Your Guide to Finding the Best Health Insurance in Arkansas 2024

Are you seeking the best health insurance options in Arkansas? Look no further. In this guide, we’ll explore the top health insurance providers in the state, their coverage options, and what sets them apart.

From affordable premiums to comprehensive coverage, we’ll help you navigate the landscape of health insurance in Arkansas so you can make an informed decision that meets your needs and budget.

Whether you’re an individual, a family, or a business owner, finding the right health insurance plan is crucial for your well-being. Let’s dive into the details and find the best health insurance in Arkansas.

How much does health insurance cost in Arkansas?

In Arkansas, the average cost of health insurance is $461 for a 40-year-old with a Silver plan. Silver plans offer decent coverage at a reasonable price. Bronze plans are less expensive, but you’ll pay more out-of-pocket when you visit the doctor.

In Arkansas, factors like your location, the number of people covered by your insurance, whether you smoke or use tobacco, the type of plan you choose, and your age all impact how much you’ll pay for health insurance. For instance, a 60-year-old with a Silver plan pays nearly three times as much as a 21-year-old with the same coverage.

Overall Best Health Insurance in Arkansas

Octave is ranked as the best health insurance provider in Arkansas. Octave offers affordable plan choices that keep out-of-pocket expenses low for individuals. Additionally, it seldom denies claims for healthcare services compared to its competitors.

We examined 25 Silver plans in Arkansas, including POS and PPO plan options for our assessment.

Best Health Insurance in Arkansas for Low Out-of-Pocket Costs

Ambetter offers the best health insurance in Arkansas for low out-of-pocket costs. They provide:

• Affordable plan options.
• Low out-of-pocket costs.
• A better-than-average approval rate for claims.

For this analysis, we examined four Gold POS and nine Gold PPO plans in Arkansas.

Best Cheap Health Insurance in Arkansas

Octave is Arkansas’s top choice for affordable health insurance. They provide plans with low rates and lower-than-average out-of-pocket expenses. Additionally, Octave denies fewer claims compared to most other providers.

For this analysis, we reviewed 25 Silver plans in Arkansas, including seven Silver POS and 18 Silver PPO plans. They were given priority to determine the best affordable provider plans with lower monthly premiums, even though lower premiums often mean higher out-of-pocket costs.

Best Health Insurance for Low Income in Arkansas

Octave offers the best health insurance in Arkansas for low-income people. They provide plans with lower rates and low out-of-pocket costs and deny fewer claims compared to other providers.

We examined 25 Silver CSR plans in Arkansas, including seven POS and 18 PPO plans. MoneyGeek focused on Silver CSR plans that help save money on monthly costs. These plans come with cost-sharing reductions if you earn less money, meaning you don’t have to pay as much when you get medical care.

A regular Silver plan typically covers about 70% of your healthcare costs. However, with a Silver CSR plan, you can cover more expenses if you make less money. Here’s what you could expect:

• If you earn between $27,180 and $33,975 annually, your plan could cover about 73% of your healthcare costs.
• If you make between $20,385 and $27,180 annually, your plan could cover about 87% of your costs.
• If you make less than $20,385 annually, your plan could cover about 94% of your costs.

These percentages could vary depending on the size of your family.

Best Health Insurance for Young Adults in Arkansas

Octave offers the top health insurance for young adults in Arkansas. They provide plans with reduced out-of-pocket expenses and higher-than-average approval rates for claims. Catastrophic coverage is available only for individuals under 30 years old.

We examined six Expanded Bronze POS plans and eight Expanded Bronze PPO plans for this evaluation.

Best Health Insurance in Arkansas by Plan Type

Health insurance companies offer various plans. In Arkansas, the top providers for all available plan types are:

• PPO: Ambetter
• POS: Octave

These recommendations are based on Silver plans. Silver plans are popular because they help balance your monthly costs when you visit the doctor. They’re suitable for individuals who don’t need frequent doctor visits.

Arkansas offers 18 Silver PPO plans, and seven Silver POS plans for you to choose from.

Health Insurance Costs in Arkansas by Age and Metal Tier

Age significantly affects how much you pay for health insurance in Arkansas. For example, an 18-year-old pays around $330 monthly for a Silver plan, while a 60-year-old must pay approximately $982. That’s a $652 difference each month.

Metal tiers determine how you split the costs of your care with your insurer. A 40-year-old in Arkansas with a Bronze plan pays about $403 monthly. However, if they opt for a Gold plan instead, they’ll pay around $565 monthly. So, the Gold plan costs $162 more monthly because it covers more medical expenses.

Know More About Health Insurance in Arkansas

We analyzed all the health insurance choices in Arkansas. We looked at private insurance in the marketplace, which comes in different metal levels like Expanded Bronze, Silver, and Gold. Our team also explored eligibility for Medicaid and Medicare. Our goal is to help you understand your options so you can choose the proper healthcare for yourself.

Private Health Insurance in the Arkansas Marketplace:

In Arkansas, the open enrollment period for private health insurance usually starts on November 1 and ends on December 15 each year. During this time, residents can shop for, compare, and buy health insurance plans through the Health Insurance Marketplace.

If you miss the deadline, you may have to wait until the next open enrollment period unless you qualify for a Special Enrollment Period due to certain life events like getting married, having a baby, or losing other coverage. If eligible, you can only enrol or change plans outside the regular enrollment period. Meanwhile, enrollment for Medicaid or the Children’s Health Insurance Program (CHIP) is open all year round.

Medicaid in Arkansas:

Medicaid is a health care program in the United States that helps low-income individuals and families access medical assistance. Federal and state governments fund it and cover various services like doctor visits, hospital care, long-term care, and preventive services.

In Arkansas, eligibility for Medicaid depends on factors such as income, family size, and age. Pregnant women, children, elderly adults, and individuals with disabilities may qualify.

Arkansas also expanded Medicaid under the Affordable Care Act, allowing adults with incomes up to 138% of the federal poverty level to be eligible. Enrollment is ongoing with no specific enrollment period.

Medicare in Arkansas:

Medicare is a federal health insurance program for people who are 65 or older, certain younger individuals with disabilities, and people with specific severe conditions like End-Stage Renal Disease.

In Arkansas, residents who meet these conditions are eligible.

• Medicare Part A covers inpatient hospital care, skilled nursing care, hospice, and home health care.
• Part B covers doctors’ services, outpatient care, medical supplies, and preventive services.
• Part C, or Medicare Advantage, includes all benefits and services covered under Parts A and B, and may offer additional benefits and services.
• Part D covers prescription drugs.

FAQs about the best health insurance in Arkansas