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5 Best health insurance companies for low premiums

Agnus Smith | Published: June 14, 2018

5 star rating

Do you need health insurance? Most Americans are having a hard time finding affordable health plans that fit their budget and needs. The rising costs of health coverage in the private sector, and even in the state and federal marketplaces are getting too expensive for most of us to afford. Luckily, we’re here to help you find the best health insurance plans that give you the most for your money without breaking the bank.

People shopping for health insurance typically focus on what we like to call the “sticker price," or monthly premium payments that you’ll be making. Sure, finding a low premium is great, but if the policy doesn’t offer comprehensive health coverage, you may finding yourself forking over hundreds to thousands of dollars for “hidden costs," more commonly known as out-of-pocket expenses. What you want to do is hit that sweet spot where premiums are low, but you still get the coverage you need.

Benefits Of Low Health Insurance Premiums

All the best health insurance companies will typically offer a wide variety of plans to accommodate policyholders' wide range of budgets and needs. Among these plans are low-cost policies that offer similar coverage, just with higher out-of-pocket expenses. If you’re considering coverage with low monthly premium payments, here are some of the benefits you can expect.

  • Same quality care: The type of coverage you have won’t affect your quality of healthcare. Typically, there is a correlation between monthly premiums and out-of-pocket costs, not the medical providers within your network. However, premiums also may affect what services are covered, so if you opt for a low monthly premium, you may not have access to certain medical services.
  • More money for HSA/FSA: Health Savings Accounts (HSA) and Flexible Spending Accounts (FSA) are savings accounts dedicated to paying your medical bills. The money you save every month when you pay a low premium will allow you to allocate more of your income towards these tax-free savings accounts.
  • Comprehensive coverage: The Affordable Care Act (ACA) forced all qualified health plans to cover the 10 minimum essential benefits. That means the best health insurance companies will be offering plans to meet these regulations, which translates into more extensive coverage for you. So, even if you opt for a low premium health insurance plan, you can safely assume most of your medical needs will be covered.
  • Protection from overspending: If you are relatively young and healthy, you may not want to spend an exorbitant amount of money on health insurance premiums each month. Especially since you probably aren’t using all the benefits you are paying for. Even though low health insurance premiums often come with high deductibles and out-of-pocket costs, if you don’t expect to visit the doctor very often, you may be saving yourself some extra change.
  • Avoid tax penalties: Assuming you enroll in a qualified health plan, any coverage you have will protect you from paying the Affordable Care Act tax penalty. The tax penalty can end up costing you hundreds to thousands of dollars, so it may be more cost-effective to buy health insurance even if you don’t want or need it.

What Are The 5 Best Health Insurance Companies For Low Premiums?

If you are in the market for health insurance, then this is the list you’ve been waiting for. We’ve taken a look at the best health insurance companies for low premiums and found the top 5 across the nation. Here’s a look at each.

1. United Healthcare

Whether you are young, old, sick, or healthy, United Healthcare has proved to be the best health insurance company when it comes to low health insurance premiums. United Healthcare made headline news when they announced they were withdrawing from the health insurance marketplace, but may still be offering plans in your area. Premiums for United Healthcare vary depending on a variety of factors, but on average you can expect to pay anywhere from:

  • Average cost of United Healthcare premiums: $190 - $610

2. Kaiser Permanente

Kaiser Permanente has is one of the best health insurance companies in the nation, and offer some of the cheapest health insurance plans. Kaiser Permanente has its own network of medical providers, and doctors are salaried, allowing Kaiser to keep costs down. The only downfall is that they are only available in a limited number of states.

  • Average cost of Kaiser Permanente premiums: $200 - $600

3. Blue Cross Blue Shield

Blue Cross Blue Shield is probably one of the most popular health insurance companies, with coverage options in almost every state, and 36 independent companies. For the young and healthy, Blue Cross Blue Shield definitely ranks as one of the top health insurance companies in the nation, but plans tend to get a little more expensive for older members. However, with one of the most extensive provider networks in the country, it’s hard not to view Blue Cross Blue Shield as one of the best health insurance companies with the coverage you get.

  • Average cost of Blue Cross Blue Shield premiums: $200 - $800

4. Cigna

Cigna is a major player in the health insurance industry, and offers some of the most competitive pricing if you are over 45 years old. However, with limited coverage options, and high premiums for people under 45, it makes the list at number 4.

  • Average cost of Cigna premiums: $290 - $600

5. Molina Health Insurance

Molina offers some of the cheapest health insurance options across the board, but as far as best health insurance companies go, it doesn’t quite measure up with some of the other major players. Molina specializes in Medicaid, Medicare, and marketplace health insurance plans, meaning they cater to those who are looking for affordable health coverage. While Molina does offer some of the cheapest health insurance plans on the market, they don’t have the greatest track record when it comes to customer satisfaction. Still, many enroll in Molina plans for the sheer benefit of lower monthly premiums.

  • Average cost of Molina premiums: $240 - $730

Compare Low Premiums Health Insurance Quotes From The Best Companies

If you are in the market for health coverage, First Quote Health is the best place to start. First Quote Health specializes in comparing rates from the top health insurance companies in your area, making it easy for you to find the best deals.

Comparing health insurance quotes is the best way to save money on your monthly premiums. To get started, simply enter your zip code and compare quotes.