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Best Affordable Health Insurance Companies

Both Aetna and Oscar offer high-value, low-cost plans
By
Lindsay Frankel
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Full Bio
A freelance writer with more than three years of researching and writing about personal loans, insurance, credit cards, and more, Lindsay's work has appeared on sites such as Insurify, Bankrate, and The Simple Dollar.
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Updated November 28, 2023
Fact checked by
J.R. Duren
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Fact checked by J.R. Duren
Full Bio
J.R. Duren has more than 10 years of experience writing and editing for print and digital media outlets, serving in roles as a marketing writer, reporter, and freelance editor. He serves as an insurance editor for Dotdash Meredith's performance marketing department.
Learn about our editorial policies
Blue Cross Blue Shield is our top pick for affordable health insurance. It stands out because it has the lowest overall cost and the best-value Silver plans, a wide variety of offerings, and good quality ratings. The company’s plans are widely available and offer the largest provider network.

It’s easy to focus on the premium when considering how affordable a health insurance plan is. But if you expect to go to a doctor for anything other than preventive care, filling prescriptions, or visiting urgent care—you’ll want to pay attention to the plan’s deductible and copays as well.

To determine the best affordable health insurance companies, we evaluated 40 criteria across nine major health insurance companies. The criteria cover cost, plan benefits, state availability, customer satisfaction, types of plans available, ACA metal level plans available, and dental coverage. 

We used annual star ratings from the National Committee for Quality Assurance (NCQA) to evaluate plan quality and customer satisfaction. NCQA is a private nonprofit organization that evaluates health plans for patient care quality, patient satisfaction, and health plans' efforts to improve. 

Best Affordable Health Insurance Companies

Best Affordable Health Insurance Companies
Best Affordable Health Insurance Companies

Best Overall : Blue Cross Blue Shield

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 Blue Cross/Blue Shield
  • Availability: 36 states
  • PPO plans: Yes
  • Premiums: About average
Why We Chose It

Blue Cross Blue Shield offers the best cost overall and offers especially good pricing for Silver plans and people over 60.

Pros & Cons
Pros
  • Lowest average cost when considering premiums, copays, and deductible
  • Second-highest average NCQA rating among insurers we reviewed
  • Broadest availability
  • Most plans offer access to a discount program
  • Offers low-priced Catastrophic plans
Cons
  • Bronze plans are a worse value than those offered by other providers
Overview

If you’re looking for a Silver metal plan that provides excellent value, Blue Cross Blue Shield fits the bill. The nationwide group of companies also offers great pricing for people over 60. BCBS has an average NCQA rating of 3.59, the second-highest of the major health insurance providers we reviewed. This is a positive indicator of customer satisfaction.

BCBS is available in 36 states and offers the largest provider network, with more than 1.7 million doctors and hospitals. Its plans span PPOs, HMOs, EPOs, and  point-of-service (POS) plans across all metal levels (Bronze, Expanded Bronze, Silver, Gold, and Catastrophic). Policyholders in dozens of states get access to Blue365, an extensive discount program that offers savings on fitness, nutrition, personal care, and more. All of these factors also landed BCBS on our list of the best health insurance companies and best health insurance for the self-employed.

(Note that we excluded Anthem from our evaluation of BCBS because it is a large competitor of BCBS in some markets.)
Important

Catastrophic plans offer very low premiums combined with high deductibles, and you can’t use a premium tax credit for a Catastrophic plan. Not all insurers offer Catastrophic plans. To qualify, you must be under 30 or have an approved hardship exemption.

Best Copays : Oscar

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 Oscar Health
  • Availability: 18 states
  • PPO plans: Yes
  • Premiums: Slightly lower than average
Why We Chose It

Oscar offers the lowest copays for most of the Silver and Bronze plans we gathered quotes for, with Silver plans offering $0 physician copays.

