Cheapest (and Best) Health Insurance in Sioux Falls, SD (2024)

Health insurance premiums are determined by myriad factors, including location, age, plan type, health care needs and the number of enrollees. MoneyGeek meticulously compiled and analyzed Marketplace data to identify the cheapest health insurance providers in Sioux Falls, South Dakota.

In addition to evaluating monthly costs and maximum out-of-pocket (MOOP) expenditures, we also considered plan options and claim denial rates to determine the most suitable health insurance provider for different groups. It's vital to shop around for the best plan for your circumstances since not all providers provide all levels of coverage.

If there is only one health insurance provider in your area, we recommend researching all of your alternatives thoroughly before settling on a plan.

MoneyGeek evaluated insurance providers in Sioux Falls to identify the company that offers the best mix of affordability, plan options and customer service. Sanford Health Plan emerged as our overall top choice, with an average premium of $594 and MOOP of $4,845 for Silver plans. Avera Health Plans came in second, offering an average premium of $600 and MOOP of $4,329 for the same metal tier.

Price isn’t the only component of the best health insurance plan in South Dakota. Coverage choices, flexible cost-sharing arrangements and unwavering customer support are also important.

Sanford Health Plan emerged as MoneyGeek's top choice for the cheapest health insurance in Sioux Falls. The average premium is $594 and the MOOP is around $4,845. Health insurance costs are partly determined by the cost-sharing arrangement between you and the insurer, but they can also vary by location.

The best company may not always offer the lowest cost health insurance. It’s important to familiarize yourself with the Marketplace metal system to better understand the relationship between premiums and MOOPs. You’ll also need to factor in deductibles, copays and co-insurance to make an informed decision, especially when it comes to pricing.

The health care metal system spans from Bronze to Platinum, with Bronze plans featuring the lowest monthly premiums. In contrast, Catastrophic plans typically cost less than Bronze but impose age restrictions and limited coverage options. While the most budget-friendly policy might not always be ideal, Silver plans strike a balance as cost-effective, mid-tier options, often accompanied by premium reductions.

Sanford Health Plan shines as Sioux Falls' cheapest health insurance provider, with an average Silver premium of $594 per month. Rates vary per individual, and this average is on a provider level, not a plan level.

Lower premiums usually come at the expense of higher MOOPs, safeguarding you against catastrophic events while providing minimal coverage for everyday health care needs.

The table below highlights the most affordable providers by metal tier in Sioux Falls, excluding Catastrophic plans.

On a plan level, Avera Direct Standard 5800 from Avera Health Plans is the most suitable plan for budget-conscious individuals around 40 years old. It has the lowest average monthly premium at $487 for a Silver plan with a MOOP of $5,200.

The table below shows Sioux Falls' most affordable providers by metal tier, along with their average plan costs. Catastrophic plans are omitted from the lineup since they cater exclusively to those under 30.

Age plays a crucial role in determining health insurance costs, irrespective of your location. As individuals age, their health care needs tend to grow and insurance costs rise accordingly. The most affordable plans are Bronze or Expanded Bronze plans. While Catastrophic plans are cheaper, they come with strict requirements.

If you choose a cheaper plan, it's crucial that you feel confident using the network to avoid high out-of-pocket costs for non-network care. A comprehensive table of the most affordable Silver plan providers is provided below.

Two crucial factors that significantly influence your health insurance premiums are metal tier and age. Metal tiers represent various levels of coverage, while age is a crucial factor because older individuals are more prone to health issues. Both these elements blend together to determine your policy's price.

The graph below displays the range of costs associated with different metal tiers and age groups.

A health insurance subsidy is available to individuals within certain low-income brackets. Subsidies designed to alleviate plan costs were only offered to those with incomes ranging from 100% to 400% of the FPL. However, the American Rescue Plan Act and the Inflation Reduction Act have temporarily suspended this limitation from 2022 to 2025. This qualifies individuals with income exceeding 400% of the FPL for subsidies as well.

For those whose income does not meet the criteria for subsidies, Medicaid, Medicare and the Children’s Health Insurance Program (CHIP) present viable alternatives. Generally, Medicaid eligibility calls for an income between 100% and 150% of the FPL, though this threshold varies from state to state.

We answered frequently asked questions about health insurance in Sioux Falls to clear up any confusion you may have.