Find the Best Health Insurance Plan in your Budget in South Carolina

Health Insurance Plan in South Carolina

As far as national ranking for health care is concerned, the South Carolina record is not pretty good, as an increasing number of residents of this state is uninsured. In addition to this, even most of the state’s residents are facing some of the other health issues, as they avoid visiting doctors due to the rising medical costs. With healthcare costs increasingly steeply, residents of the state find difficulty in searching for an affordable and high-quality health plan. This is the prime reason behind most of the South Carolinians being uninsured compared to the nationwide population.

Significance of Health Insurance

South Carolinians need to understand that health insurance is the best way to protect them and their family in case of any illness or injury.  Health insurance is a smart financial decision that makes people’s monthly prescriptions more affordable or reduces the surgery bill to half. It is also a type of protection that safeguards their finances against the rising cost of healthcare. Avoiding health insurance can land them up with enormous medical bills if they, unfortunately, suffer illness and meet with an accident. Therefore, residents of South Carolina should take out some time to find the best and affordable health plans for themselves and their families.

Find Affordable Health Plans in South Carolina

South Carolinians can visit their state exchange to find affordable health plans. However, the best plans will vary from individual to individual, as it depends upon their budget as well as their required coverage. The monthly health insurance premium mostly depends upon coverage tier and the age of the individuals covered under the plan. Generally, a higher metal tier plan like platinum or gold plans are available at higher monthly premiums but have lower out-of-pocket costs, whereas metal tier plans like bronze or silver plans come with lower monthly premiums but higher out-of-pocket costs. Besides, monthly premium across all the metal tiers plans will increase, as the policyholders get older. The average health insurance premium for a 40 years old in South Carolina is $501 per month.

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Cheapest Health Plan by Metal Tier in South Carolina

Plan Metal tier Name of Cheapest plan Deductible Amount Out-of-pocket maximum Monthly Premium cost for a 40-year-old
Catastrophic Plan BlueEssentials Catastrophic 1 $8,150 $8,150 $202
Bronze Plan Core Care Bronze 2 $8,000 $8,150 $316
Expanded Bronze Plan BlueEssentials Bronze 4 $6,400 $8,150 $319
Silver Plan Ambetter Balanced Care 12 (2020) $6,500 $8,150 $372
Gold Plan Confident Care Gold 1 $2,925 $6,000 $461

Health Insurance Cost in South Carolina

Currently, there are four health insurance providers in South Carolina, so the rate of health plans in the state has slightly reduced, still many people still find fairly costly to obtain health insurance in the state. In 2020, people are required to pay a monthly premium between $207 and $444, depending on whether or not they qualify for subsidies. However, people monthly premium depends upon the following five factors:

Coverage Level

There are four different metal tiers of coverage from which people can choose to find the best plan, according to the ACA. Individuals depending on their choice of a bronze, silver, gold, or platinum plan are required to pay the monthly premiums. For a good health plan people are required to pay high premiums, but less out-of-pocket costs.

Whether individuals qualify for a subsidy

Depending upon their income and family size, individuals in South Carolina like other states may qualify for a subsidy, which may further reduce their monthly premiums. Some amount of money has been put aside by low-income individuals who need help paying for health insurance.

Individual’s place of living in South Carolina

The cost of the health insurance plans is not the same in all the counties of South Carolina, so individuals of similar age may end up paying a different monthly premium for the same plan in two different counties of the state. Thus, an individual’s place of living affects their premium cost along with their choice of health insurance provider.

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Health plans premiums amount depends upon the age of the person buying it. According to the Affordable Care Act, individuals cannot be denied healthcare coverage due to their age but their premium amount can vary depending upon their age. Individuals of older age are required to pay more premium for a health plan compared to an individual of a younger age.

Smoking Habit

It is common in the U.S. for the health insurance providers to charge higher premiums from the individuals having a smoking habit. The Affordable Care Act has allowed health insurance providers to charge up to 50% more premiums from tobacco-users.

Health Insurance Providers in South Carolina

Currently, four health insurance companies are operating on the South Carolina state exchange. Earlier only a single insurer was operating on the state marketplace but not residents have significantly more options. The four health insurance providers available are:

  • Absolute Total Care Inc.
  • BlueCross BlueShield of South Carolina
  • Bright Health Company of South Carolina
  • Molina HealthCare of South Carolina Inc.

BlueCross BlueShield of South Carolina is the only insurance carrier offering health plans in every county. With more providers there is more competition that has further drive down the prices, thereby making health insurance more affordable for the people of the state.

Find a Right Affordable Plan For You