Health insurance providers are widespread across all the 50 states of the US. However, some popular states with a huge population enjoy the benefit of having more providers, resulting in low costs due to competition. In contrast, minor states are hit the worst because many insurance providers don’t consider extending their services in those states. With only 2 million people, Mississippi is a minor US state, which means they have few insurance providers. However, you may find insurance costs high in Mississippi, and you wouldn’t want to add one more bill on top of your surmounting household payments. But don’t worry. In this guide, you’ll learn about: Cheapest health insurance in Mississippi, and Ways to reduce premium prices in Mississippi
Cheap Health Insurance Companies in Mississippi
Before we start out, there’s a little background regarding the Mississippi healthcare system. A few years before, Mississippi had a separate healthcare system, and it used to run its own business marketplace, dubbed One Mississippi. However, the system was shut down in 2018, and now the federal government runs the Healthcare marketplace.
Since the federal government is now present in Mississippi, private insurance companies offer ACA plans for customers. However, there are currently only two companies in Mississippi that offer individual and family health plans. Following are the names of the two companies:
- Ambetter from Magnolia Health
- Molina Healthcare
These two companies only offer healthcare plans in Mississippi, which is quite surprising because people don’t have a lot of options. There’s a kind of duopoly that runs in Mississippi, but still, people can get good health plans.
Ambetter from Magnolia Health
Ambetter is a popular company that provides affordable, high-quality plans to people. They are a big network across the US and have around 20 million customers worldwide. Plus, you get a lot of free and exclusive benefits when you sign-up with Ambetter. Some of the most notorious benefits include access to health pay rewards programs, telehealth services, and personalized health management programs.
Health pays rewards program enables you to take charge of your healthcare. You’ll get paid by the company if you complete certain healthy tasks and track them. You can get these amazing perks with Ambetter at very affordable prices. In fact, the most popular and affordable plan in Mississippi is offered by Ambetter.
Currently, the cheapest plan of Ambetter includes “Ambetter essential care 5 with Walgreens” and “Ambetter standard care 12 with Walgreens”. These are bronze and silver tier plans, which means that you have to pay $433 for the bronze plan while $466 for the silver one.
Besides offering the regular Marketplace plans, Ambetter also offers Medicaid plans which are low-cost plans and have a selection criterion for qualification.
It’s a Fortune 500 company and provides healthcare services in Mississippi. Since the beginning of the year, Molina has started to provide healthcare services to all the 82 counties in Mississippi. Plus, Molina also has set its marks in the Medicaid and CHIP programs in Mississippi. Now, people in Mississippi can get cheap affordable plans and access free preventive services and a wide network of hospitals.
Plus, you can access the 24/7 telemedicine service of Molina, where professionals can give you healthcare advice from the same co-pays you pay to your primary provider. The two cheapest plans of Molina in Mississippi are “core care bronze 1″ and “Confident care gold 1”, as shown in the picture below. The gold tier plan has a high premium of around $610, while the bronze plan has a premium of around $473.
These insurance premiums are dependent upon your county and age. If you’re 21 years old, you’ll pay $111 less than a person who is 40 years old. Similarly, a 40-year-old person will pay $574 less than a 60-year-old aged person because a 60-year-old will be at high risk for developing medical complications.
Short-term health insurance
If you cannot enroll in a Marketplace health plan, you always have the option to go for a short-term insurance plan. Fortunately, you can get short-term insurance in Mississippi from various companies. Some of the prominent companies offering cheap insurance include United health care (UHC) and Everest reinsurance.
United Health Care (UHC)
While this huge company doesn’t offer ACA plans in Mississippi, you can still get other health plans from UHC. They offer short-term, tri-term, and indemnity insurances for a short period but still have benefits. If you’re someone who has fewer doctor visits, short-term insurance is for you. They have low premiums because they are not ACA compliant, but they still have adequate coverage benefits.
Similarly, a tri-term is a short-term plan, but it lasts for three complete years. Generally, they’ll cover doctor visits, prescriptions, and preventive care.
Another popular company offers short-term plans across all fifty US states. They have low premiums and provide a comprehensive coverage plan. You can also choose the insurance package according to your need, which means that you have the autonomy to choose deductible and coverage options. However, their plans will not cover prescription services and any pre-existing conditions.
Options To Lower Premiums
You might be thinking of forgoing the idea of getting the insurance plan because of high premiums, but wait, we have got something that can help you. Following are several great ways that can help you minimize your health cost:
- State Subsidies
Around 98% of Mississippi policyholders had a state subsidy, which means that they were eligible for the premium tax credit. These subsidies are provided to low-income households to equally benefit from any health plan. Generally, people having income between 100-400% of the federal poverty level can qualify for state subsidies.
Therefore, always submit a subsidy form when you’re getting your health plan because you may turn out to be eligible.
Medicaid is a state-regulated program that provides relaxation to low-income households and certain society individuals. Some people eligible for Medicaid include low-income households, pregnant women, disabled people, and children under 19. However, you must have an income that ranges between a specific range to qualify for Medicaid program coverage.
This is another state-regulated program that provides relaxation to under-19 children and gives them healthcare for free or at little cost. If your household income is less than 209% of the federal poverty level (FPL), you may be eligible for getting CHIP.
Frequently Asked Questions (FAQs)
1. How do I enroll in the Mississippi health insurance marketplace?
Since the federal marketplace is involved in Mississippi, you can go to the healthcare government website and fill your request. Alternatively, if you’re looking for affordable health insurance quotes, go to Insurance shopping and get free quotes.
2. How many health insurance companies are there in Mississippi?
Currently, just two companies are operating in Mississippi: Ambetter from Magnolia Health and Molina healthcare. Also, BlueCross BlueShield doesn’t offer plans on the exchange, but you can get them off the exchange separately. Starting in 2022, Cigna and Vantage health plan will also start offering health plans on the exchange in Mississippi.
3. Is there any private health insurance in Mississippi?
If you are not getting group health insurance from your employer, you can always search the marketplace and find yourself an effective plan at the most affordable cost. Currently, Ambetter and Molina Healthcare are offering private health plans in Mississippi.
4. What is cheap health insurance in Mississippi?
The amount you pay for a health plan depends upon your age, past medical problems, county, and plan type. If you’re a 60-year-old individual who smokes a lot, you will have a high premium because you are on the verge of developing serious medical complications. Similarly, if you’re a young, healthy individual, you can qualify for a low-premium.
5. How much will healthcare costs change in Mississippi?
Currently, $514 is the average plan price across all plan tiers in Mississippi. However, slight changes will be across all the tiers’ prices in 2022.
The following figure shows the change expected in each metal tier for 2022.
6. Is it important to have a health plan in Mississippi?
According to the ACA, you must have a health plan, regardless of the state you live in. Therefore, you should purchase a health plan which can secure your future and save you from any unknown emergency.
With incomes declining due to COVID and the world experiencing an economic downturn, it is difficult to add an extra bill when you already live on a tight budget. However, you can get support from the state programs, which can lower your bills and provide you with cheap healthcare plans.
Since prevention is better than cure, you must invest in a health plan before any calamity hits you. We can help you find customized quotes that conform to your medical requirements and budget at insurance shopping.