Best Cheap Health Insurance in Wyoming 2020

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Wyoming has one of the highest average monthly health insurance premiums in America, but residents can often find affordable health insurance plans on the state health insurance exchange. The best insurance plan for you will depend on your needs and financial situation.

For the 2020 plan year, the average monthly health insurance premium is $766 for a 40-year-old in Wyoming, or 2% higher than in 2018.

To help you get started on your search, we analyzed all health insurance plans on the Wyoming marketplace and found that the BlueSelect Silver Balance was the cheapest Silver plan available in every county. Although this was the most affordable plan across the state, the price of the policy will differ depending on county.

Cheapest health insurance by metal tier

We compared Wyoming health insurance plans by metal tier and identified the cheapest policy in the state for each level of coverage. You can use the table below to compare the different costs and benefits between each metal tier. For example, the BlueSelect Bronze Value is the cheapest Bronze plan, and it comes with a minimum monthly premium of $572 for a 40-year-old and a deductible of $6,000. On the other hand, the minimum monthly premium for the cheapest Silver plan, BlueSelect Gold Balance, is $674, but it has a much lower deductible of $2,000.

You may notice that, according to this chart, the monthly premium on the Silver plan is the highest, despite having a higher deductible than the Gold plan. This is due to the government no longer funding cost-sharing reduction subsidies for Silver health plans, as explained in further detail below.

Metal tierCheapest planDeductibleOut-of-pocket maximumMonthly cost for 40-Year-Old
BronzeBlueSelect Bronze Value$6,000$7,900$572
Expanded BronzeBlueSelect Bronze Core$4,500$6,750$543
SilverBlueSelect Silver Balance$6,000$7,900$806
GoldBlueSelect Gold Balance$2,000$7,900$674

Age and metal tier are two important factors that impact the monthly health insurance premium you pay for your health insurance policy. As the policyholder's age increases, the average cost of health care coverage across all metal tiers will increase. In Wyoming, this means a premium for a 40-year-old will be 28% more expensive than for a 21-year-old. That same 40-year-old would pay 53% lower rates for a policy than a 60-year-old.

Average monthly cost of health insurance plans by metal tier in Wyoming

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Finding your best health insurance coverage in Wyoming

The best health insurance policy for you is one that fits your medical coverage needs and financial situation. Typically, higher metal tier policies (Silver and Gold) have more expensive monthly premiums. In return, they also provide lower out-of-pocket expenses like deductibles, copays and coinsurance. These plans are best if you think you may become sick or already have high recurring medical costs that arise from chronic conditions.

On the other hand, those who are young and healthy and don't expect to have many medical costs may wish to choose a Bronze plan to save money. Ultimately, all health policies, regardless of metal tier, are eligible for premium subsidies, which would reduce your monthly premium by a substantial amount if your income is low enough to qualify.

Gold plans: Best for high expected medical costs

Gold plans are the highest metal tier available in Wyoming and typically cover the greatest share of out-of-pocket costs, which means you'll pay lower deductibles, copays and coinsurance. The average cost of a Gold plan in Wyoming is actually 15% lower on average than the average cost of a Silver health plan. However, Gold plans are not eligible for the cost-sharing reductions (CSR) Silver plan holders may qualify for. If you qualify for the CSR on Silver policies, it may make a Silver plan much more cost effective than a Gold plan due to much lower out-of-pocket costs.

Generally, Gold health insurance policies are the best in terms of cost-effectiveness if you expect to incur high medical expenses, such as from chronic conditions, or you have costly prescriptions. You can expect these plans to cover about 80% of your medical costs, while you pay for the remaining 20%.

Silver plans: Best for those with low income or average medical costs

The coverage and overall costs of Silver plans usually fall between Gold and Bronze plans. However, cost-sharing reduction (CSR) subsidies, a feature of Silver plans, are no longer reimbursed by the government. Instead, they are paid for by higher Silver policy premiums.

If you are part of a lower-income household, you may qualify for both premium subsidies and CSR subsidies, which would lower both your out-of-pocket expenses and monthly premium. Typical Silver plans cover about 70% of your health care costs while you pay 30%. But with CSR subsidies, you could qualify for a Silver plan that covers up to 94% of your health care costs.

Bronze plans: Best for young, healthy people

Bronze health insurance plans offer the cheapest monthly premiums, but the trade-off is that they also offer the lowest coverage. Bronze policy premiums are 30% cheaper than Silver plans, on average. But if you need medical care during the year, you would have to pay more out-of-pocket before coverage kicks in.

