Best Cheap Health Insurance in Rhode Island (2024)

Neighborhood Community is the cheapest Silver health insurance plan in all five of Rhode Island's counties. It costs $380 per month for a 40-year-old. Keep in mind that Neighborhood Community is an HMO plan that limits you to a network of doctors. You must also get your primary care doctor's permission before seeing a specialist.

If you prefer more flexibility from your health plan, you should consider the cheapest Silver-level PPO in Rhode Island: BlueSolutions for HSA Direct from Blue Cross Blue Shield. This Silver plan costs $486 per month for a 40-year-old.

How much does health insurance cost in Rhode Island?

You can expect to pay more for higher-tier plans, such as Gold plans, compared to lower-tier plans, such as Bronze plans.

However, higher tiers have lower out-of-pocket costs, such as deductibles, copays and coinsurance. A higher-tier plan may make financial sense if you have an ongoing illness since it will help you pay less when you see the doctor.

However, you should choose a lower-tier plan if you're in good health. That's because the money you save on your monthly rate is likely to be greater than the extra cost of seeing the doctor.

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As you get older, you can expect to pay more for health insurance costs. For example, in Rhode Island, a 40-year-old will pay 28% more for a Silver health plan compared to a 21-year-old — about $99 per month extra.

However, the difference grows even more dramatic as you reach old age. A 60-year-old in Rhode Island will pay an extra $510 per month for an equivalent Silver plan compared to a 40-year-old.

Cheapest health insurance in Rhode Island

Neighborhood Health Plan offers the cheapest policies available across most plan tiers. However, Blue Cross Blue Shield sells the only Platinum health insurance in Rhode Island, the VantageBlue Direct Plan.

Plan availability varies by county. That means you might not find the most affordable plan in your area on the list above.

Find the best health plan for you in Rhode Island

In each county, you'll be able to choose among different coverage tiers, which show both a plan's monthly rates and benefits. Generally, higher tiers have more expensive rates, but out-of-pocket costs, such as deductibles, copays and coinsurance, are much lower. Lower tiers, on the other hand, have cheaper monthly rates and higher out-of-pocket costs.

So if you're young and healthy, you'll probably save money with a Silver or Bronze plan. That's because you probably won't need much medical care. However, if you're seriously ill, you'd be better off with a Gold or Platinum plan since it would cover more of your out-of-pocket costs.

Gold and Platinum plans: Best if you have high medical costs

Gold and Platinum health plans have expensive monthly rates. However, they have cheap out-of-pocket costs, such as deductibles, copays and coinsurance.

So if you have high expected medical costs, such as ongoing prescriptions or treatments, you should consider a higher plan tier.

Silver plans: Best for most people

Silver plans are often the best health insurance option if you're looking for a middle ground to balance affordable rates and out-of-pocket costs. Lower-income households with Silver plans are also eligible for Obamacare cost-sharing reduction (CSR) subsidies, which can help to make your health care more affordable.

Bronze plans: Best for healthy people with emergency savings

Bronze plans have low monthly rates and high out-of-pocket costs. You can save money if you rarely visit the doctor. But if you get very sick, you could face significant bills.

You shouldn't buy a Bronze plan unless you're able to pay for the high deductible.

Medicaid: Best if you have a low income

Rhode Island expanded Medicaid, also called the Rhode Island Medical Assistance Program, through the Affordable Care Act (ACA). You may be eligible for Medicaid or a qualified health plan if your income is less than about $20,000 for a single person or $40,000 for a family of four.

Are health insurance rates going up in Rhode Island?

The average cost of health insurance in Rhode Island increased by 6% for 2024 compared to 2023.

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Best cheap health insurance companies in Rhode Island

The best health insurance in Rhode Island is Neighborhood Community from Neighborhood Health Plan since it offers quality care and the most affordable rates for a Silver plan. However, if you want greater flexibility when it comes to your doctor, you should choose BlueSolutions for HSA Direct from Blue Cross Blue Shield.

Only two companies sell health insurance in Rhode Island.

Neighborhood Health Plan has a lower average cost and a higher HealthCare.gov star rating. However, Blue Cross Blue Shield (BCBS) is the most popular insurance company in Rhode Island, selling roughly 80% of all plans.

Blue Cross Blue Shield's popularity in RI might be because it sells PPO plans, which offer customers greater flexibility, while Neighborhood Health Plan doesn't. Because Neighborhood Health Plan only offers HMO plans and BCBS only sells PPO plans and a small number of POS plans, the two companies aren't quite direct competitors.

Best health insurance companies in RI

Cheapest health insurance plan by Rhode Island county

Neighborhood Community is the cheapest Silver health plan in all five of Rhode Island's counties.

Cheapest health insurance by RI county

Frequently asked questions

Methodology

Rhode Island's 2024 health insurance plans, costs and ratings are from the HealthSource RI state health insurance exchange. Rates were used to calculate averages for different counties, age groups and plan tiers.