In Minnesota, cheap health insurance is available to purchase through the MNSure private health insurance marketplace. Alternatively, if your household income falls below 138% of the federal poverty level, then you would be eligible to receive your health insurance through Medicaid. We recommend starting your health insurance search with the Blue Plus Metro MN HSA Silver $3500 Plan 453 which is the cheapest policy available in nearly half of the state. Another affordable plan is the Peak Individual $3000 HSA Silver but is only sold in 11 Minnesota counties.
- Cheapest Health Insurance Coverage by Metal Tier
- Short-Term Health Insurance in Minnesota
- Health Insurance Companies in Minnesota
- Cheapest Silver Plan By County
Cheapest Health Insurance by Metal Tier
MNSure marketplace plans are available for purchase if you currently do not receive health insurance through an employer or are self-employed.
We researched and compared all the plans offered on the Minnesota health insurance exchange to identify the most affordable option at each level of coverage. Each plan has a deductible, out-of-pocket maximum, and monthly premium that differ according to metal tier. This table should be used to evaluate the plans offered in Minnesota and help you to gauge what tier may fit your financial needs.
|Metal tier||Cheapest plan||Deductible||Out-of-pocket maximum||Monthly cost for a 40-year-old|
|Catastrophic||North Memorial Acclaim Catastrophic||$7,350||$7,350||$202.19|
|Bronze||Peak Individual $6600 HSA Bronze||$6,600||$6,600||$281.38|
|Silver||Peak Individual $3000 HSA Silver||$3,000||$6,600||$327.22|
|Gold||Peak Individual $1000 w/Copay Gold||$1,000||$7,350||$409.83|
Minnesota’s health insurance exchange is broken down into four different metal tiers: Catastrophic, Bronze, Silver and Gold. The higher tiers have the most expensive premiums but lower deductibles, which allow for quicker access to coinsurance benefits. For example, the average monthly premium for the cheapest Gold plan is 103% larger than the monthly premium for the Catastrophic policy, but the deductible is $6,350 smaller.
The premium you are required to pay for a policy is determined in large part by your age—as you get older, a higher premium is required to pay for the same level of health insurance. For example, in Minnesota, a 60-year-old would pay on average 112% more for a Silver plan than a 40-year-old, or $495 more per month. The jump in cost is smaller between 21-year-olds and 40-year-olds—$96—since health conditions are much more prevalent among seniors.
Finding the Best Health Insurance Coverage in Minnesota
The best health insurance coverage will depend on your medical and financial situations along with the availability of policies in your county. Minnesota has expanded Medicaid coverage in the state. This allows anyone who has a household income that falls below 138% of the federal poverty line to receive Medicaid coverage.
When deciding on an individual plan, it is vital to evaluate your situation and then choose a plan that has premiums, deductibles, and out-of-pocket maximums that will work for you. Otherwise, you may end up overpaying for unnecessary coverage or committing to pay unaffordable out-of-pocket costs.
Below we have provided a breakdown of the metal tiers and who each policy would best serve.
Gold Plans: Best if You Expect High Medical Costs
Gold plans are the most expensive health insurance policy offered in Minnesota. Although these policies cost the most, the plans have the most affordable deductibles and out-of-pocket expenses. For this reason, Gold plans can be great if you tend to have high medical costs during the year. In this case, you would be able to reach the low deductible very quickly and then begin to receive co-insurance benefits from the plan provider.
Silver Plans: Best for Low-Income or Average Medical Costs
Silver plans are the middle-ground policy on the health insurance marketplace. We recommend beginning your health insurance search with Silver plans, since these plans have affordable premiums along with an attainable deductible. Once the deductible is met, cost-sharing would begin between you and the insurer.
Silver plans are also the only plans on the Minnesota marketplace that are eligible for cost-sharing reductions, which reduce copays, coinsurance and deductibles. You can become eligible for these reductions if you have a household income below 250% of the federal poverty level. Due to these reductions, Silver plans can sometimes provide better benefits than Gold level policies.
Bronze and Catastrophic: Best if You Are Young and Healthy
Bronze and Catastrophic health policies will have the lowest premiums but have the highest deductibles and cost-sharing. This high deductible will require you to pay thousands of dollars before any co-insurance benefits will begin. For this reason, Bronze and Catastrophic policies are best if you are healthy or young and will not incur regular medical costs like monthly prescription drugs. You should also make sure that you’re financially able to pay the high deductible in the case of a medical emergency.
All health plans are available for purchase no matter your age except Catastrophic policies, which require you to be under the age of 30 or have an exemption.
Short-Term Health Insurance in Minnesota
Short-term health insurance is available for purchase in Minnesota. Typically, short-term plans can only provide coverage for up to one year but, in Minnesota, short-term health insurance can only last six months. Additionally, plans are issued on a nonrenewable basis.
Federal regulations for short-term policies do not require these plans to cover all the essential benefits. This includes health services like prescription drugs and maternity care. If you need comprehensive coverage, you should not purchase a short-term health insurance policy and instead consider other options, such as the state marketplace.