On average, you can expect a Bronze plan to cover about 60% of your health costs, while you pay for the other 40%. Therefore, we would only recommend these plans if you have the financial means to cover a large portion of your health care costs in the case of a potential medical emergency.

Best cheap health insurance companies in Wyoming

Wyoming has the second highest pre-subsidy monthly health insurance premiums in the country. The high premiums may be due in part to the fact that there is only one health insurance company on the Wyoming state exchange: Blue Cross Blue Shield of Wyoming. In addition, states that have lower populations typically lead to higher insurance premiums due to smaller risk pools. Blue Cross Blue Shield of Wyoming has been the only insurer on the exchange in Wyoming for the last several years, and will continue to be the sole insurer this year.

Cheapest health insurance plan by county

Finding the best health plan for your family can be challenging, since policy costs and availability often change depending on the region you live in. However, we compared rates for every Silver policy in Wyoming and found the BlueSelect Silver Balance was the cheapest health plan in each county.

CountyCheapest silver planSingle adult, age 40Couple, age 40Couple, age 40, and child
AlbanyBlueSelect Silver Balance$884$1,769$2,298
Big HornBlueSelect Silver Balance$884$1,769$2,298
CampbellBlueSelect Silver Balance$884$1,769$2,298
CarbonBlueSelect Silver Balance$884$1,769$2,298
ConverseBlueSelect Silver Balance$884$1,769$2,298
CrookBlueSelect Silver Balance$884$1,769$2,298
FremontBlueSelect Silver Balance$884$1,769$2,298
GoshenBlueSelect Silver Balance$884$1,769$2,298
Hot SpringsBlueSelect Silver Balance$884$1,769$2,298
JohnsonBlueSelect Silver Balance$884$1,769$2,298
LaramieBlueSelect Silver Balance$806$1,612$2,095
LincolnBlueSelect Silver Balance$884$1,769$2,298
NatronaBlueSelect Silver Balance$884$1,769$2,298
NiobraraBlueSelect Silver Balance$884$1,769$2,298
ParkBlueSelect Silver Balance$884$1,769$2,298
PlatteBlueSelect Silver Balance$884$1,769$2,298
SheridanBlueSelect Silver Balance$884$1,769$2,298
SubletteBlueSelect Silver Balance$884$1,769$2,298
SweetwaterBlueSelect Silver Balance$884$1,769$2,298
TetonBlueSelect Silver Balance$884$1,769$2,298
UintaBlueSelect Silver Balance$884$1,769$2,298
WashakieBlueSelect Silver Balance$884$1,769$2,298
WestonBlueSelect Silver Balance$884$1,769$2,298

Average cost of health insurance by family size in Wyoming

The number of people covered by a particular health insurance plan and their ages will affect the monthly premium on the policy. If you add a child to your health insurance plan, the monthly premium will increase by a flat rate until he or she reaches the age of 15. Once the child turns 15, the monthly rate to insure him or her will increase annually as he or she grows older.

For instance, the average monthly health insurance cost for a family of three in Wyoming, assuming two 40-year-old parents and one child on a Silver plan, is $2,303. If you were to add another child to the plan, the monthly premium would increase by $530. So for a family of four, the total monthly cost of health coverage would be $2,833.

Family sizeAverage monthly cost of health plan
Individual + Child$1,417
Couple age 40$1,772
Family of three (Adult couple and a child)$2,303
Family of four (Adult couple and two children)$2,833
Family of five (Adult couple and three children)$3,364
Adults are assumed to be 40 years old. Sample rates are based on the average cost for a Silver plan in Wyoming.

Health insurance rate changes in Wyoming

Health insurance rates are set by individual health insurers, but must go to the Wyoming exchange for approval. Over the past two years, the average cost of health insurance in Wyoming has increased 2% to $766 for a 40-year-old. This is a $12 per month increase over the mean cost in 2018.

Bronze policies saw the largest percentage rate increase, with the average health plan becoming 3% more expensive.

Metal tier2018 premium2020 premium% Change
Bronze$609$6283.08%
Expanded BronzeNot applicable$594Not applicable
Silver$872$8861.62%
Gold$743$7551.63%
Rates are based on a 40-year-old adult. Blue Cross Blue Shield of Wyoming did not offer Expanded Bronze plans in 2018.

Methodology

Health insurance rates and plan data stated above for Wyoming were aggregated from the Centers for Medicare & Medicaid Services (CMS) website. We used the CMS Public Use Files to average health insurance premiums across a variety of factors such as by metal tier, by county and by family size.

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.