Cheapest (and Best) Health Insurance in Chicago, IL (2024)

The amount you pay for health insurance depends on many factors, including your age, what type of plan you choose, your medical history and where you live. MoneyGeek analyzed Marketplace data to find the companies that offer the cheapest plans Chicago, Illinois. We also evaluated monthly costs, maximum-out-of-pocket (MOOP) expenses, plan options and claims denial rates to find the best provider.

Since not all companies offer the same kinds of plans, you should compare different options to find the one that's best for you. If there is only one company offering policies where you live, choose the plan or tier that's the best fit for your needs.

MoneyGeek evaluated health insurance providers in Chicago to identify the company that offers the best combination of cost, plan options and customer service. The top-ranking provider is Ambetter, which offers an average monthly premium of $402 with a MOOP of $4,542 for Silver plans. The runner-up is Oscar, with an average monthly cost of $423 and a MOOP of $5,118.

The best health insurance for you isn't necessarily the cheapest, so it's important to weigh factors like customer service, plan options and cost-sharing choices in addition to cost.

MoneyGeek's pick for the best cheap health insurance provider in Chicago is Ambetter. The company's average premium is $402 per month, and its average MOOP is $4,542. Typically, health insurance premiums are determined by how you intend to split the costs of care with your provider. The average cost of health insurance also varies depending on where you live.

While the best company is not always the cheapest, if affordability is your top priority, it's essential to understand the Marketplace metal system and how premiums and MOOPs relate to each other. Consider deductibles, copays and co-insurance when looking for affordable health insurance, as these factors can also affect the overall cost of your health care.

In Chicago, Ambetter offers the cheapest average Silver premium at $402 per month. The cheapest plan isn't always the best, but if cost is your top priority, Silver plans may be a good fit. Silver plans are mid-tier options that provide a good balance between cost and coverage.

The metal system consists of the following tiers: Bronze, Silver, Gold and Platinum. Bronze plans offer the lowest monthly premiums, but keep in mind that lower premiums come with higher out-of-pocket costs. These types of plans protect against emergencies but don't provide much coverage for day-to-day care. Catastrophic plans are even cheaper than Bronze plans but are only available to those under 30 and do not cover many services.

To help you make an informed decision, the following table includes the cheapest providers by metal tier in Chicago with their average costs. We excluded Catastrophic plans since they are limited to those under 30.

In Chicago, the Blue FocusCare Silver 210 plan from Blue Cross Blue Shield has the lowest average premium among all the Silver plans we compared at $375 per month. The table below displays the cheapest health insurance plans by metal tier in Chicago, excluding Catastrophic plans, which are only for those under 30.

Age is a major determining factor for health insurance costs, regardless of location. As you get older, your costs will increase as you may need more medical care. The cheapest health insurance plans are usually Bronze or Expanded Bronze plans — while Catastrophic plans are even cheaper, you must meet certain requirements to apply.

If you choose a lower-cost plan, you should make sure you're happy with the network so you don't have to pay additional costs for out-of-network care. If you're looking for a Silver plan, you can find some of the cheapest options in the chart below.

Your age and the metal tier you choose will largely determine how much you will pay for health insurance. The older you are and the higher the metal tier, the more it will cost. Below, you can see some examples of costs for different age groups and metal tiers in Chicago.

Financial assistance is available to help people with low incomes pay for health insurance premiums. Typically, health insurance subsidies are available to those earning between 100% and 400% of the FPL. However, the American Rescue Plan Act and the Inflation Reduction Act have temporarily increased the income limit until 2025 so that people who earn more than 400% of the FPL may also access subsidies.

If you don't qualify for a subsidy, Medicaid and CHIP are other options that can help you pay for health insurance. To qualify for Medicaid, your income must be between 100% and 150% of the FPL, depending on your state. Make sure you understand the difference between Medicaid and Medicare when looking into these programs.

MoneyGeek answered some frequently asked questions about getting health insurance in Chicago to help you find the best option for you.