Best Cheap Health Insurance in Rhode Island 2023

We compared quotes for health insurance plans from all counties in Rhode Island and found the Neighborhood Community plan was the cheapest Silver policy available. There are currently two insurers that provide health insurance to all counties in the state: Blue Cross & Blue Shield of Rhode Island and Neighborhood Health Plan of Rhode Island.

In Rhode Island, you can purchase relatively cheap health insurance through the state insurance marketplace if you aren't eligible for health insurance through the government or an employer. You can also get coverage by applying for Medicaid if your household income is below a certain level.

Cheapest health insurance by metal tier

Neighborhood Health Plan's policies consistently have the best rates for Bronze, Silver and Gold coverage in Rhode Island. The company doesn't offer Platinum plans for 2023, so Blue Cross Blue Shield (BCBS) is your only option if you want the highest level of coverage. We compared quotes from the HealthSource RI exchange to find a low-cost health insurance policy available at every metal tier.

Health insurance in Rhode Island, and many other states, is broken down into four metal tiers: Bronze, Silver, Gold and Platinum. A Bronze plan will have low monthly costs but a high deductible, which will require you to spend more for medical care before any coinsurance benefits will begin. On the other hand, a more expensive plan, like a Gold or Platinum plan, will cost more each month — but your coverage will kick in more quickly.

How much you pay for health insurance will be determined largely by your age — as you get older, you will pay significantly more for health insurance coverage. For example, a 60-year-old in Rhode Island will pay more than double what a 40-year-old pays for the same Silver-tier policy.

Finding the best health insurance coverage in Rhode Island

The best health insurance for you will depend on the availability of plans in your county, your financial situation and your health care requirements.

If you're searching for a health insurance plan on the Rhode Island exchange, you should carefully evaluate the monthly costs and deductibles to determine what is affordable. Typically, if you expect moderate to high medical costs in the coming year, we recommend considering a Gold or Platinum policy. Even though these plans are more expensive, the lower deductibles help to reduce your total costs.

Platinum and Gold

The VantageBlue Direct Plan 750/1500 Modified from Blue Cross & Blue Shield of Rhode Island is the cheapest Platinum plan in Rhode Island. The cheapest Gold plan is the Neighborhood Plus plan from Neighborhood Health Plan of Rhode Island.

The most expensive health insurance plans in Rhode Island are Platinum and Gold plans. Although these policies have high rates, the deductibles and out-of-pocket maximums are low. These lower limits mean that Platinum and Gold plans may be more cost-effective if you have high medical expenses.

Silver

The cheapest Silver plan in Rhode Island is the Neighborhood Community plan from Neighborhood Health Plan of Rhode Island, which costs $364 for a 40-year-old.

A Silver health plan is a middle-level policy that balances moderate monthly costs with an affordable deductible and out-of-pocket maximum. A Silver health insurance plan is a good fit for most people unless they are either extremely healthy or know they will have significant medical expenses.

Silver health insurance plans offer cost-sharing reductions if your income falls below 250% of the federal poverty level. If you are eligible, you will receive discounts on the amount you are required to pay in coinsurance, copays and deductibles.

Bronze

The cheapest Bronze plan in Rhode Island is the Neighborhood Innovation plan from Neighborhood Health Plan. It costs $270 per month for a 40-year-old, but the plan deductible is $6,825.

Bronze health plans are the cheapest available in Rhode Island. These policies have the lowest monthly costs but the highest deductibles and out-of-pocket maximums.

For this reason, a Bronze plan is a great option if you are young and in good health because you might not need as much health care. However, a Bronze policy can become expensive if you need health care. You would need to pay a large amount out of pocket to cover the high deductible before coinsurance kicks in.

Best cheap health insurance companies in Rhode Island

Neighborhood Health Plan is the best option for cheap health insurance rates in Rhode Island, and there are currently two health insurance companies that provide coverage in Rhode Island:

Both health insurance companies service all Rhode Island counties. Neighborhood Health Plan has the lowest rates for health insurance across all metal tiers except Platinum — so we recommend starting your search with Neighborhood if you are looking for the cheapest policy.

Cheapest health insurance plan by county

In all Rhode Island counties, the Neighborhood Community policy is the cheapest Silver plan available. However, you may want to consider Blue Cross Blue Shield if extended coverage and benefits are important to you.

Methodology

We collected health insurance rates for 21-, 40- and 60-year-old shoppers using Rhode Island's health insurance exchange, HealthSource RI. ValuePenguin computed averages using this data and organized results according to county, age and metal tier to allow readers to compare quotes easily.