Health Insurance

Best Cheap Health Insurance in Iowa 2022

Best Cheap Health Insurance in Iowa 2022

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People who live in Iowa can find cheap health insurance through their state exchange, but the best plan for you depends on where you live and your needs.

In Iowa, the average health insurance premium for a 2022 plan is $445 per month for a 40-year-old, just 1% higher than in 2021.

We researched all health insurance plans in Iowa and found that in the majority of the state, either the Wellmark Silver Traditional HMO or the **Silver Simple- Specialist Saver through Oscar ** were the cheapest Silver health insurance policies. Neither plan covers every county, but they offer the cheapest premiums where they are available. We also ran the numbers to find the cheapest plans for all other metal tiers.

Cheapest health insurance coverage by metal tier

We compared Iowa health insurance plans by metal tier and identified the cheapest plan in each category to help you find the best policy for your desired level of coverage. These policies aren't offered in every county, but we recommend using the table below to review the differences between metal tiers.

For instance, the Oscar Gold Classic policy has a monthly premium of $441 for a 40-year-old. The Gold health plan is $118 more expensive than the Oscar Bronze Classic plan, but the Gold policy offers a $4,000 lower deductible.

Metal tier
Cheapest plan
Monthly cost
Deductible
Maximum out of pocket
CatastrophicSecure$263$8,700$8,700
Expanded BronzeBronze Classic$323$7,500$8,700
SilverSilver Simple- Specialist Saver$427$6,450$8,700
GoldGold Classic$441$3,500$6,000

Age and coverage tier are two important factors that affect your monthly premium. As age increases, premiums across all metal tiers increase.

Higher-coverage tiers mean higher rates but lower out-of-pocket costs if you were to use your insurance. For example, a 40-year-old would pay $579 less per month than a 60-year-old for a Gold plan in Iowa. But a 40-year-old with an Expanded Bronze plan would pay $464 less on average than a 60-year-old.

Cheapest health insurance companies in Iowa

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Finding your best health insurance coverage in Iowa

The best health insurance plans for you in Iowa change depending on your county and coverage needs. For example, the Inspire by Medica Silver Copay health plan isn't available in Pottawattamie County. In this region, the Wellmark Silver Traditional HMO plan is the cheapest. Still, no matter where you live, you will be able to choose from different metal tiers that offer varying levels of coverage and rates to fit your lifestyle.

In general, higher metal tier health plans, such as Gold policies, typically have higher monthly premiums. However, they provide lower out-of-pocket expenses, such as deductibles, copays and coinsurance, than Silver or Bronze policies.

If you have high recurring medical costs that arise from chronic conditions or require regular medical attention, a higher metal tier health plan may be the best option for you. On the other hand, a lower metal tier policy may be the best option if you're young and healthy — and are willing to risk higher potential cost sharing in exchange for lower monthly rates.

Gold plans: Best for high expected medical costs

Gold health insurance plans are typically the best for those who expect to use their insurance often. These plans cover the most out-of-pocket costs, which means lower deductibles, copays and coinsurance. However, this usually means you'll pay a higher monthly premium than you would with a Silver or Bronze plan.

Ultimately, these health plans are best if you have recurring or high expected medical costs, such as prescriptions or medical equipment, or you're concerned about paying out of pocket for an unexpected condition. On average, you can expect a Gold plan to cover roughly 80% of your health care expenses, while you pay the other 20%.

The cheapest Gold plan in Iowa is the Oscar Gold Classic policy. Compare all tiers in Iowa above.

Silver plans: Best for people with low incomes or average medical costs

Silver policies give you the option of a middle ground between Gold and Bronze health insurance plans. Silver plans offer monthly premiums that fall between Gold and Bronze plans, but that means your out-of-pocket costs, like deductibles, copays and coinsurance, also fall in between them.

If you are part of a lower-income household, you may 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 cheapest Silver plan in Iowa is the Oscar Silver Simple- Specialist Saver. Compare all tiers in Iowa above.

Expanded Bronze and Catastrophic plans: Best for young, healthy people

Catastrophic plans provide the least coverage, but they also have the lowest monthly rates. To qualify for a Catastrophic policy, you must be under 30 years old or be eligible for an exemption. Catastrophic plans also are not eligible for premium tax credits.

