the Michigan State Exchange:

The best affordable health insurance plan will likely be offered by Blue Cross, Blue Shield, Priority, or Meridian/Ambetter. These companies offer the cheapest silver health insurance plans in 96% of Michigan counties.

cheapest health insurance plan by county

The county where you live in michigan will determine the health insurance companies and plans available. To help you find your best health plan, we compare the monthly rates of all policies in the state to determine the cheapest silver policy in each county.

The actual cost of your health insurance will vary based on your age and family size, but we recommend using this as a starting point to determine the most affordable silver plan near you.

average cost of health insurance by family size in michigan

Large families in Michigan will pay higher premiums for health insurance as more people are added to the policy. the cost of adding another family member to your health coverage will depend on their age.

so, for example, if you and your spouse were covered by a silver plan and wanted to add coverage for your new child, your monthly premium would increase by about $245, the average cost to add health insurance for a child in michigan. .

On the other hand, if you just got married and want to add your 40-year-old spouse to your policy, your premiums will double (increasing an average of $410 per month) assuming they’re the same age. .

frequently asked questions

methodology

The health insurance rates, deductibles, and out-of-pocket maximums in this report were compiled from the Centers for Medicaid & medicare services government website. Using Public Use Files (POFs), ValuePenguin calculated average values ​​by age, county, metal level, and family size to better understand the Michigan health insurance market. 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.

See also: Frequently Asked Questions

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