Cheapest (and Best) Health Insurance in Memphis, TN (2024)

Your location, age, plan type and health care needs influence your health insurance costs. MoneyGeek conducted a Marketplace data analysis to identify the cheapest health insurance in Memphis, Tennessee. We analyzed several factors, including monthly costs, MOOP expenses, plan options and claims denial rates, to find the best health insurance providers in the city.

Note that not all companies offer every metal tier or plan type. Therefore, exploring various options through comparison shopping is an effective strategy. If only one company provides coverage in your area, researching its plan and tier options can help you find the most suitable choice.

MoneyGeek evaluated insurance providers based on their affordability, plan options and customer service to identify the best health insurance companies in Memphis. Using our distinct scoring methodology, Blue Cross Blue Shield ranked the highest on our list. The average monthly cost for its Silver plans is $524, with a MOOP limit of $4,210. As our runner-up pick, Ambetter offers a Silver plan with an average monthly premium of $470 and a MOOP of $4,456.

While cost is a significant factor to consider, we recommend taking other aspects into account, like plan options and customer service, when deciding on a health insurance provider. Even if you are not a resident of Memphis, selecting an insurer that fulfills all of these requirements will assist you in getting the best cheap health insurance in Tennessee.

If you prioritize affordability, Ambetter provides the best cheap health insurance in Memphis, with an average monthly premium of $470 for its Silver plans and a MOOP cost of $4,456.

The cost of health insurance can vary from state to state and city to city. How you and your insurer divide health care expenses can also affect your premium. Plans with higher monthly premiums typically come with lower out-of-pocket expenses.

It's important to grasp the interrelation between metal tiers, plan premiums and MOOP costs to find the most affordable health insurance. Familiarizing yourself with terms such as deductibles, copays and co-insurance can also help you better understand plan pricing.

Ambetter offers the most affordable Silver plan in Memphis with an average monthly premium of $470. However, it is essential to remember that the cheapest option may not always be your best choice. Silver plans can provide good value for their cost, offering mid-tier coverage and cost-sharing reductions.

Health insurance plans are categorized into metal tiers based on their level of coverage and cost, with Bronze plans having the lowest premiums and Platinum plans having the highest rates. Catastrophic plans are cheaper than Bronze plans but are only available to specific age groups and cover fewer services. Plans with lower premiums generally have higher MOOP costs, making them more suited for emergency medical situations than everyday health care needs.

The table below displays the average monthly premiums for the most cost-effective providers in Memphis for each metal tier. It doesn't include Catastrophic plans as they are limited to individuals under 30 years of age.

Blue Cross Blue Shield's Silver S28E $30 PCP Copay at Blue of TN + Free Telehealth plan is the most affordable Silver plan in Memphis, with a monthly premium of $439. The following table lists the cheapest options and average monthly premiums for other metal levels. We excluded Catastrophic insurance plans due to their age requirements.

Health insurance rates increase as you age. Aside from Catastrophic plans, the most affordable plans are usually Bronze or Expanded Bronze. However, you must meet the eligibility criteria to qualify for Catastrophic plans.

Opting for a lower-tiered plan can reduce your premium costs, but it's essential to have a clear sense of your insurance provider's network to avoid unexpected out-of-pocket expenses for services outside the approved coverage area. In the table below, we've listed some of the most affordable Silver plan options in Memphis.

The cost of health insurance premiums is primarily determined by age and metal tier. Generally, the older you are, your premium will be more expensive. Higher metal tiers are also associated with elevated premiums. The graph below illustrates the relationship between age, metal tier and health insurance costs.

Health insurance can be expensive, but there is good news: you may qualify for a subsidy based on your income. Individuals who earn between 100% and 400% of the FPL are usually eligible for these subsidies. However, the American Rescue Plan Act has removed the 400% cap until 2025, allowing more people to access subsidies.

Qualifying individuals can opt for affordable health coverage options such as Medicare and Medicaid. Even if your age doesn't qualify you for Medicare, you may still be eligible for Medicaid or the Children's Health Insurance Program (CHIP) if your income falls between 100% and 150% of the FPL. It's worth noting that the actual income requirement varies by state.

We’ve answered some of the frequently asked questions regarding health insurance in Memphis to simplify the process for you.