Health Insurance Plans in Michigan

There are currently eight health insurance companies in Michigan that offer plans on the state exchange. If you are on the hunt for cheap health insurance in the state, the plan you select will depend on where you live. For example, the cheapest Silver plan might be Blue Cross Preferred HMO Silver Saver, Meridian Healthy Silver, or McLaren Silver Standard based on your county of residence. Physicians Health and Total Health Care USA also offer the cheapest plans in a handful of counties in Michigan.

You also might qualify for Medicaid if you live in Michigan. However, if your income is higher than the federal poverty level, you must open a health savings account and contribute 2 percent of your earnings to it.

Learn more about how to compare health insurance plans in Michigan so you can find the best plan for your needs.

Cheap Health Insurance Plans in Michigan by Metal Tier

If you want to find affordable health insurance in Michigan, begin by comparing the plans by metal tier. Remember that plans are only available in some locations, so if the cheapest plan isn’t available in your area, you will need to look for a comparable option. An insurance agent can help you find the most affordable option for your location.

The quotes are based on the average cost for a 40-year-old Michigan resident.

Plans are categorized by a metal tier system. Catastrophic plans sit at the bottom of the tier, and Meridian Catastrophic is the most affordable. The monthly premium is $196.20, and the deductible and out-of-pocket maximum are $7,350.

If you prefer a Bronze plan, the cheapest is Total Saver Complete. The monthly premium is $218.57, and the deductible and out-of-pocket maximum are $7,150.

When comparing health insurance plans in Michigan, you’ll realize the state also has an Expanded Bronze tier. The Molina Marketplace Bronze plan is the cheapest in this tier, with a monthly premium of $228.03. The deductible is $6,400, and the out-of-pocket maximum is $7,350.

Many people choose Silver plans when looking for cheap health insurance in Michigan. Totally You – Value is the most affordable Silver plan. The monthly premium is $298.08, the deductible is $5,000, and the out-of-pocket maximum is $7,350.

Total HMO Standard is the cheapest Gold plan in the state. The monthly premium is $341.45, the deductible is $1,000, and the out-of-pocket maximum is $5,000.

Platinum plans sit at the top of the metal tier system. Sparrow PHP Platinum 250 Exclusive has a monthly premium of $498.05, making it the cheapest of the Gold health insurance plans in Michigan. The deductible is only $250, and the out-of-pocket maximum is $1,500.

Keep in mind that rates will be higher or lower depending on your age. For example, if you are 60 years old, you can expect to pay 53 percent more for these policies.

Choosing Health Insurance Plans in Michigan

Looking at the cheapest health insurance plans in Michigan is the first step in choosing health insurance. However, you also need to consider your out-of-pocket expenses. If you buy a plan with the lowest premium, you might not get the coverage you need. Learn more about the metal tiers so you will be ready to make a wise decision when purchasing health insurance.

Platinum and Gold Plans — Ideal for High Medical Costs

Platinum and Gold plans sit at the top of the metal tier system. Even the cheapest Gold and Platinum plans have higher premiums than other plans, but they also have the lowest out-of-pocket costs. That means you will pay less for your deductible and co-pay than you would with another plan. These plans are ideal for people who expect lots of medical expenses. The low out-of-pocket costs make it much easier for them to afford lots of doctors’ visits and medications.

Silver Plans — Ideal for Average Medical Costs and/or Low Incomes

Many people prefer Silver plans because of reasonable premiums and out-of-pocket costs. These plans sit in the middle of the tier, and the costs reflect that. Silver plans are an excellent choice for people who have average health needs.

Also, low-income families should consider Silver plans. These are the only plans that are eligible for cost-sharing reduction subsidies. The subsidies are used to pay for out-of-pocket costs, making Silver plans very affordable for low-income households.

Catastrophic and Bronze Plans — Ideal for Healthy Young People

When looking for cheap health insurance in Michigan, many people see the appeal of Catastrophic and Bronze plans. The premiums are low, but the out-of-pocket costs are high. Young and healthy people are often the right candidates for these plans, but people with health conditions or who are concerned about out-of-pocket costs should avoid them. If you are young and healthy and have enough money in savings to pay for out-of-pocket costs in case of an emergency, get a quote for one of these health insurance plans in Michigan.

Everyone is eligible for Bronze plans, but you must be under 30 or qualify for an exemption to get a Catastrophic plan.

Short-Term Health Insurance in Michigan

Short-term health insurance in Michigan is an option if you need temporary coverage. You can only get a short-term policy for up to six months, and you cannot renew it. Short-term health insurance does not meet the guidelines of the Affordable Care Act, so these policies cannot be sold on the state exchange. If you have a preexisting condition, you might not get coverage. Even if you do, these policies don’t cover many of the essential benefits, such as prescription drugs and mental health care.

Get Help Comparing Health Insurance Plans in Michigan

Have you been comparing health insurance plans in Michigan and are unsure which one to choose? It may be challenging to find a policy on your own, but with the help of a licensed insurance agent, the process can be simplified. Call 1-888-497-1683 to speak to an agent who will help you compare policies and choose one based on your income and healthcare needs.