Best Cheap Health Insurance in Maryland (2023)
Best Cheap Health Insurance in Maryland (2023)
Find Cheap Health Insurance Quotes in Maryland
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.
The average cost of a Silver health insurance plan in Maryland is $385 per month for a 40-year-old.
The cheapest Silver health insurance plan in Maryland is Kaiser Permanente's KP MD Silver Virtual Forward 4000. We also analyzed rates to find the cheapest policies in the Bronze, Gold and Platinum metal tiers.
In the state, there are currently only three health insurance providers: CareFirst, UnitedHealthcare and Kaiser Permanente.
Cheapest health insurance by metal tier
We compared plans from the Maryland Health Connection marketplace to identify some of the cheapest 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 plan for each metal tier along with the plan's monthly cost for a 40-year-old, deductible and out-of-pocket maximum. This information can help you figure out which metal tier fits your coverage needs and budget.
Monthly cost for a 40-year-old
|Bronze||KP MD Bronze 7500/40%/Vision||$241||$7,500||$9,100|
|Silver||KP MD Silver Virtual Forward 4000||$331||$4,000||$7,500|
|Gold||KP MD Gold Virtual Forward 2000||$322||$2,000||$5,000|
|Platinum||KP MD Platinum 0/15/Vision||$403||$0||$3,900|
Maryland has four different metal tiers for coverage: Bronze, Silver, Gold and Platinum. The lowest tier, Bronze, tends to have the highest deductibles but the lowest monthly premiums, making it the most affordable option if you are healthy and expect to have few health care expenses.
On the other hand, the higher metal tiers, such as Gold and Platinum, typically have more expensive premiums but lower out-of-pocket expenses. For example, the cheapest Gold policy in Maryland is 34% more expensive than the best-priced Bronze plan.
For 2023, those who qualify for health insurance subsidies through the Health Insurance Marketplace have access to low-cost insurance plans because of the expanded health insurance tax credits. This means that health insurance could be available for less than $50 per month, and how much you pay is based on your income and household size.
Average cost of Maryland health insurance by age
On average, someone in Maryland will spend between $301 and $818 for a Silver health insurance plan, depending on their age.
For example, for a Silver policy, a 40-year-old would pay $385 on average, which is 28% more than the rate for a 21-year-old with the same policy. The jump in monthly cost is even larger as you get older, with a 60-year-old paying, on average, 112% more than a 40-year-old for a Silver health plan.
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 equal to or less than 138% of the federal poverty level can enroll in this federal health insurance program.
When searching for the most affordable health insurance, remember that the best plan for you depends on your medical needs and budget. 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
The cheapest Gold plan in Maryland is the KP MD Gold Virtual Forward 2000. The cheapest Platinum plan is the KP MD Platinum 0/15/Vision.
Gold and Platinum are the highest tiers offered in Maryland. These plans have high premiums but lower deductibles and out-of-pocket maximums, and they can be the most cost-effective plans 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.
Compare all tiers in Maryland.
Silver: Best if you have a lower income or average medical costs
The cheapest Silver plan in Maryland is the KP MD Silver Virtual Forward 4000.
Silver plans are the best option in most situations because 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, a Gold plan may be the best plan for you.
All the metal tier health plans offer premium tax credits, but Silver plans are eligible for lower deductibles, copays and coinsurance (often called cost-sharing reductions) if your income meets the criteria for your household. This benefit can make a Silver health insurance policy the most cost-effective if you qualify.
Compare all tiers in Maryland.
Bronze: Best if you are young and healthy
The cheapest Bronze plan in Maryland is the KP MD Bronze 7500/40%/Vision.
Bronze metal tier plans are the cheapest policies offered in Maryland, and they're available for applicants of any age. Although these health insurance plans have the most affordable monthly costs, they have higher deductibles, which means you will need to spend more out of pocket before your provider pays for coinsurance.
Compare all tiers in Maryland above.
Short-term health insurance in Maryland
In Maryland, you can purchase short-term health insurance plans directly through private health providers. Maryland has restrictions on short-term policies including limiting coverage to three months and prohibiting renewals, so you can't have them for longer periods of time.
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 marketplace plans do.
Find Cheap Health Insurance Quotes in Your Area
Health insurance companies in Maryland
There are currently three health insurance companies that sell policies in Maryland:
- Kaiser Permanente
UnitedHealthcare offers the cheapest Silver health plan in most of the 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 may differ from the most affordable one in a different county.
Cheapest Silver health insurance plan by county
Depending on where you live in Maryland, the pricing of insurance can vary, and in Baltimore, a 40-year-old could pay as little as $331 per month (before subsidies) for a Silver health insurance plan.
Cheapest Silver plan
Couple, age 40
|Allegany County||UHC Silver Advantage ($0 Virtual Visits, $3 Rx)||$350||$701|
|Anne Arundel County||KP MD Silver Virtual Forward 4000||$331||$663|
|Baltimore (city)||KP MD Silver Virtual Forward 4000||$331||$663|
|Baltimore County||KP MD Silver Virtual Forward 4000||$331||$663|
|Calvert County||KP MD Silver Virtual Forward 4000||$331||$663|
|Caroline County||UHC Silver Advantage ($0 Virtual Visits, $3 Rx)||$350||$701|
|Carroll County||KP MD Silver Virtual Forward 4000||$331||$663|
|Cecil County||UHC Silver Advantage ($0 Virtual Visits, $3 Rx)||$350||$701|
|Charles County||KP MD Silver Virtual Forward 4000||$331||$663|
|Dorchester County||UHC Silver Advantage ($0 Virtual Visits, $3 Rx)||$350||$701|
|Frederick County||KP MD Silver Virtual Forward 4000||$331||$663|
|Garrett County||UHC Silver Advantage ($0 Virtual Visits, $3 Rx)||$350||$701|
ValuePenguin obtained information about 2023 health insurance in Maryland from the state health insurance exchange. Using the premiums, we averaged the data and found the cheapest options for a variety of variables such as metal tier, age and county.
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.