Cheapest Health Insurance in Arkansas (2024 Plans)

Health insurance premiums and out-of-pocket expenses change by metal tier. In Arkansas, Octave offers the most affordable Expanded Bronze plan, while Ambetter has the lowest prices for Silver and Gold plans.

If you are looking to balance monthly premiums with quality claims and coverage, MoneyGeek also analyzed the best health insurance in Arkansas.

The most economical choice in the Silver tier in Arkansas is the Standard Silver plan by Ambetter, priced at $424 monthly. Silver plans are typically the most common due to their balance of cost and coverage. For those aiming to reduce their monthly expenses even more, the Expanded Bronze plans offer a less expensive monthly rate but include higher out-of-pocket costs.

Among other factors, health insurance costs are contingent on the metal tier of the plan, allowing individuals to choose between higher monthly premiums for less out-of-pocket expenses or vice-versa, according to their financial preference and health care needs.

Here are the most affordable health insurance plans from each metal tier:

• Expanded Bronze: Octave Bronze Exp Standardized from Octave ($374 per month)
• Silver: Standard Silver from Ambetter ($424 per month)
• Gold: Everyday Gold from Ambetter($509 per month)

For those seeking more options for cheap health insurance, it's worthwhile to explore different tiers to find the right balance between monthly costs and overall coverage.

The Standard Silver plan offered by Ambetter stands as the most cost-effective option under the Silver tier in Arkansas, with an average monthly premium of only $424.

The three most affordable health Silver plans in Arkansas are:

• Standard Silver from Ambetter ($424 per month)
• Focused Silver from Ambetter ($433 per month)
• Octave Silver Standardized from Octave ($435 per month)

Silver plans are ideal for consumers seeking a balance between affordable premiums and out-of-pocket costs. These plans offer moderate monthly premiums with moderate costs when you need care. Furthermore, if you're eligible for cost-sharing reductions (CSRs), you can save even more on health care expenses like deductibles, copayments and coinsurance. CSRs make Silver plans a wise choice for those with moderate health expenses and incomes within subsidy ranges.

Arkansas's most affordable Gold tier health plan is the Everyday Gold from Ambetter, with a monthly premium of $509.

When it comes to the top three most affordable health Gold plans in Arkansas, these options stand out for their balance of cost and coverage:

• Everyday Gold from Ambetter ($509 per month)
• Standard Gold from Ambetter ($509 per month)
• Everyday Gold + Vision + Adult Dental from Ambetter ($531 per month)

Gold plans are ideal for customers who expect to need substantial medical care. These plans have higher monthly premiums but lower costs whenever you receive medical care. Gold plans are also a good choice for those who want to minimize their out-of-pocket expenses for routine services and procedures.

The most affordable plan in the Expanded Bronze tier in Arkansas is the Octave Bronze Exp Standardized plan offered by Octave at an average monthly cost of $374.

The three most affordable Expanded Bronze plans in Arkansas by monthly cost are:

• Octave Bronze Exp Standardized from Octave ($374 per month)
• HA Bronze Suitcase from Health Advantage ($376 per month)
• HA Bronze Exp Standardized from Health Advantage ($381 per month)

Expanded Bronze plans are typically suited for individuals who desire lower monthly premiums while still having coverage for essential health benefits. They are a good fit for those who are generally healthy and do not expect to need frequent medical care but still want some protection against high-cost emergencies. These plans provide a safety net with maximum out-of-pocket limits, ensuring your annual costs remain reasonable.

Arkansas residents with annual earnings at 250% below the Federal Poverty Level are eligible for cost-sharing reductions on Silver plans, which significantly lower deductibles and out-of-pocket expenses.

The most affordable Silver plan for those earning between $14,580 to $21,870 per year is the Standard Silver from Ambetter, with a Maximum Out-of-Pocket Cost of $1,800.

