Find the Cheapest Health Insurance Quotes in Your Area
Hawaii residents can find affordable coverage options on the health insurance exchange or if your income qualifies, through Medicaid. We researched all the health insurance policies in the state and found that the KP Silver III $40 - Fit was the cheapest Silver health plan in every county. Kaiser Foundation Health Plan also offered the lowest cost Bronze, Gold and Platinum health plans in Hawaii, making it the most affordable insurer whether you want a basic or comprehensive policy.
Cheapest Health Insurance by Metal Tier
With seven different metal tiers offered in Hawaii, knowing which coverage to choose can be difficult. To help with your search, we compared the health insurance policies in Hawaii by metal tier to find the most affordable policy at each level of coverage offered on the state exchange. As you can see below, health plans with higher monthly premiums have lower out-of-pocket costs if you do use your insurance. For example, the minimum monthly premium on a Silver plan for a 40-year-old in Hawaii is $437, which is almost $100 cheaper than the cheapest Platinum plan. But the Silver plan has a $3,500 deductible, whereas the Platinum plan has a $0 deductible.
|Metal Tier||Cheapest Plan||Deductible||Out of Pocket Maximum||Monthly Cost for a 40-Year-Old|
|Catastrophic||HMSA Catastrophic Plan||$7,350||$7,350||$246|
|Bronze||KP Bronze II 30% - Fit||$5,500||$6,550||$336|
|Expanded Bronze||KP Bronze I $50 - Fit||$6,500||$7,350||$354|
|Silver||KP Silver III $40 - Fit||$3,500||$7,350||$437|
|Gold||KP Gold III $20 - Fit||$1,000||$6,350||$449|
|Platinum||KP Platinum $10 - Fit||$0||$4,000||$535|
Metal Tier and age are two important factors when insurers determine the actual cost of your health insurance plan. As metal tier increases, your coverage increases, but your monthly premium will typically increase as well. And as you get older, your monthly premium will increase, regardless of the health insurance policy you choose. A 21-year-old, for instance, would pay $271 per month on average for a Bronze plan in Hawaii, while a 40-year-old would pay $75 more for the same coverage. On a Silver plan, on the other hand, a 40-year-old's health insurance rates would be $107 more per month than a 21-year-old's.
Finding the Best Health Insurance Coverage in Hawaii
The best cheap health insurance plan in Hawaii will depend on your coverage needs and personal financial situation. Typically, higher metal tier policies have pricier monthly premiums, but they also provide lower out-of-pocket expenses, like deductibles, copays and coinsurance. This means a Gold or Platinum health plan can be a cost-effective choice if you think you may become sick or you already have high recurring medical costs, like prescriptions. Alternatively, if you're young and healthy, a lower metal tier may help you reduce your monthly premiums, while keeping you insured in case of any medical emergencies.
Gold and Platinum Plans: Best for High Expected Medical Costs
Platinum and Gold policies are considered higher metal tier health plans and cover the greatest share of out-of-pocket costs such as deductibles, copays and coinsurance. These benefits come at the expense of a higher monthly premium. Generally, Gold and Platinum health insurance plans are the best in terms of cost-effectiveness if you expect to incur high medical expenses, such as from chronic conditions, or if you have costly prescriptions. On average, you can expect a Gold plan to cover roughly 80% of your health care expenses, while you pay the other 20%.
Silver Plans: Best for those with Low Income or Average Medical Costs
Silver policies offer a middle ground between higher metal tier plans, like Platinum or Gold, and lower metal tier plans, like Bronze or Expanded Bronze. And lower-income households can qualify for cost-sharing reduction (CSR) subsidies with a Silver health plan, which would further lower your out-of-pocket expenses. Typical Silver plans cover about 70% of your health care costs while you pay 30%. But under CSR subsidies, you could qualify for a Silver plan that covers up to 94% of your health care costs.
The average price of a Gold plan in Hawaii is actually higher than the average price of Silver plans, because the CSR subsidies are no longer federally funded. Instead the increased Silver plan monthly premium covers the cost of the CSR subsidies.
Bronze and Catastrophic Plans: Best for Young, Healthy People
Catastrophic plans may offer the lowest monthly rates but are limited to those under 30 or those who qualify for an exemption. Furthermore, these plans provide the least coverage and are only recommended if you have the financial means to cover a large portion of your health care expenses in case of an emergency. For example, in Honolulu, the HMSA Catastrophic Plan has a deductible of $7,350, which is $5,350 more than the deductible of the HMSA Silver PPO 2000 plan.
Bronze plans are open to everyone and similarly offer cheaper monthly premiums than Silver plans alongside reduced coverage and higher out-of-pocket costs. So, if you need medical care during the year, you would have to pay more money out of pocket before coverage kicks in. On average, you can expect a Bronze plan to cover about 60% of your health costs, while you pay for the other 40%. Expanded Bronze plans increase coverage to about 65%, while you pay roughly 35%.
Best Cheap Health Insurance Companies in Hawaii
Before 2016, Hawaii had a state-run health exchange, but the state has now decided to use the federal system instead. On the federal exchange, you will find two health insurance companies for Hawaii: Hawaii Medical Service Association (HMSA) and Kaiser Foundation Health Plan Inc. Although both companies offer health insurance plans in each of the four major counties in Hawaii, Kaiser does not offer any Catastrophic plans in the state and HMSA does not provide any Expanded Bronze plans.
Cheapest Health Insurance Plan By County
Although the cheapest Silver health insurance plan in every county is the KP Silver III $40 - FIt, the best plan for you depends on your personal medical circumstances. In the table below, you can find the cheapest Silver plan in each county as well as sample premiums for an individual, couple and a family of three.
|County||Cheapest Silver Plan||Single Adult, Age 40||Couple, Age 40||Couple, Age 40, plus Child|
|Hawaii||KP Silver III $40 - Fit||$437||$874||$1,136|
|Honolulu||KP Silver III $40 - Fit||$437||$874||$1,136|
|Kauai||KP Silver III $40 - Fit||$437||$874||$1,136|
|Maui||KP Silver III $40 - Fit||$437||$874||$1,136|
Average Cost of Health Insurance by Family Size in Hawaii
In addition to the coverage tier, the size of your family and their ages will affect your monthly health insurance premium. If you have children, the cost of health insurance remains flat until the child turns 15 years old, after which the monthly health plan premium will increase annually as they get older.
The average cost of a Silver health insurance policy for a family of three, assuming two 40-year-old parents and a child, is $1,278 in Hawaii. For each additional child, the average cost of a policy increases by $294, so a family of five, assuming two adults and three children, would cost an average of $588 more per month to insure.
|Family Size||Average Monthly Cost of Health Plan|
|Family of three (Adult couple and a child)||$1,278|
|Family of four (Adult couple and two children)||$1,572|
|Family of five (Adult couple and three children)||$1,866|