Why Trust Us

Investopedia’s team of researchers, editors, and writers make recommendations based on a meth꧃odical and objective analysis of data. Our advice is unbiased and consumer-focused. While we may receive compensation if you click certain links, our advertising partnerships don’t influence how products are reviewed, though t🔯hey may affect their order. Investopedia launched in 1999 and has helped readers find the best health insurance companies since 2019.

How Does Health Insurance Work?

If you’re not eligible for health insurance through a spouse or a federal program, you may consider shopping for a plan through the 澳洲幸运5官方开奖结果体彩网:ACA insurance marketplace. 

The ACA health insurance marketplace is a platform wh🉐ere people can purchase plans from private insurance companies. While the federal government administers the marketplace for some states, othe💖r states run their own marketplaces.

During 澳洲幸运5官方开奖结果体彩网:open enrollment, which runs from November 1 through January 15 every year, you can sign up for a marketplace plan. However, some people may be eligible to enroll for a new plan at another time if they’ve experienced a 澳洲幸运5官方开奖结果体彩网:qualifying event, such as the loss of a job.

Because of the 澳洲幸运5官方开奖结果体彩网:Affordable Care Act (ACA), plans available on the exchange are required to cover🐎 certain services and goods, such as emergency services, prescription drugs, a🐼nd pregnancy care.

The 澳洲幸运5官方开奖结果体彩网:cost of plans is based on factors including the plan category, your age, smoking status, family size, and more. There are 澳洲幸运5官方开奖结果体彩网:four categories of plans available on the marketplace: bronze, silver, gold, and platinum. Bronze plans haveꦗ the highest deductible and are typically the most affordable while platinum plans are the priciest with the lowest deductible.

Additionally, some people may be eligible for financial assistance, which can reduce the cost of premiums and medical care. For marketplace plans, financial assistance is available as a premium tax credit and through 澳洲幸运5官方开奖结果体彩网:cost sharing reduction. The 澳洲幸运5官方开奖结果体彩网:premium tax credit can h꧙elp reduce your monthly premiums while cost sharing reduction c𝄹an reduce out-of-pocket expenses.

Eligibility for fin🧸ancial assistance depends on such factors as your income and eligibility for other types of medical co♛verage. 

Common Health Insurance Terms to Understand

• Premiums: These are the monthly payments you make for your health insurance.
• Coinsurance: After you’ve reached your deductible, this is a percentage that you pay for covered services. For example, if a plan has 20% 澳洲幸运5官方开奖结果体彩网:coinsurance and a $3,000 deductible, this means that after you’ve spent at least $3,000, you’d pay for 20% of the total cost (while the insurance company pays 80%) until you hit the out-of-pocket limit. 
• Out-of-pocket maximum: This is the maximum you’d pay for covered medical services in the plan year. After you hit the 澳洲幸运5官方开奖结果体彩网:OOP maximum, your insurance will pay for 100% of covered services. The premiums you pay do not count towards the OOP maximum. For 2025, the annual OOP maximum for plans available on the exchange cannot exceed $9,200 for self-only coverage and $18,400 for family coverage.
• Deductible: This is the amount you have to pay for covered services before your insurance starts paying a portion of the costs. For example, if the deductible is $1,500 for your plan year, you’ll have to spend at least $1,500 on covered services before your insurance shares costs.
• Copayment: This is a fixed fee you pay for a covered healthcare service, such as a visit to a specialist. Copays typically do not count towards your deductible, so you’ll still have to pay them even after you’ve hit the deductible. However, you usually won’t have a co-pay after you’ve hit your OOP maximum.
• High deductible health plan (HDHP): An HDHP is a type of healthcare plan with lower premiums and a higher deductible. These plans are usually tied to a health savings account, which is a tax-advantaged account for medical expenses. In 2025, plans that are considered HSA-eligible must have an annual deductible of at least $1,650 for self-only coverage and $3,300 or more for family coverage.
• Health savings account (HSA): An HSA is a type of account that allows people to put away pre-tax dollars for medical expenses. When funds are used for qualified healthcare expenses, that money is not taxed. 
• Exclusive provider organization (EPO): With an EPO, you’re restricted to doctors and specialists within your network, except if you need emergency care. These plans typically have larger networks than HMOs. 
• Health maintenance organization (HMO): With an HMO, you’re typically limited to using providers within a local network, and your out-of-network services are only covered if they’re for emergency care. HMOs also usually require a referral from a primary care physician to see a specialist.
• Preferred provider organization (PPO): A PPO typically has higher premiums than an HMO but offers greater flexibility, as they allow you to see specialists without a referral. Although they may cost more, out-of-network providers are covered too.
• Point of service (POS): Like an HMO, these types of plans require you to get a referral from your primary care physician to see a specialist. The POS does cover out-of-network providers, but it may come at a higher cost.

How to Get Health Insurance

1. Consider your insurance options: If you don’t have insurance through your employer, you may be eligible for coverage through a spouse’s plan or, depending on your income and age, through a federal program such as Medicare or Medicaid. However, if you’re ineligible for these options, you may consider purchasing insurance off the ACA health insurance marketplace.
2. Determine your healthcare needs & budget: When figuring out which healthcare plan is best for you, think about your current healthcare status and your potential needs: do you have a chronic condition that requires you to see the doctor regularly, or are you a young, healthy person who sees your primary care doctor once a year? If you’re healthy, you may consider opting for an HDHP, as these plans are more affordable. However, if you have a condition such as diabetes, you may consider opting for a plan with a lower deductible and higher premiums.
3. Do research on the different types of plans: Learn about the differences between HMOs, PPOs, and EPOs to figure out which type of plan is best for you. Some plans offer out-of-network coverage at a higher cost while others restrict coverage to in-network providers unless there’s an emergency. Additionally, some plans will require you to get a referral from your primary care physician to see specialists while others don’t. Not all types of plans are available in all areas and from all insurers.
4. Apply: People can apply for insurance plans available on the marketplace during open enrollment, which is a period that runs from November 1 to January 15. However, if you  experience a qualifying event, such as the birth of a child or the loss of insurance coverage, you may be able to sign up at a different time.

How 🐷We Chose the Best Health Insurance Companies

Investopedia’s rankings 🌠of the best health insurance companies are based on our independent research into nine providers offering plans through federal and state marketp🦹laces. We evaluated costs, customer satisfaction, plan benefits, and medical management programs. 

We analyzed market share, enrollment trends, and availability to select the nine companies in our review. Investopedia’s research for this ranking was conducted from Oct. 24 to Nov. 8, 2024. We collected data from HealthCare.gov, state marketplaces, the National Association of Insurance Commissioners, and ♑directly from each company.

After verifying this data with pri⛦mary sources, we used it to create our scoring model to evaluate each company, based on the following weights:

• Customer Satisfaction: 20%
• Availability: 10%
• Plan Types: 11%
• Plan Benefits: 2%
• Medical Management Programs: 5%
• Federal Marketplace Cost Data: 26%
• State Marketplace Cost Data: 26%
  

Read our 澳洲幸运5官方开奖结果体彩网:full methodology for reviewing health insurance providers.