Summary: Best Health Insurance In South Dakota

Best Health Insurance Companies In South Dakota

Sanford Health Plan

Wellmark of South Dakota, Inc.

Cheapest Health Insurance by Plan Type in South Dakota

Health insurance companies that offer health plans on the Affordable Care Act (ACA) marketplace may offer four types of health plans. South Dakota insurers offer three types: preferred rovider organization (PPO), exclusive provider organization (EPO) and health maintenance organization (HMO) plans.

• Cheapest PPO in South Dakota: Sanford Health Plan
• Cheapest EPO in South Dakota: Wellmark of South Dakota, Inc.
• Cheapest HMO in South Dakota: Sanford Health Plan

How Much Does Health Insurance Cost in South Dakota?

Health insurance costs in South Dakota will 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 a health plan from the Affordable Care Act marketplace.

Cost of PPO, HMO and EPO Plans in South Dakota

Our evaluation found that PPOs cost an average of $776/month and HMOs average $568/month in South Dakota. Here are average premiums among the top health insurance companies in South Dakota.

Cost of Health Plans by Metal Tier in South Dakota

Silver health plans cost an average of $826/month in South Dakota. Here’s a look at premiums among the top-scoring South Dakota health plans in our evaluation.

Average Cost of Bronze Plans in South Dakota 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 Dakota. Overall, expect to pay an average of $442 a month for a bronze plan at age 27.

Average Cost of Silver Plans in South Dakota at Age 40

Silver plans are the most popular health plan tier and have an average cost of $707 a month for 40-year-olds in South Dakota. Here’s a look at the average costs by county.

Average Cost of Gold Plans in South Dakota 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 Dakota is $1,576 a month. Here’s how average costs look in South Dakota counties.

How to Find the Best Health Insurance Plan in South Dakota

Platinum Plans: Good for People Who Need Frequent Healthcare

Platinum plans are the most expensive 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 see them offered.

If a health insurance company in your area offers platinum plans, these types of plans may work for you if you need frequent healthcare and multiple expensive prescriptions. Platinum plans have low health insurance deductibles and coinsurance, so you pay lower amounts when you need healthcare. But they also have the highest premiums, so you pay the most to have 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 expect to get regular healthcare, a gold plan could be a good option since you will pay less when you receive 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 Are Looking 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 smart option. Silver plans have lower out-of-pocket costs than bronze plans and lower premiums than platinum and gold plans, which make them a good balance.

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

Bronze Plans: Good for People Looking for the Lowest Premiums

Bronze plans are an excellent option if you don’t use healthcare often and want the cheapest coverage. The trade-off is that bronze plans have higher out-of-pocket costs when you receive healthcare.

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

Some health insurers also sell “expanded bronze” policies. These plans feature higher coinsurance levels for in-network care (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 dealing with severe economic issues like homelessness. If you’re eligible for a catastrophic plan, you may like the low monthly premium but be prepared for the high out-of-pocket costs.

One thing that makes catastrophic plans different from other health plans is that they don’t have coinsurance. Instead, you’ll pay an extremely high deductible when you get medical 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 Dakota 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 Dakota. 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