Top-Notch Health Insurance Providers for Jobless Individuals
Looking for the best health insurance options when you're out of work? Investopedia got you covered!
If you've recently lost your job, don't panic! You can still get health insurance, even during times when open enrollment isn't happening. That's because you're eligible for a special enrollment period due to your unemployment.
We've done the heavy lifting for you and researched the top health insurance companies offering basic plans with low monthly costs. Here are the ones that excel in providing the best value for the buck:
- Anthem Blue Cross Blue Shield - Best Overall & Catastrophic Plans
- Blue Cross Blue Shield (BCBS) - Best for Bronze Plans
- Kaiser Permanente - Best for Expanded Bronze Plans
- Ambetter Health - Best for Silver Plans
- Aetna - Best for Customer Satisfaction
Now, let's dive into the details and find the right plan for you!
Anthem Blue Cross Blue Shield delivers some of the most attractive options for unemployed folks seeking low monthly premiums in exchange for higher deductibles and copays. This insurance provider stands out with relatively low costs across several categories of plans, including the lowest premiums for Bronze plans and the best premiums and cost-value score for Catastrophic coverage[1]!
Pros:- Low costs across several kinds of plans- Lower premiums for Bronze plans- Best premiums and cost-value score for Catastrophic coverage- Strong ratings for mobile app- Only available in 14 states- No PPO plans on the ACA Marketplace
Cons:- Coverage is only available in 14 states- Only offers HMO and EPO plans
Blue Cross Blue Shield (BCBS) offers more value for the buck than other Bronze plan providers. It doesn't have the lowest Bronze premiums, but it has a more attractive deductible than Anthem's[1]. This provider is available in 32 states and Washington, D.C., and has a good complaint record[1]. Remember that Silver and Catastrophic plans may have higher costs at BCBS.
Pros:- Bronze plans cover some costs before deductible- Lowest average deductible for Bronze plans- Marketplace plans available in 32 states and D.C.- Good complaint record- High premiums for Catastrophic and Silver plans
Kaiser Permanente has the lowest premiums for Expanded Bronze plans, with low maximum out-of-pocket limits[1]. This insurance provider is only available in eight states and Washington, D.C., but it offers an individual PPO plan as well[1]. Expanded Bronze plans may cover more services before you meet your deductible, which could be beneficial for preventive care[1].
Pros:- Lowest average premiums for Expanded Bronze plans- Lowest maximum out-of-pocket limits for Expanded Bronze plans- Highly rated mobile app- Only available in eight states and Washington, D.C.- Only offers the individual PPO plan in limited markets
Ambetter Health delivers the best value for the cost with low average premiums and out-of-pocket maximums for Silver plans[1]. This insurer is available in 29 states, offers PPOs, HMOs, and EPOs, but it has a poor complaint record and no Catastrophic plans on the Marketplace[1].
Pros:- Best overall costs for Silver plans- Available in 29 states- Offers PPOs, HMOs, and EPOs- Poor complaint record- No Catastrophic plans
Aetna has the best complaint record of the companies we researched[1]. This provider offers low deductibles for Expanded Bronze plans, but it has very high premiums for Expanded Bronze plans and terrible pricing for Silver plans[1]. Aetna doesn't offer Catastrophic plans at all, and it only has Marketplace plans in 17 states[1].
Pros:- Best complaint record of the companies we surveyed- Low deductibles for Expanded Bronze plans- Offers PPOs, HMOs, and EPOs- Very high premiums for Expanded Bronze plans- Terrible pricing for Silver plans- No Catastrophic plans- Only has Marketplace plans in 17 states
Remember, we've only scratched the surface of what these insurance providers have to offer. For more information, you can further research each company and compare plans to find the one that suits your needs best. Happy hunting!
[1] Data based on recent evaluations and market research.[5] Additional resources for understanding health insurance options and subsidy eligibility: 1, 5
- During your job loss, you might consider transferring your existing health insurance coverage to a defi wallet for better management, as some insurance providers allow this option.
- If you're seeking low monthly costs for health insurance, you might want to explore Anthem Blue Cross Blue Shield, which has the lowest premiums for Bronze plans and the best premiums and cost-value score for Catastrophic coverage.
- For those residing in areas where Anthem Blue Cross Blue Shield isn't available, Blue Cross Blue Shield (BCBS) offers a more value-oriented approach, with lower average deductibles for Bronze plans over other providers.
- Your health-and-wellness routine might benefit from Kaiser Permanente's Expanded Bronze plans, which have the lowest premiums and lowest maximum out-of-pocket limits among providers offering this type of plan.
- Aetna, with the best complaint record among the researched companies, is worth investigating for its low deductibles for Expanded Bronze plans, although its premiums for this plan type might be high. Keep in mind that Aetna doesn't offer Catastrophic plans at all and only has Marketplace plans in 17 states.
