Summary: Best Health Insurance In South Carolina

Best Health Insurance Companies In South Carolina

Cigna Healthcare of South Carolina

UnitedHealthcare

First Choice Next

Cheapest Health Insurance by Plan Type in South Carolina

Health insurance companies that sell health plans on the Affordable Care Act (ACA) marketplace may offer four types of health plans. Insurers in South Carolina offer two types: health maintenance organization (HMO) and exclusive provider organization (EPO) plans.

• Cheapest HMO in South Carolina: First Choice Next
• Cheapest EPO in South Carolina: BlueCross BlueShield of South Carolina

How Much Does Health Insurance Cost in South Carolina?

Health insurance costs in South Carolina can vary by age, location, metal tier chosen, smoking status and the plan type you choose. Your health and gender aren’t factors in premiums when you get health insurance from the Affordable Care Act marketplace.

Cost of HMO Plans in South Carolina

Our evaluation found that HMOs average $590/month in South Carolina. Here are average premiums among the best health insurance companies in South Carolina.

Cost of Health Plans by Metal Tier in South Carolina

Silver health plans cost an average of $643/month in South Carolina. Here’s a look at costs among the top-scoring South Carolina health plans in our analysis.

Average Cost of Bronze Plans in South Carolina at Age 27

ACA law allows children to stay on a parent’s health plan until age 26. After that, they may need their own plan from the state’s health insurance marketplace. Since younger people usually need less healthcare, we looked at average prices for bronze plans at age 27 in South Carolina. Overall, expect to pay an average of $338 a month for a bronze plan at age 27.

Average Cost of Silver Plans in South Carolina at Age 40

Silver plans are the most popular health plan tier and have an average cost of $550 a month for 40-year-olds in South Carolina. Here’s a look at the average costs by county.

Average Cost of Gold Plans in South Carolina at Age 60

Before you’re eligible for Medicare at age 65 you may be looking for a good health plan. Gold plans can be a smart choice for older people who may require more healthcare. The average cost for a Gold plan at age 60 in South Carolina is $1,226 a month. Here’s how average costs look in South Carolina counties.

How to Find the Best Health Insurance Plan in South Carolina

Platinum Plans: Good for People Who Expect to Get Regular Healthcare

Platinum plans are the priciest ACA marketplace plans and they’re also the hardest to find. Less than 10% of ACA plans are platinum plans, so there’s a good chance you might not even have the option.

If a health insurance company in your region offers platinum plans, these types of plans may work for you if you need frequent healthcare and multiple costly prescriptions. Platinum plans have low health insurance deductibles and coinsurance, so you pay less when you need healthcare. But they also have the most expensive premiums, so you pay the most for your coverage each month.

Gold Plans: Good for People Who Want Lower Out-of-Pocket Costs

Gold plans have lower out-of-pocket costs than silver or bronze plans, but they come with higher health insurance premiums. If you need regular healthcare, a gold plan could be a good option since you will pay less when you get care compared to a silver or bronze plan.

You’ll want to weigh the cost of premiums with the out-of-pocket costs like coinsurance and deductibles when you’re choosing an ACA plan.

Silver Plans: Good for People Who Want to Balance Premiums and Out-of-Pocket Costs

If you want to avoid very high deductibles but also don’t want to spend a fortune on premiums, a silver plan might be a good choice. Silver plans have lower out-of-pocket costs than bronze plans and lower premiums than platinum and gold plans, which make them a good middle ground.

Silver and bronze plans are the most common ACA plans offered, so you shouldn’t have a problem finding a silver plan in your region.

Bronze Plans: Good for People Who Want the Lowest Premiums

Bronze plans are a top option if you don’t use healthcare often and want the cheapest monthly premium payment. The trade-off is that bronze plans have higher out-of-pocket costs when you get healthcare.

If you need the cheapest health plans that still offer comprehensive coverage, a bronze plan could be the best choice.

Some health insurers also sell “expanded bronze” plans. These plans have higher coinsurance levels for in-network costs (up to 65%) than standard bronze plans (average of 60%).

More: Bronze, Silver, Gold or Platinum Health Insurance

Catastrophic Plans: Good for Young People Who Don’t Plan to Need Healthcare

The ACA marketplace offers catastrophic health insurance to people under age 30 and those who have severe economic issues like homelessness. If you’re eligible for a catastrophic plan, you may like its low costs but be prepared for the high out-of-pocket costs.

One thing that makes catastrophic plans different from other health insurance policies is that they don’t have coinsurance. Instead, you’ll have to deal with an extremely high deductible when you receive care. Once you’ve spent that deductible amount on healthcare, a catastrophic plan pays the rest of your in-network healthcare costs for the year.

Methodology

We analyzed Affordable Care Act marketplace health insurance companies in South Carolina to determine the best options. Our ratings are based on:

• Average premiums (30% of score):  We calculated average premiums for health insurance companies that offer ACA plans in South Carolina. Averages were based on premiums for buyers ages 21, 27, 30, 40, 50 and 60. Source: HealthCare.gov.
• Complaints made to state insurance departments (30% of score): We used complaint data from the National Association of Insurance Commissioners.
• Average silver plan deductible (20% of score): The deductible is how much you have to pay for healthcare in a year before the health plan begins picking up a portion of the costs. Companies with health plans that had low deductibles got more points. Source: HealthCare.gov.
• Breadth of health plans (10% of score): Health insurance companies may offer up to four types of plan benefit designs (PPO, HMO, EPO and POS). We gave points to companies that offer more types of plans. Source: HealthCare.gov.
• Metal tier offerings (10% of score): The ACA marketplace has four metal tier levels. We gave points to companies that offered more tier options. Source: HealthCare.gov.

Read more: How Forbes Advisor Rates Health Insurance Companies