Best Cheap Health Insurance in Maine 2019
Find the Cheapest Health Insurance Quotes in Your Area
Maine residents can find cheap health insurance options on the state exchange, or through Medicaid if they qualify based on income. We researched all health insurance plans available on the state marketplace and found that either Maine's Choice Pemaquid Silver HMO or Community Value HMO was the cheapest Silver health plan in every county. The availability and monthly premium of health plans will differ based on where you live, as the cost of a health plan varied by up to 48% among counties in Maine.
Cheapest Health Insurance by Metal Tier
The cost of health insurance for an individual is significantly driven by your age, location and the metal tier of coverage you choose. To help you in your search, we compared all health insurance plans in Maine to find the cheapest policy available for each tier of coverage. The table below can provide a good starting point in comparing the costs and benefits you may expect out of each tier of coverage.
| Metal Tier | Cheapest Plan | Deductible | Out of Pocket Maximum | Monthly Cost for a 40-Year-Old |
|---|---|---|---|---|
| Catastrophic | Community Safe Harbor PPO | $7,350 | $7,350 | $235 |
| Bronze | Community Focus PPO | $5,500 | $7,350 | $337 |
| Expanded Bronze | Community Best HMO | $4,000 | $7,350 | $375 |
| Silver | Maine's Choice Pemaquid Silver HMO | $4,500 | $6,800 | $489 |
| Gold | Community Edge PPO | $1,200 | $6,000 | $570 |
Which level of coverage is best for you is based on your medical needs and financial situation, with higher tier policies carrying more expensive monthly rates but lower out-of-pocket costs. Comparing the above policies, the Maine's Choice Pemaquid Silver HMO Silver plan has a minimum monthly rate of $489 for a 40-year-old, which is about $81 per month cheaper than the Community Edge PPO Gold plan. However, the Gold plan means lower out-of-pocket costs in the form of deductibles, copays and coinsurance.
Across all metal tiers, your monthly cost of health insurance will increase with age. But the absolute price difference will vary depending on the tier of health plan you've chosen. For example, a 40-year-old in Maine would pay 28% more than a 21-year-old, which comes to an additional $137 per month for a Silver plan or $148 with a Gold plan. As you get older, though, medical expenses are often more frequent and costly, so the lower cost sharing of a higher tier plan may justify the additional premium payments.
Finding the Best Health Insurance Coverage in Maine
The best cheap health insurance plans in Maine will vary by region, because the availability and price of plans will change by county. For example, the Maine's Choice Pemaquid Silver HMO plan has a monthly premium of $489 for a 40-year-old in the Cumberland County but a $528 monthly premium in Kennebec County. Regardless of where you live, there are a range of plans at varying coverage tiers to fit your needs.
Higher metal tier health plans, such as Gold plans, have monthly premiums that are typically more expensive than Silver plans but typically offer lower out-of-pocket expenses, like deductibles, copays and coinsurance. This means if you have a medical condition or costly prescriptions, a higher metal tier plan may be the best health insurance option for you. However, those that are young and healthy may wish to consider a lower metal tier policy, which is better for those with no expected medical costs and have the means to pay the larger out-of-pocket expenses if an emergency does occur.
Gold Plans: Best for High Expected Medical Costs
Despite the highest monthly premiums, Gold policies can be cost-effective for those who expect to use their insurance often. This is because the lower deductibles and copays outweigh the higher monthly rate for those with high recurring medical costs that arise from chronic conditions or prescriptions. Gold policies are also great for those that are concerned about being able to pay out of pocket for an unexpected condition.
Silver Plans: Best for those with Low Income or Average Medical Costs
Silver plans fall between higher metal tier Gold plans and lower metal tiers like Bronze and Catastrophic plans. This means Silver plans are a good middle ground in terms of the monthly premium and out-of-pocket costs. For example, the Community Value HMO Silver plan has an average monthly premium of $624 for a 40-year-old in Maine, which is $40 lower on average than the Community Edge PPO Gold plan, but the deductible is $2,150 higher. On the other hand, the Community Align PPO Bronze plan has a monthly premium that is about $191 cheaper but has a deductible that is $2,150 higher.
