Updated: November 22, 2024
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Aside from cost, plan options, the number of people on your plan and age influence your health insurance premiums. MoneyGeek compiled and analyzed marketplace data to select the most affordable health insurance companies in Minneapolis.
We also chose the best health insurance companies in Minneapolis based on their customer service quality and plan options. Not all carriers provide all metal tiers, so we recommend comparing companies to find the best health insurance policy for you.
Best Overall and Runner-Up
For best overall and runner-up, MoneyGeek evaluated cost, customer satisfaction and plan data obtained from the Health Insurance Exchange Public Use Files, the National Committee for Quality Assurance (NCQA) and the National Association of Insurance Commissioners (NAIC) complaint index to establish recommendations. Categories were weighted 55% for cost, 35% for customer service and 10% for plan options.
Best Cheap
In most cases, plans were aggregated to generate the estimated costs for any given company. Although the represented data shows the average premiums for any given section, specific company plans will vary in price. Unless otherwise stated, rates reflect the cost for a 40-year-old individual.
The cost of a health insurance plan shouldn’t be the only determining factor when you’re shopping around for plans. Copayments, plan options and service quality all contribute to your overall satisfaction with your health insurance in Minneapolis.
According to these factors, MoneyGeek selected UCare Minnesota as Minneapolis’ top-rated health insurance company, earning a score of 87 out of 100.
Offers the cheapest rates in Minneapolis
High National Committee for Quality Assurance (NCQA) rating in customer service
Dental benefits available
Medicare available
Wide network of health care providers in Minnesota
Locally operated across Minnesota and western Wisconsin
Few metal tier options
UCare Minnesota is an independently owned nonprofit health insurance company that was launched in 1984. It is the fourth-largest health insurer in Minnesota and provides services to roughly half a million members.
UCare Minnesota has individual and family plans, Medicare, assisted living/nursing home plans, dental benefits and more. The insurer also has 47,000 primary and specialty care doctors and clinics, making it easier for policyholders to access their preferred physicians. Additionally, in-network preventive care is fully covered.
MoneyGeek’s runner-up pick for best health insurance in Minneapolis is BlueCross BlueShield of Minnesota — earning a score of 77.5 out of 100.
BlueCross BlueShield of Minnesota has been a health insurance player for more than 85 years and currently has 2.5 million members insured across Minnesota and the U.S. With a relatively high customer service quality rating, BlueCross BlueShield of Minnesota surpasses UCare Minnesota.
One downside of BlueCross BlueShield of Minnesota is that it offers very limited metal tier options. Those looking for a wider range of metal tiers may want to consider another provider.
Marketplace plans are organized by several metal tiers, with Bronze being the cheapest and Platinum the priciest option. For individuals below the age of 30 or those that fall within a specified low-income bracket, Catastrophic plans are available.
Catastrophic or Bronze plans are generally a good place to start if you want a cheaper premium — just make sure that it covers your health care needs. Otherwise, consider a Silver plan.
How you plan to split costs with your insurance company is a primary determinant of your health insurance premiums in Minneapolis. Costs tend to vary from state to county level.
Remember, the best company may not always offer the cheapest option. If affordability is a priority, we encourage you to familiarize yourself with the marketplace metal tiers and how premiums influence maximum out-of-pocket costs (MOOPs). Other costs like deductibles, copays and co-insurance will impact the amount you spend for health care.
The chart below shows how prices change by metal tier. Plans with lower premiums usually have higher MOOPs. This provides decent coverage against catastrophic events but not routine health care.
Metal Tier | Company | Monthly Premium |
|---|---|---|
Bronze | UCare Minnesota | $223 |
Silver | UCare Minnesota | $265 |
Gold | BlueCross BlueShield of Minnesota | $344 |
Several companies offer Expanded Bronze plans, which is another affordable option you can consider if regular Bronze coverage isn’t sufficient. Expanded Bronze includes one major service before you meet your deductible.
Your monthly premium is only one of the cost-related factors that come with your health insurance plan. MoneyGeek outlined other aspects that you should account for, including:
Your health insurance premiums in Minneapolis are greatly impacted by your age, regardless of where you live. Because your health care needs increase as you age, medical insurance tends to be more expensive.
