Best Cheap Health Insurance in New Hampshire 2019

In New Hampshire, residents can find affordable health insurance that fits their needs on the state health insurance exchange. We analyzed all individual health insurance plans on the New Hampshire marketplace and found that the Anthem Silver Pathway X Enhanced HMO 6300 30 was the cheapest Silver plan available in every county. Although this was the cheapest Silver plan, the most cost-effective plan for you will depend on your health and financial situation.

Cheapest Health Insurance by Metal Tier

There are four metal tiers to choose from in New Hampshire—Catastrophic, Bronze, Silver and Gold. In the table below we identified the cheapest plan in the state for each coverage tier, alongside its sample rates and coverage terms. You can use this analysis below to compare the different costs and benefits between each metal tier. For example, the Anthem Silver Pathway X Enhanced HMO 6300 30 is the cheapest Silver plan, and it comes with a minimum monthly premium of $457 for a 40-year-old and a deductible of $6,300. On the other hand, the minimum monthly premium for the cheapest Gold plan, Ambetter Secure Care 1 is $524. That plan has a much lower deductible of $1,000.

Metal tier is an important factor when it comes to the cost of your health insurance. As you can see from the table above, as metal tier increases, the monthly premium increases. However, you get better benefits like lower out-of-pocket costs. Choosing the metal tier that suits your medical and financial situation best will play an important part in the cost-effectiveness of your plan.

As you can see in the chart below, whichever coverage tier you choose, your health insurance rates will increase as you get older. For example, a 60-year-old in New Hampshire will pay 112% more each month on average for health insurance coverage than a 40-year-old.

Finding the Best Health Insurance Coverage in New Hampshire

Choosing the right tier of coverage will depend on your health and financial situation. Higher metal tier health plans, like Gold plans, typically have the most expensive premiums, but affordable out-of-pocket expenses, like deductibles, copays and coinsurance. This means if you have high recurring medical costs that arise from a chronic condition, or think you may need medical care in the future, a higher metal tier plan may be the best option for you. On the other hand, if you are young, healthy and have no expected medical costs—and can cover the higher cost-sharing—a lower metal tier policy may be the right choice for you.

Gold Plans: Best for High Expected Medical Costs

If you use or expect to use your insurance often, Gold health insurance plans are typically the most cost-effective since they have lowest out-of-pocket costs. If you use your insurance often, the lower deductibles and copay can balance out the expensive monthly premiums. Ultimately, Gold plans are best if you have high expected medical costs, such as chronic conditions that may require regular medical attention, or are concerned about being able to pay out of pocket for an unexpected condition.

The average monthly premium of a Gold plan in New Hampshire is 24% higher than the average monthly premium of a Silver plan. However, Gold plans cover about 80% of your health care costs versus the 70% Silver plans typically cover.

Silver Plans: Best for Those With Low Income or Average Medical Costs

Silver plans are a good health insurance option for those looking for a balance between costs and benefits. Although these health plans appear to have a higher monthly premium than Bronze plans while offering similar benefits, Silver policies qualify for cost-sharing reduction (CSR) subsidies, which may lower your out-of-pocket costs if your income qualifies.

To qualify for CSR subsidies with a Silver health plan, you must be part of a lower-income household. You may also qualify for premium tax credits, which also depend on your level of income, to lower your monthly premium. 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 typically have lower-cost premiums compared to Silver and Gold plans. However, you must be under 30 or qualify for an exemption to purchase a Catastrophic plan. And these cheap policies come with reduced coverage, meaning higher out-of-pocket costs. So, if you needed medical care during the year, you would have to pay more money yourself in deductibles and copays before the policy provides coverage.

We wouldn't recommend Bronze or Catastrophic policies unless you can afford the higher deductibles, copays and coinsurance in the case of a medical emergency.

Best Cheap Health Insurance Companies in New Hampshire

According to the U.S. Census, New Hampshire's uninsured rate was 5.9% in 2016, which is much lower than the national average of 8.6%. Helping bring the rate of uninsured down are the three health insurance companies on the New Hampshire state exchange: Celtic Insurance Company, Harvard Pilgrim Health Care of NE, and Matthew Thornton Health Plan (Anthem BCBS).

Although these three companies are available in most of the state, residents of Belknap and Carroll counties only have access to Celtic and Matthew Thornton on the state health insurance marketplace.

Cheapest Health Insurance Plan by County

The cheapest health insurance plan in every county of New Hampshire is the Anthem Silver Pathway X Enhanced HMO 6300 30, but you should still do some comparison shopping to see the different costs and benefits of each plan offered in your county. The table below shows the sample rates in your county for an individual, couple, and a family of three.

Average Cost of Health Insurance by Family Size in New Hampshire

In addition to the coverage tier, the size of your family and ages of family members will affect your monthly health insurance premium. As members of the plan age, monthly premiums are likely to increase annually. Families that insure children 15 years old and up should also expect an annual increase.

The average cost of a Silver health insurance policy for a family of three, assuming two 40-year-old parents and a child, is $1,288 in New Hampshire. For each additional child, the average cost of a policy increases by $297, so a family of five, assuming two adults and three children, would cost an average of $594 more per month to insure. On the other hand, an adult couple with no children would pay $992 on average for health insurance.