The lowest out-of-pocket costs for the top two Silver plans are:

• Standard Silver from Ambetter (Monthly Cost: $424, Maximum Out-of-Pocket: $1,800)
• Standard Silver (QualChoiceLife) from Ambetter (Monthly Cost: $427, Maximum Out-of-Pocket: $1,800)

The cost-sharing reductions are available exclusively when purchasing a Silver plan in Arkansas, and the highlighted income ranges pertain to single individuals, with different thresholds for larger households.

In Arkansas, POS (Point of Service) plans stand as the most popular health insurance plan type. Apart from POS plans, Arkansas residents also have access to PPO (Preferred Provider Organization) plans.

Arkansas's most affordable POS plan is the Standard Silver plan from Ambetter, costing $427 per month.

• POS: Standard Silver from Ambetter ($427 per month)
• PPO: Standard Silver from Ambetter ($424 per month)

PPO plans offer flexibility when choosing health care providers, allowing individuals to see providers in and out of the network. These plans are beneficial for those who want a broader choice of doctors and health care facilities.

Health insurance rates and availability of certain plans often vary by location. However, our research found that the most affordable Silver plan in Arkansas stayed the same in Pulaski and Calhoun, the least and most-populated counties in the state, respectively:

• Standard Silver from Ambetter ($427 per month)

The following table details all available plans in each county in Arkansas.

Age is a big deal when it comes to how much you pay for health insurance in Arkansas. For a Silver plan, an 18-year-old pays about $330 per month. But a 60-year-old has to spend a lot more, around $982. That's a $652 difference each month.

Metal tiers are about how you share the costs of your care with your insurer. A 40-year-old in Arkansas with a Bronze plan pays about $403 monthly. But if they choose a Gold plan instead, they'll pay around $565. So, the Gold plan costs $162 more every month. That's because it covers more of your medical bills.

MoneyGeek broke down all the health insurance options in Arkansas. We cover private insurance in the marketplace with different metal levels, like Expanded Bronze, Silver and Gold. We also explore eligibility for Medicaid and Medicare. We aim to help you understand your choices so you can pick the right health care for you.

In Arkansas, the open enrollment period for private health insurance typically begins on November 1 and ends on December 15. This is an annual window during which residents can shop for, compare, and purchase health insurance plans through the Health Insurance Marketplace. If you miss the deadline, you might have to wait until the next open enrollment unless you qualify for a Special Enrollment Period due to a qualifying life event like marriage, having a baby or losing other coverage. You can only enroll or change plans outside the usual open enrollment period if eligible. Meanwhile, enrollment is open year-round for Medicaid or the Children's Health Insurance Program (CHIP).

Medicaid is a health care program in the United States that provides medical assistance to low-income individuals and families. Funded jointly by federal and state governments, it covers a wide range of services, including doctor visits, hospital care, long-term care and preventive services. In Arkansas, eligibility for Medicaid depends on several factors, including income, family size and age. Pregnant women, children, elderly adults and individuals with disabilities may qualify. Arkansas also expanded Medicaid under the Affordable Care Act, allowing adults with incomes up to 138% of the federal poverty level to be eligible. Enrollment is ongoing, with no designated enrollment period.

Medicare is a federal health insurance program for individuals 65 or older, certain younger people with disabilities and people with certain serious conditions, like End-Stage Renal Disease. In Arkansas, residents meeting these conditions are eligible. Medicare Part A covers inpatient hospital care, skilled nursing facility care, hospice and home health care. Part B covers doctors' services, outpatient care, medical supplies and preventive services. Medicare Part C, or Medicare Advantage, includes all benefits and services covered under Parts A and B, usually includes Medicare prescription drug coverage (Part D), and may offer extra benefits and services. Part D covers prescription drugs.

MoneyGeek found the best Medicare Advantage Plans in Arkansas and the best Medicare Supplement plans in Arkansas.

You may have questions about cost and availability when looking for health insurance. MoneyGeek responded to frequently asked questions about cheap private health insurance in Arkansas to help you learn more.