Best Health Insurance Companies (2024)

Several aspects of medical insurance are standardized. However, there are still some key differences between health plans. MoneyGeek selected the best health insurance providers nationwide using a scoring system based on providers’ coverage level, plan type and claims management to help you research the best option for your needs.

Oscar is MoneyGeek’s top pick for best private health insurance provider. It offers the second-cheapest premiums and a better-than-average denial rate among similar competitors. You’ll likely find a suitable plan with Oscar since it provides EPO, HMO and PPO plans types plus Bronze, Expanded Bronze, Silver, Gold and Catastrophic metal tiers.

We determined Oscar as the winner for this category based on the best Silver plan for a 40-year-old.

Ambetter is MoneyGeek’s runner-up for best medical insurance company — it offers the cheapest monthly premiums and lowest MOOP among evaluated insurers.

With Ambetter, you can choose between a POS, HMO, EPO or PPO plan. The insurer also offers Bronze, Expanded Bronze, Silver and Gold metal tiers (or coverage levels).

Although Ambetter has several metal tiers, we rank it as the winner by selecting the second-best Silver plan for a 40-year-old.

Oscar stood out as the best individual health insurance for Gold plans, with an average premium of $550. A more valuable metal tier, such as Gold, entails more expensive monthly premiums but lower out-of-pocket costs like deductibles and copayments. Gold plans generally suit those who frequently need medical care.

Based on MoneyGeek’s evaluation, Blue Cross Blue Shield ranks as the second-best option for Gold plans (average premium of $601), while Cigna secured a solid spot in third (average premium of $656).

If a Platinum plan is your metal tier of choice, consider Blue Cross Blue Shield as your provider. It stood out as the top choice with a premium of $890 per month. In fact, it was the only Platinum plan provider available in at least ten states.

Individuals with limited income and resources should consider Oscar, an outstanding insurance provider that ranks first in this category. Oscar offers the best and cheapest Silver plan, which costs around $512 per month and covers 94% of health care expenses.

Oscar also offers the second-best plan for individuals with low income, providing an 87% expense coverage Silver plan that costs an average of $512 per month. Cigna comes in third with a 94% coverage level Silver plan at roughly $527 per month.

MoneyGeek ranked top plans in this category based on their affordability in terms of monthly premiums and only considered plans with cost-sharing reductions (CSRs). We deliberately chose Silver plans with CSRs since these offer lower out-of-pocket costs.

The benefit of a low-income plan is that it reduces out-of-pocket costs, eliminating the trade-off between low premiums and high MOOP expenses. To be eligible for a low-income plan, applicants must have an income that falls between 100%–250% of the federal poverty level (FPL) or 139%–250% in states with Medicaid expansion.

Oscar ranks first as best medical insurance provider for an HSA, or Health Savings Account plan. An Oscar HSA plan averages $508 monthly with a $4,850 MOOP. Blue Cross Blue Shield is in second place with an average premium of $511 per month and a $5,949 MOOP, while UnitedHealthcare is the third-best provider with an average premium of $541 per month and a $5,400 MOOP.

Unused HSA contributions roll over each year so you won’t forfeit unused funds at the end of the year. You can only have an HSA if you have a high deductible health plan (HDHP). Those with an HSA should expect to pay more since limits have gone up since 2022.

For 2023, the annual contribution cap is $3,850 for self-only coverage and $7,750 for family coverage. Compared to contribution caps in 2022, self-only coverage is $200 pricier, while family coverage is $450 more expensive.

A Preferred Provider Organization plan, also called PPO, is one of the most popular plan types. It’s slightly more expensive than an HMO but offers more flexibility with out-of-network care. You don’t need a referral from your primary physician to consult a specialist.

Ambetter offers the best health care insurance for a PPO plan, costing an average of $448 per month with an $8,002 MOOP. Oscar ranks second with a $486 monthly premium. With a $609 monthly premium, Blue Cross Blue Shield is the third-best option. Our recommendations are limited to Silver plans since these typically balance coverage, premiums and out-of-pocket costs.

Oscar is the top health insurance company for seniors under 65, with a $902 monthly premium, $8,782 MOOP and low claims denial rate. Ambetter comes in second with an average monthly premium of $888 ($7,655 MOOP), while Cigna costs an average of $927 monthly ($8,998 MOOP). While Ambetter is a lower-cost provider, they do come with higher claim denials.

Medicare coverage kicks in when you hit 65. Until then, retirees aren’t covered unless they have a qualifying disability. While quality marketplace plans are available, seniors can expect to pay more for medical insurance since they usually need more care.

Medicare and Medicaid are both government health programs that offer subsidies to eligible individuals for low-cost health insurance. There’s a big difference between Medicaid and Medicare.

Medicare is for individuals with a qualifying illness or disability or older adults (65 and over). Hospital, medical and prescription drug coverage is included if you have Medicare, based on your plan selections. MoneyGeek also pinpointed the Best Medicare Advantage plans available.

Medicaid is for those who fall within a specific income bracket that varies per state. Nursing home care and personal services are some benefits that Medicaid offers.

MoneyGeek answers the most common questions about health insurance providers and how to get health insurance in 2024.