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How Much Is Health Insurance in Delaware?

The average cost of health insurance in Delaware is $475 for a 40-year-old.

If you are looking to buy health insurance in Delaware, you can find affordable individual policies on the state insurance exchange. We conducted a study and found that the Health Savings Embedded Blue EPO Silver 3950 HSA is the affordable Silver plan available across Delaware.

In 2020, the average cost of health insurance in Delaware is $475 for a 40-year-old. When compared to the 2018 plan year, this is a decline of more than 13%.

Delaware has also passed the expanded version of Medicaid, which is accessible if your income falls below 138% of the federal poverty level. Highmark BCBSD Inc. is the only insurance company in the state, but the company does offer a variety of health insurance plans, which allow you the flexibility to select a plan that fits your financial situation.

Finding the Best Health Insurance Plans in Delaware

Costs are not the only aspects of health insurance plans that you should consider. Cost-sharing, like deductibles and out-of-pocket maximums, are also just as significant to evaluate before purchasing a health plan.

In Delaware, the best health insurance plans tier will primarily depend on your level of income and expected medical costs. Households and families with higher medical costs should lean toward plans with lower deductibles, while healthier individuals should opt for cheaper health insurance plans.

Catastrophic and Bronze Plans: Best for Healthy People

Bronze and Catastrophic plans are the cheapest health plans offered on the Delaware exchange. But these policies have large deductibles and out-of-pocket maximums, which can be expensive if you have to utilize medical services throughout the year.

Due to this, we only recommend Bronze and Catastrophic plans if you are very healthy and do not require routine medical care. Catastrophic health insurance plans are also only available if you are under the age of 30 or have received a hardship exemption.

The cheapest Catastrophic health insurance plan in Delaware is Major Events Blue EPO 8150. The affordable Bronze health plan is Shared Cost Blue EPO Bronze 7900. 

Silver Plans: Average Premiums and Deductibles

Silver metal tier health plans are good plans for beginning your health insurance search because of their modest premiums and deductibles. These are the policies that other exchange health policies are benchmarked off of and are a middle ground between Bronze and Gold plans.

Silver plans are the only health insurance policies in Delaware that are qualified for cost-sharing reductions, making them a good choice for low-income households. These reductions further lower the amount of the copays, coinsurance, and deductibles but are only available if your household income lies below 250% of the federal poverty level.

The inexpensive Silver plan in Delaware is Health Savings Embedded Blue EPO Silver 3950 HSA. 

Gold and Platinum Policies: High Premiums but Smaller Deductibles

Gold plans have the highest insurance premiums.

Gold health insurance plans have the highest premiums in all the metal tiers but are a great plan if you expect to have high or frequent medical costs. This is because of a low deductible, which allows for cost-sharing between you and the health insurance provider. For instance, the Shared Cost Blue EPO Gold plan has a deductible $0, while the Shared Cost Blue EPO

Bronze 7900 Bronze policy has a deductible of $7,900. The lower deductible is met faster for Gold plans, allowing access to the cost-sharing benefits more quickly.

The affordable Gold plan in Delaware is Shared Cost Blue EPO Gold. The most affordable Platinum plan is Shared Cost Blue EPO Platinum 200. 

Delaware, Average Cost of Health Insurance by Family Size

Health insurance costs depend on the number of persons insured under the policy and their ages.

For instance, if you wanted to add a 40-year-old adult to your Silver health insurance in Delaware, it would cost, on average, $535 — this is $215 more than if you needed to add a child age 14 or younger. Thus, expanding a health insurance policy to cover a family of five, as opposed to a family of four, would only increase your monthly cost by $320 on average.

Resources and References:

• Gold Health Insurance Plans
• Out-of-Pocket Maximums