Health Insurance

Best Cheap Health Insurance in Maryland 2020

Find Cheap Health Insurance Quotes in Maryland

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Cheap health insurance in Maryland can be purchased through the state health insurance exchange or acquired if you qualify for the federally funded Medicaid program.

After comparing quotes in the state, we found that the KP MD Silver 6000/35/Dental, offered by Kaiser Permanente, was the cheapest Silver policy in the largest counties of Maryland. In the state, there are currently only two health insurance providers: CareFirst and Kaiser Permanente.

Cheapest Health Insurance by Metal Tier

We compared plans from the Maryland Health Connection marketplace to identify some of the cheap health insurance options available to residents. If you do not currently receive employer-sponsored or federally funded health insurance, then you can purchase health coverage through the state marketplace. For example, if you are currently self-employed, then you can purchase a policy through the state exchange.

The table below shows the cheapest individual health insurance plans with each metal tier along with the plan deductible, out-of-pocket maximum and monthly premium for a 40-year-old. This information should be used as a starting point to figure out which metal tier fits your coverage needs and budget.

Metal tierCheapest planDeductibleOut-of-pocket maximumMonthly premium for a 40-year-old
CatastrophicBlueChoice HMO Young Adult $7,900$7,900$7,900$152.10
BronzeKP MD Bronze 6200/20%/HSA$6,200$6,550$298.48
SilverKP MD Silver 6000/35/Dental$6,000$7,900$404.17
GoldKP MD Gold 1500/20/Dental$1,500$6,850$408.05
PlatinumKP MD Platinum 0/5 Dental$0$4,000$477.36
Sample rates are from the largest 10 counties in Maryland.

As you can see, Maryland offers five different metal tiers for coverage: Catastrophic, Bronze, Silver, Gold and Platinum. The lower tiers (Catastrophic and Bronze) tend to have the highest deductibles but the lowest monthly premium, making them the most affordable options if you are healthy and expect to have few health care expenses. On the other hand, higher metal tiers (Gold and Platinum) have much more expensive premiums but lower out-of-pocket expenses. For example, the cheapest Gold metal policy in Maryland is 37% more expensive than the best-priced Bronze plan.

When an insurer offers you a quote for health insurance, one of the main determinants of the price will be your age. The graph below illustrates the average monthly cost for health insurance depending on your age and the metal tier of coverage. For example, for a Silver policy, a 40-year-old would pay $489, which is 28% more than the premium for a 21-year-old on the same policy. The jump in monthly cost is even larger as you get older, with 60-year-olds paying, on average, 112% more for a Silver health plan.

Average Cost of Health Insurance MD

Finding the Best Health Insurance Coverage in Maryland

The best health insurance coverage for you will depend on the availability of policies in your area as well as your medical and financial situation. Maryland has expanded Medicaid, which means households with income less than 138% of the poverty level can enroll in this federal health insurance program.

When searching for the most affordable health insurance, you should first check the premiums and out-of-pocket expenses to decide what is best for your situation. Typically, if you expect moderate to high medical expenses, then you should select a higher metal tier that has more expensive premiums but lower deductibles.

Gold and Platinum: Best if You Have High Medical Costs

Gold and Platinum are the highest tiers offered in Maryland. These plans have high premiums but lower deductibles and out-of-pocket maximums, which can be the most cost-effective for people with high medical bills. You'll reach the deductible more quickly and begin paying coinsurance through your insurer. For example, say you require expensive monthly prescriptions; in this case, an upper metal tier plan would likely be the best choice.

Silver: Best if You Have Lower Income or Average Medical Costs

The best plan for you depends on your medical needs and budget. We would recommend Silver plans in most situations, as they have modest premiums, deductibles and out-of-pocket maximums. If you are very healthy, then a lower-tier plan, such as Bronze, may be a better option. But if you expect to have high medical costs, then a Gold plan may be the best plan for you.

All health plans except Catastrophic offer premium tax credits, but Silver plans are eligible for cost-sharing reductions if your income falls below 200% of the federal poverty level. This benefit provides discounts on the amount that you are required to pay in deductibles, copays and coinsurance and can make a Silver health insurance policy the most cost-effective if you qualify.

Bronze and Catastrophic: Best if You Are Young and Healthy

The cheapest policies offered in Maryland are Bronze and Catastrophic. Although these health insurance plans have the most affordable premiums, they have higher deductibles, which means you will need to spend more out-of-pocket before your provider pays for coinsurance.

Bronze metal tier plans are available for applicants of any age, but Catastrophic plans are only available to people who are younger than 30 or qualify for an exemption.

Short-Term Health Insurance in Maryland

In Maryland, you can purchase short-term health insurance plans through private health providers outside of the state marketplace. The state puts additional restrictions on short-term policies, such as three-month coverage lengths and regulated renewals.

You may want to consider short-term health insurance if you missed open enrollment or lost employer-sponsored coverage. However, it is important to note that short-term policies do not cover the essential benefits like Obamacare marketplace plans do.

Find Cheap Health Insurance Quotes in Your Area

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Health Insurance Companies in Maryland

There are currently two health insurance companies that sell policies in Maryland:

  • CareFirst
  • Kaiser Permanente

Kaiser Permanente offered the cheapest Silver health plan in each of the largest counties in Maryland. However, the availability of plans and providers will depend on the county in which you live. Therefore, it is important to recognize that the cheapest plan in your area will differ from the most affordable in a different county.

Cheapest Health Insurance Plan by County

Depending on where you live, the pricing of similar plans will vary. However, in the largest 10 counties of Maryland, the KP MD Silver 6000/35/Dental, the cheapest Silver health insurance policy, has identical pricing.

CountyCheapest planPremium adult, age 21Premium adult, age 40Premium adult, age 60
MontgomeryKP MD Silver 6000/35/Dental$316.25$404.17$858.30
Prince George'sKP MD Silver 6000/35/Dental$316.25$404.17$858.30
BaltimoreKP MD Silver 6000/35/Dental$316.25$404.17$858.30
Baltimore CityKP MD Silver 6000/35/Dental$316.25$404.17$858.30
Anne ArundelKP MD Silver 6000/35/Dental$316.25$404.17$858.30
HowardKP MD Silver 6000/35/Dental$316.25$404.17$858.30
HarfordKP MD Silver 6000/35/Dental$316.25$404.17$858.30
FrederickKP MD Silver 6000/35/Dental$316.25$404.17$858.30
CarrollKP MD Silver 6000/35/Dental$316.25$404.17$858.30
CharlesKP MD Silver 6000/35/Dental$316.25$404.17$858.30
Sterling Price

Sterling Price is a research analyst at ValuePenguin specializing in health and life insurance. He graduated from Syracuse University with a bachelors degree in Finance and Accounting and has previous experience as a licensed life insurance representative.

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.