Health Insurance Plans in South Carolina
Several health insurance companies in South Carolina used to offer policies on the state exchange. Now, however, BlueCross and BlueShield of South Carolina is the only company on the exchange. BlueEssentials Silver 10 is available in each county, and it’s the cheapest Silver policy you can purchase. Before choosing one of the health insurance plans in South Carolina, you need to compare policies by tier and determine the amount of coverage you need.
Cheap Health Insurance Plans in South Carolina By Metal Tier
Comparing cheap health insurance in South Carolina by metal tier is an excellent way to begin your search for a policy. These policies provide insight into how much you can expect to pay for coverage. The quotes are based on an average 40-year-old North Carolina citizen.
If you want cheap health insurance in South Carolina, you might want to consider purchasing a policy from the Catastrophic tier. The cheapest Catastrophic tier policy is the BlueEssentials Catastrophic 1. It has a monthly premium of $231.41, and the deductible and the out-of-pocket maximum are both $7,350.
BlueEssentials Bronze 1 is the cheapest of the Bronze health insurance plans in South Carolina. The monthly premium is $319.84, the deductible is $7,000, and the out-of-pocket maximum is $7,350.
You can also get an Expanded Bronze policy in South Carolina. The BlueEssentials Bronze 4 has a monthly premium of $336,71, making it the cheapest Expanded Bronze offering. The deductible is $6,200, and the out-of-pocket maximum is $7,150.
Many South Carolinians choose Silver plans. Those who want affordable health insurance in South Carolina often go with the BlueEssentials Silver 10. The monthly premium is $456.53, and the deductible and the out-of-pocket maximum are both $7,150.
Gold plans sit at the top of the metal tier system, and the BlueEssentials Gold 4 is the most affordable. The monthly premium is $479.47, the deductible is $2,700, and the out-of-pocket maximum is $5,600.
Health insurance premiums increase as you age. If you are 60 years old, you will pay 53 percent more on coverage, regardless of the tier. On the other hand, if you are under 40, you will pay less for coverage.
Choosing Health Insurance Plans in South Carolina
When deciding between health insurance plans in South Carolina, it’s normal to seek out policies with the lowest premiums. However, the cheapest plan might not have the lowest overall costs. You also need to consider the out-of-pocket expenses associated with each plan. If you have a lot of medical needs, a plan with a low premium and high out-of-pocket maximum could cost much more over the course of a year when compared to a plan with a higher premium and lower out-of-pocket costs. Take a closer look at the metal tiers to see which one is the right choice for your health insurance needs.
Gold Plans – Ideal for High Medical Costs
Gold plans might have the highest premiums of all the plans, but these policies also have the lowest out-of-pocket expenses. The low copays and deductibles are ideal for people who have lots of medical needs. People with chronic medical conditions or who are on several medications are a good fit for Gold tier plans. Evaluate your health and if you think you’ll need your health insurance policy quite often, get quotes for Gold plans.
Silver Plans – Ideal for Average Medical Costs and Low Incomes
If you want balance, a Silver plan is a smart choice. The premiums and out-of-pocket costs sit in between Gold and Bronze or Catastrophic plans. That means you’ll spend less on your premium than you would with a Gold plan, but your out-of-pocket expenses will be much lower than they would with a Bronze or Catastrophic plan. On average, Silver plans cover around 70 percent of health care costs.
You can save even more on out-of-pocket expenses if you qualify for a cost-sharing reduction subsidy. These subsidies are available to low-income households and reduce out-of-pocket expenses. If you are eligible for a subsidy, your Silver plan will cover up to 94 percent of your health care expenses.
Catastrophic and Bronze Plans – Ideal for Healthy Young People
If you are young and healthy, you want to choose a plan with a low premium. Catastrophic and Bronze plans have the lowest premiums and the highest out-of-pocket expenses. Catastrophic plans are available to South Carolina residents who are under the age of 30 or who qualify for an exemption, while Bronze plans are available to everyone.
Bronze plans cover an average of 60 percent of medical expenses, while Expanded Bronze plans cover around 65 percent of health care expenses. If you have a medical emergency, you will have to pay high out-of-pocket costs before the coverage kicks in, so make sure you have enough in savings just in case.
Short-term Health Insurance in South Carolina
Short-term health insurance policies in South Carolina are available outside of the health insurance marketplace. These policies do not meet the Affordable Healthcare Act’s guidelines, and that’s why you can’t buy one on the state exchange. Short-term health insurance in South Carolina is limited to a term of up to 11 months. You can renew the policy twice, meaning you can keep short-term coverage for up to 33 months.
Short-term health insurance in South Carolina has to go through an underwriting process. The rate you pay will depend on various factors, including your overall health. You might not be eligible for short-term health insurance if you have a pre-existing condition. Even if you do get coverage, the benefits are limited. While these policies are beneficial to people who have lost their coverage through their employers or missed the Open Enrollment Period, they are not a satisfactory replacement for a permanent policy.
Get Help Comparing Health Insurance Plans in South Carolina
Do you need help comparing health insurance plans in South Carolina and selecting the right one for your needs? You’re not alone. Most people need assistance to make the right decision. Call 1-888-497-1683 to speak to a licensed insurance agent who will explain the benefits and costs and ultimately help you select the best policy for your situation.
Information on South Carolina Health Insurance Plans
- South Carolina Accident Insurance
- South Carolina Dental Insurance
- South Carolina Health Savings Accounts (HSA)
- South Carolina Individual & Family Health Insurance
- South Carolina Short-Term Medical
- South Carolina Small Business Health Insurance & Group Health Plans
- South Carolina Student Health Insurance