Bronze plans, on the other hand, are open to everyone and offer cheaper monthly premiums than higher metal tier plans. The lower rates mean reduced coverage, which translates to higher out-of-pocket costs. So, if you need medical care during the year, you have to pay more yourself before coverage kicks in.

Lastly, a tier between Silver and Bronze, called Expanded Bronze, extends the coverage of a typical Bronze plan, which usually covers about 60% of your health care costs. Expanded Bronze plans cover up to 65% of your medical costs.

The cheapest Expanded Bronze plan in Iowa is the Oscar Bronze Classic. The cheapest Catastrophic plan is the Oscar Secure. Compare all tiers in Iowa above.

Best cheap health insurance companies in Iowa

Iowa has three insurers on its health insurance marketplace. Your choices are Medica Insurance Co., Oscar Insurance Co. and Wellmark Health Plan of Iowa Inc. Wellmark provides a variety of great options for health plans and offers the lowest-cost Silver policy in 76 of 99 counties.

Cheapest health insurance plan by county

We evaluated the most affordable Silver health insurance plans that are available through the Iowa exchange by county to help you find the best-priced health insurance in your location. Below, you can find the policy with the cheapest monthly premium as well as sample rates for an individual, a couple and a family of three in your county.

County name
Cheapest plan
Age 40
Couple, age 40
Couple, age 40 & child
AdairWellmark Silver Traditional HMO$508$1,015$1,319
AdamsWellmark Silver Traditional HMO$508$1,015$1,319
AllamakeeWellmark Silver Traditional HMO$508$1,015$1,319
AppanooseWellmark Silver Traditional HMO$508$1,015$1,319
AudubonWellmark Silver Traditional HMO$508$1,015$1,319
BentonWellmark Silver Traditional HMO$508$1,015$1,319
Black HawkSilver Simple- Specialist Saver$427$853$1,108
BooneWellmark Silver Traditional HMO$508$1,015$1,319
BremerSilver Simple- Specialist Saver$427$853$1,108
BuchananSilver Simple- Specialist Saver$427$853$1,108
Buena VistaWellmark Silver Traditional HMO$508$1,015$1,319
ButlerSilver Simple- Specialist Saver$427$853$1,108
Show All Rows

Average cost of health insurance by family size in Iowa

If you're looking for health insurance for your family, the size of your family and their ages will affect the cost of your policy. For children under the age of 15, the monthly rate remains flat, but once a child turns 15 years old, the monthly health plan premium will start increasing.

For example, the average cost of health insurance for a family of three, assuming two 40-year-old parents and a child, is $1,385 in Iowa with a Silver plan. For each additional child, the average cost of a Silver health plan increases by about $319, so a family of five would cost $2,023 per month on average for health coverage.

Family size
Average cost
Individual + child$852
Couple, age 40$1,066
Family of three (adult couple and a child)$1,385
Family of four (adult couple and two children)$1,704
Family of five (adult couple and three children)$2,023

Adults are assumed to be 40 years old. Children are assumed to be 14 or younger. Sample rates are based on the average cost of a Silver plan in Iowa.

Health insurance rate changes in Iowa

In Iowa, the average cost of a health insurance plan has increased by 1% since 2021. A typical 2022 policy for a 40-year-old costs $445, just $2 more than a year ago.

The mean cost of a health plan has increased across all metal tiers except Silver — a Silver plan now costs 2% less. Catastrophic health insurance plans saw the largest percentage cost increase in Iowa, with rates rising by 3%.

Metal tier
2020
2021
2022
Change 2021 vs. 2022
Catastrophic$371$311$3213%
Expanded Bronze$426$408$4131%
Silver$497$545$533-2%
Gold$655$508$5141%

Rates are for a 40-year-old adult.

Methodology

The Iowa health insurance premium and plan information used in this analysis was sourced from the Centers for Medicare & Medicaid Services (CMS). ValuePenguin determined the average rates by metal tier, family size and region by referencing cost data from the Public Use Files (PUF) on the CMS website. Plans and providers for which county-level data was included in the CMS Crosswalk file were used in our analysis; those excluded from this dataset may not appear.

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.