Pros & Cons
Pros
  • $0 physician copays with some plans
  • $0 virtual urgent care available 24/7
  • Offers inexpensive Catastrophic plans
Cons
  • Lower NCQA rating indicating average customer service
  • High-deductible, HSA-compatible plan participants can’t use $0 virtual consultations
Overview
If you don’t want to worry about paying for doctor’s visits, Oscar may be a good option. The company offers some plans with $0 physician copays. The company also offers free virtual care and $3 generic prescriptions in some states. If you’re under 30 or otherwise qualify due to income, you may be eligible for Oscar’s Secured plan, otherwise known as a Catastrophic plan on the Exchange.  Oscar offers an app that’s well-rated on Google Play and the App Store, allowing you to find care and get rewarded for meeting your physical step goals.  However, the company’s average NCQA rating, which measures customer satisfaction, is low relative to other providers. And while Oscar offers inexpensive care options, the overall value is relatively low when considering premiums, deductibles and copays together.

Best Premiums : Kaiser Permanente

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 Kaiser Foundation Health Plans
  • Availability: Eight states and the District of Columbia
  • PPO plans: No
  • Premiums: Lowest
Why We Chose It
Kaiser Permanente plans have the lowest average premiums of the providers we reviewed, plus the highest NCQA rating. This makes Kaiser an excellent option for people with low health care needs who appreciate great service—as long as you live in states where coverage is offered.
Pros & Cons
Pros
  • High NCQA star rating indicating customer satisfaction
  • Lowest overall premiums
  • Lowest-cost Bronze plans
  • Offers low-priced Catastrophic plans
Cons
  • Available in only eight states and the District of Columbia
  • Copays can be high
Overview
Kaiser offers very low monthly plan premiums if you’re lucky enough to live in a state where the insurer offers coverage. However, Kaiser’s low-premium plans can translate into a higher copay relative to the competition. But if you’re not a frequent healthcare consumer, a Kaiser Permanente’s Bronze plan can be an excellent choice.

There are other reasons to go with Kaiser, apart from cost. For starters, Kaiser wins high marks for its care quality and patient satisfaction. It came in first across five regions in the 2023 J.D. Power U.S. Commercial Health Plan Study. Its plans also earn the highest average NCQA ratings of all providers we reviewed, with an average of 4.2 stars.

The main drawback is that Kaiser is only available in California, Colorado, Georgia, Hawaii, Maryland, Oregon, Virginia, Washington, and the District of Columbia. And if you prefer to mix and match your care providers, understand that Kaiser insurance primarily offers HMOs relying on its own Kaiser Permanente integrated healthcare system (physicians, clinics, and hospitals).

Best for Tax Credits : Aetna

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Aetna
  • Availability: 12 states
  • PPO plans: Yes
  • Premiums: Low
Why We Chose It

Aetna's health insurance plans can qualify for the maximum premium tax credit available in some states. In other words, your monthly premium with Aetna could be $0. Aetna also offers no-cost or low-cost services at CVS MinuteClinics.

Pros & Cons
Pros
  • Lowest-cost plans if using a premium tax credit
  • No- or low-cost CVS MinuteClinic visits
  • Allowance for CVS-branded wellness products
  • Low-premium Bronze plans
Cons
  • Limited availability
  • Does not offer low-premium Catastrophic plans
Overview

If you’re eligible, your health plan insurance premium could drop to $0 with Aetna. Because Aetna’s plans in most states include only the essential health benefits (EHBs) outlined by the Affordable Care Act, all of your premiums with those plans are eligible for advanced premium tax credits, leaving you with a $0 premium.

Aetna plans also offer an excellent alternative to urgent care for minor illnesses and injuries via walk-in CVS MinuteClinics if same-day care is needed. In addition, many of Aetna’s ACA plans in 2024 are offering $5 generic drug copays, a $25/quarter allowance for CVS-branded products, and 20% off on CVS-branded products. 

If you have a high-deductible plan, you must meet your deductible before MinuteClinic visits are free, but you will still get discounted service. Overall, the value can vary significantly between markets, and the plans are available in only 12 states. In addition, Aetna doesn’t offer Catastrophic plans.

The Bottom Line

Blue Cross Blue Shield companies, excluding Anthem, offer the best value and are well-rated on average. But if you qualify for the premium tax credit, you may want to consider Aetna, especially if you enjoy the convenience of using a nearby CVS MinuteClinic for everyday healthcare. If you’re seeking a low-premium Bronze plan and live in an area served, Kaiser Permanente may be your most affordable option. For $0 copays and a well-rated digital experience, consider Oscar, but be aware the company has some issues with customer satisfaction.

