2021 Affordable Health Insurance Plans in Rhode Island

The state’s marketplace, HealthSource RI, enables Rhode Islanders to browse through multiple health insurance policies. You can compare the different plans and make a decision that takes your unique and personal circumstances into account. The enrollment period for 2022 begins on November 1st and ends December 15th, 2021.

Highlights and Updates

  • Rhode Island’s health insurance marketplace is HealthSource RI.
  • The enrollment period lasts from November 1st to December 15th.
  • The average health policy in Rhode Island costs $416 per month.
  • Separate carriers offer individual and Medicaid plans.
  • Neighborhood Health Plan caters to both types of policyholders.
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How To Buy Health Insurance in Rhode Island

Patients have multiple options for getting health insurance in Rhode Island. Employees may get coverage under their workplace’s plan. Individual plans are available for sole proprietors and those who can’t obtain coverage through a workplace (such as dependent children).

The state’s marketplace, HealthSource RI, has about 20 insurance policies for individuals and families that are provided by three carriers. The plans fall under four tiers: Platinum, Gold, Silver, and Bronze. Similarly, Medicaid coverage is available through HealthSource RI. Although Rhode Island doesn’t strictly prohibit short-term plans, no companies offer these policies because of the state’s strict requirements.

How To Apply for Health Insurance in Rhode Island

You can easily apply for coverage on the HealthSource RI marketplace website. First, use the search tool and enter all of your details (such as age, health status, income, the number of your household members, and other information). Next, the website will show you the available plans and the associated costs of each policy (including the premiums and deductibles). Lastly, you can pick the coverage that suits what you’re looking for.

Health Insurance Carriers in Rhode Island

  Three carriers provide individual and employer plans in Rhode Island:

Meanwhile, the state’s Medicaid coverage is offered through the following carriers:

What Are the Cheapest Health Insurance Companies in Rhode Island?

In 2021, Neighborhood Health Plan’s policies are the cheapest across each of the Bronze, Silver, and Gold tiers. Blue Shield Blue Cross offers the lowest-cost coverage in the Platinum category. However, this only applies to the premiums. The HealthSource RI marketplace’s online tools allow you to compare the total annual expenses of different policies, accounting for deductibles and out-of-pocket costs. To get an accurate estimate, it is helpful to include as much information as possible when filling out the form on HealthSource RI. This is because your age, health, medications, and family size all influence your premiums and overall medical expenses.

How Has Obamacare Helped Rhode Island’s Uninsured?

In 2013, before the ACA came into effect, about 12% of Rhode Island’s residents didn’t have health insurance. As of 2019, Rhode Island’s uninsured rate dropped to 4.3%.

Rhode Island Health Insurance Costs Overview

The following numbers are based on the costs of insurance carriers in 2021.

How Much Does Health Insurance Cost in Rhode Island?

For a 40-year old patient, the average premiums (across all four tiers) are $416 per month.

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What Is the Cheapest Health Insurance Plan in Rhode Island?

Neighborhood INNOVATION, one of Neighborhood Health Plan’s Bronze policies, is the cheapest health insurance in Rhode Island. The premium is $231 per month, and the deductible is $6,825 per year.

Cheapest Rhode Island Health Insurance Coverage by Metal Tier

Policies under the Bronze tier have the cheapest monthly premiums, but the deductibles are relatively high. The Premium category, on the other hand, includes more in monthly payments but has lower deductibles.

Platinum Plans

Blue Cross Blue Shield’s VantageBlue Direct Plan 750/1500 Modified is the cheapest Platinum policy in Rhode Island. The monthly premium is $629, and the annual deductible is $750.

Gold Plans

The cheapest Gold policy is Neighborhood PLUS, which Neighborhood Health Plan offers. This coverage costs $339 per month and comes with a $1,250 yearly deductible.

Silver Plans

The Neighborhood COMMUNITY policy by Neighborhood Health Plan has a monthly premium of $328 and an annual deductible of $2,950. It is the cheapest Silver plan in Rhode Island.

Bronze Plans

Neighborhood Health Plan also offers the cheapest Bronze policy. Their Neighborhood INNOVATION coverage costs $231 in monthly premiums. It has a deductible of $6,825 per year.

Rhode Island Health Insurance Costs by Occupation

Several factors influence how much college students in Rhode Island will pay for health insurance. When it comes to businesses, the number of employees determines whether the owner uses the individual or employer marketplace.

What Is the Average Cost of Health Insurance for a Student in Rhode Island?

Most universities require students to enroll in some form of coverage, and many of them offer their own policies. Students under the age of 26 and listed as dependents on their parents’ tax returns may remain covered by their family’s health insurance. This option might also be available to dependents who are over 26 years old. Independent and out-of-state students have to obtain their own policy.

What Is the Average Cost of Health Insurance for the Self-Employed in Rhode Island?

Self-employed workers who don’t have any employees (apart from themselves) need to get coverage through the individual marketplace. Businesses with two or more employees have to use the employer marketplace to enroll in health insurance.

What Is the Average Cost of Health Insurance for Small Business Owners in Rhode Island?

A business’s average health insurance premiums depend on the sizes of their workers’ families. For single employees, the typical cost is $605 per month (on average, the business owner pays about $470 of that amount, and the worker covers the remaining $135). For employees with families, the average monthly premiums are $1,706. Employers are responsible for $1,253, and employees pay $453. (Based on 2021 insurance costs)

Rhode Island Health Insurance Costs by Number of Participants

HealthSource RI can give you an accurate estimate of your household’s specific health care costs when you use their online tools and enter the relevant information.

What Is the Average Cost of Health Insurance for Families in Rhode Island?

A family’s size, the ages of its members, and their medical backgrounds largely determine how much their monthly premiums will be.

What Is the Average Cost of Health Insurance for Individuals in Rhode Island?

On average, a 40-year-old Rhode Islander can expect to pay $416 per month in health insurance premiums.

What Is the Average Cost of Health Insurance for a Child in Rhode Island?

Children are covered by their families’ respective health insurance plans.

Other Types of Rhode Island Health Insurance Coverage

The Rhode Island marketplace allows you to compare other health policies that can complement your existing coverage.

Catastrophic Health Insurance in Rhode Island

Catastrophic health plans are available to Rhode Islanders under 30 years old. The policies pay for unexpected emergencies and other medical expenses a standard health insurance policy doesn’t cover.

Short-Term or Temporary Health Insurance in Rhode Island

The state doesn’t prohibit short-term policies. However, because of its strict regulations on these plans, there aren’t any insurers that offer short-term or temporary health insurance in Rhode Island.

Low-Income Health Insurance in Rhode Island

Through HealthSource RI, low-income Rhode Islanders can enroll in no-cost Medicaid policies. Moreover, the state’s marketplace allows patients to apply for financial assistance based on their income.

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