Reviews — 2 years ago

Best Health Insurance Companies in Arkansas

by Kelly B.

Health Insurance Arkansas, Arkansas Health Insurance

What are the Best Health Insurance Options in Arkansas

Health care has the potential to be very expensive. Many people would not be able to afford the cost of health care left to their own devices. Luckily, health insurance comes in to save the day. The way it works is that you pay a premium each month. If you’re ever in a situation where you need health care, your insurer will pay for a part of your medical costs provided that those medical costs are covered by your plan.

In addition to the above, it is often better to get insurance because insurance companies tend to be able to negotiate cheaper rates from doctors as well as hospitals. A person without health insurance may save a bit from not paying a premium each month. However, if said person gets sick, he/she would need to spend hundreds of dollars from their pocket to cover a doctor visit. If a said person opts for health insurance, he/she will pay a much lesser rate depending on which insurance policy they are paying for.

Health Insurance Arkansas

Arkansas Health Insurance Metal tiers

In Arkansas, two important factors that play a role in your monthly health insurance premiums are your age as well as the metal tier you opt for. There are three tiers of metal. Let us take a brief look at them.

  • Gold Plans – These plans are perfect for people who have high expected medical costs. The premiums are usually expensive. However, they come with lower out of pocket expenses. On average, a gold plan covers 80% of a person’s medical expenses with the person paying the remaining 20%.
  • Silver Plans – These are great for people who have low incomes or who expect average medical costs. Silver plans are great for bridging the gap between gold and bronze plans. The average monthly cost of a silver plan for a 40-year-old is $341 with a deductible of $7,050.
  • Bronze and Catastrophic Plans – These plans are as expected, the cheapest monthly plans. Catastrophic plans are limited to people under 30 or for people who qualify for an exemption. These plans offer very low coverage and are perfect for healthy people who do not expect to encounter high medical costs in the future.

In the past, Arkansas had a federally run health insurance exchange. Presently, it is run by the state. There are four health insurance companies which are currently in the Arkansas state marketplace. They are –

  • USAble Mutual Insurance Co.
  • QCA Health Plan Inc.
  • Celtic Insurance Co.
  • QualChoice Life & Health Insurance Co. Inc.

All of them except for QualChoice are available in each county. In every county, the cheapest health insurance plan is Ambetter Balanced Care 4. However, the actual cost of a policy will vary depending on where you live.

Arkansas Health Insurance

The average cost of health insurance in Arkansas

There are also some other factors at play which affect your coverage in addition to the coverage tier. The family size, as well as their ages, will affect your monthly health insurance premium. Children under 15 have a flat health insurance premium. However, after becoming 15 years old, their monthly premium will increase each year as they get older.

If you’re curious, the average cost of a silver health insurance policy for a family of three people is $1,066. This is assuming that both parents are 40 and their child is under 15. Every additional child increases the cost of the premium by $246. An adult couple without any children would pay $821 for health insurance on average.

Health insurance should be seen as a necessity because of how much damage medical expenses can cause to a nest egg. The future is unpredictable. Invest today so that you can have a safer tomorrow. Your future-self will thank you.


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