Health Insurance Plans in Utah

University of Utah Health Insurance Plans and SelectHealth are the only two health insurance companies in Utah that offer plans on the state exchange. While that might make you think you’re limited in terms of coverage, SelectHealth offers an assortment of policies, and each company serves the entire state. Health insurance policies are available in different metal tiers, making it easy to find a policy that meets your needs. Policies in the Silver tier are very popular, and various options are available in different counties. Depending on where you live, Select Value Silver 1800 or Select Med Silver 1800 is the cheapest Silver plan.

Cheap Health Insurance Plans in Utah by Metal Tier

When researching cheap health insurance in Utah, it’s a good idea to begin by examining the most affordable plans by metal tier. You might not have access to all of these plans in your county, but getting educated on what’s available will give you some insight into how much you can expect to pay for health insurance. The quotes are for an average 40-year-old Utah resident.

Health insurance companies in Utah have plans in five metal tiers, with Catastrophic plans sitting at the bottom of the tier system. Select Value Catastrophic 7350 is the most affordable Catastrophic plan, with a monthly premium of $254.00 and a deductible and an out-of-pocket maximum of $7,350.

Select Value Benchmark Bronze 6350 is the most affordable of the Bronze health insurance plans in Utah. The monthly premium is $282.95, the deductible is $6,350, and the out-of-pocket maximum is $7,350.

You can also get an Expanded Bronze plan in Utah. If you’re interested in one of these plans, the Select Value Benchmark Expanded Bronze 2450 is the most affordable. The monthly premium is $360.75, the deductible is $2,450, and the out-of-pocket maximum is $7,350.

Select Value Silver 1800 is the most affordable Silver tier plan in the state. This plan has a monthly premium of $498.95, a deductible of $1,800, and an out-of-pocket maximum of $7,350.

Gold plans sit at the top of the tier system, and the Healthy Preferred Gold Copay is the most affordable. It has a monthly premium of $577.99, a deductible of $1,500, and an out-of-pocket maximum of $7,000.

Your monthly premium will depend on the tier you select, the policy you choose, and your age. For example, if you are 21, you will pay an average of 48 percent less for a Silver plan when compared to a 40-year-old. If you are 60, that same plan will cost you an average of 103 percent more when compared to a 40-year-old. When you get quotes for health insurance plans in Utah, you will find out how much you will pay based on the plan and your age.

Choosing Health Insurance Plans in Utah

If you want cheap health insurance in Utah, you need to consider your health care needs. For some people, cheap health insurance means picking a policy with the lowest premium. However, for others, it means picking a policy with the lowest out-of-pocket costs. Go over the metal tiers, so you will know which type of policy will be the most affordable for you.

Gold Plans – Ideal for High Medical Costs

During your search for cheap health insurance in Utah, you might have passed right over the plans in the Gold tier. The high premiums make you think these plans are anything but affordable, but that isn’t necessarily the case. The low out-of-pocket expenses make these plans a smart choice for people with a lot of health care needs. They can actually save money, even when the high premiums are factored in.

Silver Plans – Ideal for Average Medical Costs and Low Incomes

If you are in good health and only have average medical costs, consider a plan in the Silver tier. The premiums are affordable, and the out-of-pocket expenses aren’t prohibitive.

If your income sits below 250 percent of the federal poverty level, you should also consider a Silver tier plan. You can get a cost-sharing reduction subsidy that reduces your out-of-pocket costs. If you qualify for a subsidy, your out-of-pocket expenses will be lower than they would with a Gold plan.

Catastrophic and Bronze Plans – Ideal for Healthy Young People

The federal government has limits in place for out-of-pocket expenses. As of 2019, that limit is $7,900 for individuals and $15,800 for families. The out-of-pocket expenses for Catastrophic and Bronze plans are often as high as the limit allows, meaning you can expect to pay thousands of dollars before you begin to see your benefits. At the same time, the premiums are low, so you won’t spend much every month. Only get one of these plans if you are young, healthy, and don’t expect to use your insurance often. Also, keep in mind that you can only get a Catastrophic plan if you are under 30 or qualify for an exemption, while Bronze plans are available to all Utah residents.

Short-term Health Insurance in Utah

If you need temporary coverage, you can purchase short-term health insurance in Utah. These policies are regulated by the federal government and the state of Utah. Utah follows the federal guidelines regarding the length of the initial policy. It can only be issued for a year. However, while the federal government allows short-term health insurance to be renewed for up to 36 months, the state of Utah does not allow renewals.

Short-term health insurance policies in Utah can be purchased outside of the state health care exchange. The insurance company can deny you if you have a pre-existing condition. If you are issued a policy, it’s important to understand that you will only get limited coverage.

Get Help Comparing Health Insurance Plans in Utah

Choosing from the health insurance plans in Utah can be overwhelming. There are five metal tiers available, and each tier has an assortment of options. Speak to a licensed insurance agent by calling 1-855-881-0430. The agent will help you select a policy that meets your financial and health needs.