Compare Most Affordable Health Insurance Companies of 2024

ACA Plans
 Company Plan Types  Avg Premiums Cost Metal Plans Best For
 HMO, PPO, EPO, POS About average 1st Bronze, Silver, Gold, Platinum, Catastrophic Medium use
HMO, EPO Lowest 3rd Bronze, Silver, Gold, Platinum, Catastrophic Cheapest premiums
HMO, PPO, EPO Slightly lower than average 2nd Bronze, Silver, Gold, Catastrophic Low copays
HMO, PPO, EPO Low 4th Bronze, Silver, Gold Maximum premium tax credit

Frequently Asked Questions

  • How Much Is Health Insurance?

    Bronze plans on the Health Insurance Marketplace are the most affordable health insurance plans available (aside from Catastrophic coverage). Your price varies depending on your location, age, plan choice, and whether you smoke. The total cost of health insurance comprises your premium, the deductible, copays for doctor visits and prescription drugs, and coinsurance once the deductible is met. Health insurance plans also define an out-of-pocket maximum—the most you pay before your insurance company pays for 100% of your care.

  • What Is the Premium Tax Credit?

    The Affordable Care Act (ACA) created the advance premium tax credit to make Marketplace health insurance premiums more affordable. Qualifying for the premium tax credit depends on your state of residence, family size, and adjusted gross income. You’ll find out whether you qualify for the premium tax credit when you apply for a Marketplace plan.

  • What Is a Deductible in Health Insurance?

    A deductible is the amount that you must pay each year before your insurance begins to cover your costs. If your health insurance plan has a deductible of $2,000, for example, you’ll generally have to pay for the first $2,000 of covered services yourself. However, ACA plans cover specific preventive services before you’ve met your deductible. Some plans might have different deductibles for health care and prescription drugs and/or copays for doctor visits before the deductible is met.

  • What Is a High-Deductible Health Plan?

    A high-deductible health plan (HDHP) is a health insurance plan that charges relatively low monthly premiums in exchange for a high deductible. For 2024, the IRS defines an HDHP as one with a deductible of at least $1,600 for individuals and $3,200 for families. The maximum out-of-pocket limit for 2024 Marketplace self-only plans is $9,450.

    An HDHP must have a health savings account (HSA), which lets you (and your employer) contribute money on a pre-tax basis to a brokerage or savings account for qualified healthcare expenses.

  • Which Type of Health Insurance Is Least Expensive?

    Blue Cross Blue Shield (excluding Anthem) is our pick for the best value plan, and Kaiser Permanente has the cheapest Bronze plans. However, the cost of your health insurance plan will be determined by the coverage you choose as an individual or family.

  • What Qualifies as a Life Event for Special Enrollment?

    Life events that make you eligible for special enrollment on the Health Insurance Marketplace may include a change of residence, a new baby, marriage, and loss of health coverage. Some of these events, such as marriage and having a baby, may also qualify you for a special enrollment period for your employer's health plan.

How We Chose the Best Affordable Health Insurance Companies

To identify which health insurance companies to review, we analyzed business and market insight databases, considered health insurance company market share, and researched user-generated data from Google to determine public interest and trends in health insurance companies and plans.  We collected data from the National Committee for Quality Assurance (NCQA), an independent organization that rates health care plans on quality and patient satisfaction. We also gathered data from state and federal government insurance marketplace websites and databases, and directly from companies via websites, media contacts, and existing partnerships. The data collection process took place between Sept. 29 and Oct. 23, 2023. We then developed a quantitative model that scores each health insurance provider based on 27 criteria that fall into four major categories and are crucial in evaluating the company’s offerings and benefits. We weighted the four categories as follows for this article:
  • Plan Quality & Customer Satisfaction: 10%
  • Plan Features: 30%
  • Cost: 45%
  • Availability: 15%

Read our full methodology for reviewing health insurance companies.

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Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
  1.  National Committee for Quality Assurance (NCQA). "."
  2. J.D. Power. ""
  3. Healthcare.gov "."
  4. Healthcare.gov. "."
  5. IRS. "."
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