Bronze and Expanded Bronze plans tend to be the cheapest options in the marketplace. But if you’re purchasing a lower-tier plan, ensure that your preferred physicians are included. This will help you avoid paying for out-of-network services, reducing the overall cost.
To help you visualize how medical insurance premiums in Minneapolis change based on age, MoneyGeek included a table below.
Age | Company | Monthly Premium |
|---|---|---|
18 | UCare Minnesota | $156 |
26 | UCare Minnesota | $179 |
40 | UCare Minnesota | $223 |
60 | UCare Minnesota | $474 |
The “perfect” health insurance plan doesn’t exist. Instead, you should weigh factors like cost, network options and coverage benefits to find a well-balanced policy for your medical needs. You’ll find your ideal policy quicker once you have a good grasp of your health care priorities and goals. It’ll also help to estimate how much you can set aside for this expense each month.
Sometimes, a more expensive monthly premium will cost you less if it covers the right amount of health care you need.
In some cases, short-term health insurance is a cheap way to bridge coverage gaps, especially for individuals waiting for open enrollment or job benefits to set in.
Despite this, there are several disadvantages associated with short-term plans. For instance, short-term health insurance doesn’t always cover standard benefits and can deny individuals with pre-existing conditions. While the monthly costs are low, you may end up paying higher copays/co-insurance. Keep in mind that subsidies and tax credits can’t be used for these types of plans.
Individuals that fall within a specific income bracket can use health insurance subsidies to reduce the cost of their monthly insurance premiums in Minneapolis. Health insurance subsidies are available to those whose income is at least 100% of the federal poverty level (FPL).
Before 2022, subsidies were capped at 400% of the FPL. But since the American Rescue Plan suspended this rule, more people can access these subsidies.
If you don’t qualify for this kind of health insurance subsidy, review Medicaid and the Children’s Health Insurance Program (CHIP) to see if you’re eligible. Individuals can usually get Medicaid if their income falls between 100% to 150% of the FPL, although this varies per state.
Choosing the cheapest health insurance plan in Minneapolis doesn’t necessarily mean it will suit your specific medical situation. You may just end up paying more for a low premium with a high deductible plan if you get care regularly.
Compare the different health insurance policies in Minneapolis based on each one’s network quality, customer service and cost. MoneyGeek outlined a guide below to help with your decision-making process.
You have many starting points to choose from, like your workplace, the government, your parents (if you’re below the age of 26) or the health insurance marketplace.
During open enrollment, you can purchase or change marketplace plans. In certain circumstances, you may qualify for special enrollment. Keep track of deadlines, especially since the open enrollment period is short.
Knowing your current medical needs will help you find a plan that matches them best. Browse through each plan’s summary of benefits. Assess your insurer’s network, and check if your desired providers are in it.
There’s more to a health insurance plan than its premiums. Expect copays, deductibles and out-of-pocket maximums. If you don’t know which metal tier to choose, a Silver plan offers middle-of-the-road coverage and cost.
If you take prescription drugs, you’ll want to choose a provider that covers them or at least provides them at an affordable price.
You’re free to choose the most affordable option if you’re confident about the plan’s details.
Health insurance can be a daunting topic. MoneyGeek answered the commonly asked questions about health insurance in Minneapolis to help you make the best choice.
For a 40-year-old male buying a Silver plan, UCare Minnesota has the cheapest rates at $265 per month.
UCare Minnesota is also our top-rated health insurance company, with a score of 87 out of 100. BlueCross BlueShield of Minnesota is our runner-up pick.
A great starting point is to weigh plan options, coverage benefits and in-network providers between different health insurance companies. Take note of expected costs like deductibles, co-insurance and copayments.
About Brenna Kelly
Brenna Kelly, the former Health Insurance Content Manager at MoneyGeek, is a licensed health insurance agent and real estate associate. She is qualified to provide expert insight and advice on medical insurance, disability, long-term care, critical illness, Medicare Supplements and Medicare Advantage Plans.
Kelly has a Bachelor of Science and a Master of Arts in Applied Sociology from the University of Central Florida. She uses her content production experience and health insurance expertise to deliver informative articles.
