Best Affordable Health Insurance Companies in 2022

Affordable health insurance once seemed like a pipe dream, yet the passage of the Affordable Care Act changed that for many Americans. Thanks to the sweeping healthcare reform, signed into law by Barack Obama in 2010, households with incomes between 100% and 400% of the federal poverty level (FPL) became eligible for subsidies to bring health insurance premiums within reach. Further, the Medicaid program for low-income individuals was expanded upward to include all adults with an income below 138% of the federal poverty level.1

Still, there are challenges for some Americans when it comes to finding affordable health insurance premiums—especially for those at the higher end of the subsidy range and beyond. Because of the way the ACA was imagined, health insurance premiums can vary widely based on where you live, how much money you earn, and the size of your family.

Regardless of where you fall within those metrics, the best way to find affordable health insurance is to shop around among several different providers and compare plans based on what they offer, your monthly premiums, your annual out-of-pocket costs, and other details. Investopedia compared some of the top providers in this space to find the best affordable health insurance companies out there today.

The Best Affordable Health Insurance Companies for 2022

  • Best for Remote Workers: Blue Cross Blue Shield
  • For Short-Term Coverage: UnitedHealthcare
  • Best for Health Savings Plan (HSA) Option: Kaiser Permanente
  • For Employee Coverage: Cigna
  • Best for Convenience: Oscar
  • For Medicare Advantage and Medigap Plans: Humana

Final Verdict

Though these companies we profiled could be the most affordable health insurance companies available, keep in mind that your premiums may cost more or less depending on location, family size, and whether or not you are eligible for subsidies on plans offered by your state exchange or Healthcare.gov.

Regardless of your situation, you can save money on health insurance premiums by shopping around and comparing at least a few different providers who offer plans in your area. The companies we profiled could suit your budget and the benefits needed, whether you’re a remote worker, crave convenience, or looking for a provider who also offers alternative ways to save.

Compare Providers

CompanyWins ForKey Benefits
Blue Cross Blue ShieldRemote WorkersCoverage for all 50 states available, as well as international plans
UnitedHealthcareShort-Term CoveragePlans available for the short-term, which can fill the gaps in between jobs
Kaiser PermanenteHealth Savings Plan (HSA) optionHSA plan with debit card
CignaEmployee Coverage$0 annual checkups and 24/7 nurse hotline
OscarConvenienceTelehealth options and mobile app
HumanaMedicare Advantage and Medigap PlansSupplemental plans for Medicare members

Cheapest health insurance companies

In 2022, the cheapest health insurance company is Kaiser Permanente, which costs an average of $338 per month for a Bronze plan.

Availability varies, and if Kaiser does not offer plans in your area, other cheap providers include Friday Health Plan with a Bronze plan averaging $361 per month or Ambetter at $377 per month. Average rates are for a 40-year-old.

InsurerInsurer rating
Kaiser Permanente4.28
Blue Cross Blue Shield (excluding Anthem)3.62
Humana3.41
Anthem3.38
UnitedHealthcare3.35
Aetna (CVS Health)3.31
Cigna3.19
Oscar2.75

How Can I Get Affordable Health Insurance?

One of the best strategies to save on health insurance is to shop around and compare plans. Also, check whether you’re eligible for ACA subsidies, which can make your health insurance plan more affordable if you earn between 100% and 400% of the federal poverty level based on your family size. In 2021, 100% of the FPL for a family of four works out to $26,500, and 400% of the FPL works out to $106,000, so subsidies may be available to families with incomes in that range.

Can I Buy Affordable Health Insurance at Any Time?

You may be able to buy short-term health insurance coverage at any time, but you can only purchase plans offered in conjunction with the ACA during open enrollment unless you qualify for a special enrollment period. Special enrollment periods can include any time you add a member to your family, move to a new coverage area, or experience another eligible life event.

How Do I Choose the Best Affordable Health Insurance Company?

Start the process by figuring out which of the best affordable health insurance companies offer plans in your area. From there, check if you are eligible for subsidies on ACA plans, and compare providers based on their networks, plan deductibles and copays, and included benefits. While you should look for a health insurance plan with an annual deductible and out-of-pocket maximum that makes sense with your finances, also ensure that the monthly premiums can fit within your budget.

Is It Worth It to Use a Private Health Insurance Company?

Saving on the costs of rising medical care is important. Getting private insurance does just this. Trying to get that private insurance to be affordable requires meeting the ACA income guidelines.

How We Chose the Best Affordable Health Insurance Companies

Investopedia compared 10 of the top health insurance providers in the U.S. to find the best affordable options for different needs. We looked for companies that have strong financial ratings and those that rank well for customer service and other factors with J.D. Power. We also gave preference to affordable health insurance companies that offer ACA-compliant plans since consumers can use subsidies to reduce their monthly premium costs.

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