Furthermore, if you are part of a lower-income household, you may qualify for cost-sharing reduction (CSR) subsidies, 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.
Bronze and Catastrophic Plans: Best for Young, Healthy People
Catastrophic and Bronze plans offer lower cost premiums compared to Silver and Gold plans. However, the affordable monthly rates for these health plans mean higher costs in the form of deductibles, copays or coinsurance before the insurance kicks in. We wouldn't recommend these policies unless you can afford the higher cost sharing in the case of a medical emergency.
Extended Bronze plans are a new plan tier that was introduced this year in Maine. This tier extends a typical Bronze plan, which may cover about 60% of your health care costs, to cover up to about 65% of your costs. Note that, while Catastrophic plans are restricted to people under the age of 30 or those who qualify for a hardship exemption, Bronze plans are open to everyone.
Best Cheap Health Insurance Companies in Maine
Currently there are only two health insurance companies on the Maine state exchange: Harvard Pilgrim Health Care Inc. and Maine Community Health Options. This is down from three health insurers last year because Anthem, Inc. left the exchange. However, Anthem will be making a return to the state health insurance marketplace next year.
Both of the health insurance companies that are currently available in Maine provide coverage across all 16 counties in the state, offering multiple tiers of coverage. We recommend beginning your search with Harvard Pilgrim Health Care Inc., as the company’s Maine's Choice Pemaquid Silver HMO plan was the cheapest Silver health insurance plan in the majority of the state.
Cheapest Health Insurance Plan By County
The cheapest health insurance plan in Maine changes by region, so we analyzed all Silver policies by county to help you get started on your search. The table below lists the best-priced Silver policy for each county and sample monthly 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 |
|---|---|---|---|---|
| Androscoggin | Maine's Choice Pemaquid Silver HMO | $553 | $1,107 | $1,438 |
| Aroostook | Community Value HMO | $790 | $1,581 | $2,054 |
| Cumberland | Maine's Choice Pemaquid Silver HMO | $489 | $978 | $1,270 |
| Franklin | Maine's Choice Pemaquid Silver HMO | $553 | $1,107 | $1,438 |
| Hancock | Community Value HMO | $790 | $1,581 | $2,054 |
| Kennebec | Maine's Choice Pemaquid Silver HMO | $528 | $1,055 | $1,371 |
| Knox | Maine's Choice Pemaquid Silver HMO | $528 | $1,055 | $1,371 |
| Lincoln | Maine's Choice Pemaquid Silver HMO | $528 | $1,055 | $1,371 |
| Oxford | Maine's Choice Pemaquid Silver HMO | $528 | $1,055 | $1,371 |
| Penobscot | Community Value HMO | $614 | $1,228 | $1,595 |
| Piscataquis | Community Value HMO | $614 | $1,228 | $1,595 |
| Sagadahoc | Maine's Choice Pemaquid Silver HMO | $489 | $978 | $1,270 |
| Somerset | Community Value HMO | $614 | $1,228 | $1,595 |
| Waldo | Maine's Choice Pemaquid Silver HMO | $553 | $1,107 | $1,438 |
| Washington | Community Value HMO | $790 | $1,581 | $2,054 |
| York | Maine's Choice Pemaquid Silver HMO | $489 | $978 | $1,270 |
Average Cost of Health Insurance by Family Size in Maine
Beyond metal tier and the age, family size will directly affect your family's monthly health insurance premium. For example, the average monthly cost of health insurance for a family of three, assuming two 40-year-old adults and a child on a Silver plan, is $1,642 in Maine. With each additional child covered, the average cost of a health plan would increase by $378—which means the average price for a family of four would be $2,021 per month.
| Family Size | Average Monthly Cost of Health Plan |
|---|---|
| Single Adult | $632 |
| Adult Couple | $1,264 |
| Family of three (Adult couple and a child) | $1,642 |
| Family of four (Adult couple and two children) | $2,021 |
| Family of five (Adult couple and three children) | $2,399 |
The additional cost to insure each family member is based upon their age. Children under the age of 15 will qualify for cheaper health insurance premiums which remain flat, but once a child turns 15, the monthly premium will increase annually.
Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.