The Cheapest (and Best) Health Insurance in Albuquerque, NM, (2024)

Location is one influence on the cost of health insurance premiums, along with age, plan type and health care needs. MoneyGeek reviewed marketplace data to help you find the cheapest medical insurance in Albuquerque. We also evaluated the best health insurance companies in Albuquerque based on customer service, plan options and affordability.

Not all providers offer all plan types or metal tiers, so shopping around and comparing health insurance companies is vital to finding the best plan for your health care needs.

Cost should not be the only factor when choosing your health insurance plan. It’s essential to consider plan options, provider networks and customer service if you want the best company for your needs.

MoneyGeek analyzed providers based on these factors and found that Friday Health Plans is the best overall company for health insurance in Albuquerque.

Earning a total score of 60 out of 100, Molina Healthcare is MoneyGeek’s runner-up for the best health insurance in Albuquerque.

Health insurance costs are determined by how you allocate care costs with the insurance company. These costs can vary widely by state and even county level.

The best company is not always the cheapest. Still, if cost is the most critical factor for you, it’s wise to familiarize yourself with the marketplace metal system and how premiums and other costs work together. Deductibles, copays and co-insurance will also affect your health care costs.

The metal system typically consists of plan levels from Bronze to Platinum, with Bronze offering the lowest premiums. However, low premiums are countered by high out-of-pocket maximums, protecting from catastrophic events but not very much coverage for routine health care.

With some companies, Expanded Bronze plans are available. Expanded Bronze plans offer slightly more coverage than regular Bronze plans and cover at least one major service before you meet your deductible.

Regardless of where you live, age is a significant factor in the cost of health insurance. Since health care needs typically increase the older you get, health insurance premiums increase to accommodate the expected service rise.

Bronze or Expanded Bronze plans will typically be the most affordable. Before choosing one of these plans, ensure the provider’s network works for you. If you don’t, you may pay out of pocket for out-of-network coverage and not maximize your health insurance plan.

To get a sense of how health insurance premiums increase as you age, MoneyGeek lists the cheapest health insurance companies in Albuquerque for different ages in the table below. Note that Catastrophic plans were not included in this table since they are not widely available.

Health insurance rates are also impacted by the number of people on your plan — the more people added, the higher your monthly premium will be. Nevertheless, family health insurance plans are usually more affordable than insuring each person individually.

If you’re looking for family health insurance plans in Albuquerque, MoneyGeek collected the average cost of health insurance premiums by family size and metal level in the chart below.

When looking for health insurance in Albuquerque, remember that there’s no such thing as the perfect plan — you must weigh the differences between costs and coverage benefits to find a plan that best suits your needs. Once you understand your health care needs, you can find the cheapest coverage for your particular profile.

For instance, Catastrophic and high-deductible health plans are cheap but may only suit those in great health who don’t anticipate needing much care. Alternatively, a plan with higher monthly premiums could be more affordable in the long run if it offers the comprehensive coverage you need.

Depending on your income bracket, you may be eligible for financial assistance or a health insurance subsidy to reduce the price of your premiums. Health insurance subsidies are available to those whose income is at least 100% of the federal poverty level (FPL). Subsidies are usually capped at 400% of the FPL, but the American Rescue Plan suspended this rule for 2022.

Medicaid and the Children’s Health Insurance Program (CHIP) are other options for those whose income renders them ineligible for subsidies. Depending on your state, you may qualify for Medicaid if your income falls between 100% and 150% of the FPL.

The cheapest health insurance option isn’t always the best choice. You may find that a low-premium plan with high deductibles results in more out-of-pocket costs, especially if you need frequent health care.

MoneyGeek answered your commonly asked questions to help you learn more about health insurance plans in Albuquerque.