Health Insurance Plans in Tennessee

Three health insurance companies in Tennessee sell policies on the state exchange. These plans are categorized by metal tier, with Silver plans sitting in the middle of the tier system. Many Tennessee residents choose Silver plans because the out-of-pocket costs are reasonable, and the premiums are affordable. Plan availability varies by location, but the Cigna Connect 4750 and Silver S04S Network S are the cheapest Silver plans for most residents. Learn more about the most affordable plans by metal tier and get details on the best coverage for your needs.

Cheap Health Insurance Plans in Tennessee by Metal Tier

If you want to buy cheap health insurance in Tennessee, begin by looking at the most affordable policies by metal tier. Health insurance companies in Tennessee offer four tiers. You can choose from Catastrophic, Bronze, Silver, and Gold health insurance plans. These quotes are based on an average 40-year-old Tennessee resident.

The cheapest Catastrophic plan is Simple Secure. The monthly premium is $354.22, and the deductible and the out-of-pocket maximum are $7,350.

Simple Bronze is the cheapest of the Bronze health insurance plans in Tennessee. This plan has a monthly premium of $351.27, making it even more affordable than the cheapest Catastrophic plan. The deductible and the out-of-pocket maximum are $7,350.

If you want a Silver plan, the Cigna Connect 4750 is the cheapest one in the state. The monthly premium is $524.40, the deductible is $4,750, and the out-of-pocket maximum is $7,350.

With a monthly premium of $824.44, the Classic Gold plan is the cheapest option in the Gold tier. This plan has a deductible of $1,500 and an out-of-pocket maximum of $7,350.

Premiums and out-of-pocket costs depend on the metal tier you choose. Your age also impacts your premium. If you are 21 years old, you will pay $91 less than a 40-year-old for the same Bronze plan. On the other hand, if you are 60 years old, you will pay considerably more than a 40-year-old. You can get quotes on health insurance plans in Tennessee to determine how much you will have to pay.

Choosing Health Insurance Plans in Tennessee

Many people who want cheap health insurance in Tennessee just look at the premiums. However, that’s not the only factor that makes health insurance affordable. You also need to think about out-of-pocket costs. If you are older or in poor health, high out-of-pocket costs can hurt you financially.

Take a closer look at the metal tiers before choosing a plan.

Gold Plans – Ideal for High Medical Costs

Gold plans have the highest monthly premiums of all the tiers, but these plans can still save you money if you have a lot of health care expenses. Gold tier plans have the lowest out-of-pocket costs, so you will pay less for the copays, coinsurance, and deductible. If you have a chronic issue or take a lot of prescription medication, you can actually save money with a Gold plan. Some people even get Gold plans just in case they develop a condition. They know the low out-of-pocket costs will make it easier for them to afford treatment.

Silver Plans – Ideal for Average Medical Costs and Low Incomes

If you have average medical costs, a Silver plan might be the right option for you. The premiums for Silver plans are lower than they are for Gold tier plans and higher than they are for Catastrophic and Bronze plans. Also, out-of-pocket expenses are lower than they are with Catastrophic and Bronze plans and higher than they are with Gold plans. On average, Silver plans cover 70 percent of health care costs, which is usually enough for people of average health.

Silver plans are also ideal for low-income households. The federal government offers cost-sharing reduction subsidies for low-income households that have one of these health insurance plans in Tennessee. If you qualify for a subsidy, your Silver plan will cover up to 94 percent of your costs. That is more coverage than you would get with a Gold plan, and it costs less.

Catastrophic and Bronze Plans – Ideal for Healthy, Young People

If you are under the age of 30 or qualify for an exemption, you can buy a Catastrophic plan on the state exchange. There aren’t any restrictions for buying Bronze plans, though. Both of these tiers stand out for the low premiums, but the high out-of-pocket costs can put some people in a bad financial situation. You should only consider one of these plans if you are young, healthy, and don’t use your insurance very often. Also, it’s wise to have enough savings to cover out-of-pocket expenses. Emergencies occur from time to time, and you have to be prepared.

Short-term Health Insurance in Tennessee

You can purchase short-term health insurance in Tennessee. These plans aren’t available on the state exchange, but you can buy them off the exchange. Policies can only be issued for up to a year. You do have the option to renew your policy for up to 36 months after it expires, but after that, you will have to get a permanent insurance policy.

Short-term health insurance in Tennessee is not a replacement for permanent coverage. These plans don’t cover many of the essentials, including prescription drugs. Also, you have to go through underwriting to get a policy, and if you have a pre-existing condition, you may be denied.

If you have lost your coverage and need a temporary fix, these policies can provide that, but it’s important to look for permanent coverage after you get a short-term policy.

Get Help Comparing Health Insurance Plans in Tennessee

Are you unsure of which of the health insurance plans in Tennessee is right for you? Get help by calling 1-888-497-1683. You will speak to a licensed insurance agent who will help you compare plans and make a decision. The agent will go over the premiums and out-of-pocket costs for each of the plans and help you select one that makes the most sense for your situation.