Health Insurance Companies in Tennessee Explained

Tennessee has a range of health insurance companies to choose from, with some of the most popular options including BlueCross BlueShield of Tennessee, Cigna, and UnitedHealthcare.

BlueCross BlueShield of Tennessee is one of the largest health insurance companies in the state, serving over 3.5 million members.

Cigna offers a variety of plans, including individual and family plans, as well as Medicare and Medicaid plans.

UnitedHealthcare is another large health insurance company in Tennessee, offering a range of plans, including individual and group plans.

These companies offer different benefits and prices, so it's essential to research and compare them to find the best fit for your needs.

In Tennessee, there are plenty of ways for residents to get health insurance. According to the TN Department of Commerce & Insurance, you can choose from a variety of options.

You can buy health insurance directly from a company. The TN Department of Commerce & Insurance lists numerous health insurance companies operating in the state.

Tennessee residents spend an average of $7,372 per year on health care expenditures, which is a few hundred less than the national average.

Insurance companies price policies on factors that vary from person to person. These factors influence your health care costs in Tennessee.

A key factor is age, as insurance companies charge more for policies as you get older. For example, a 40-year-old in Tennessee might pay less for health insurance than a 60-year-old.

Your health status is also a significant factor, with pre-existing conditions affecting your premium rates. This means that if you have a chronic illness or injury, you might pay more for health insurance.

The type of plan you choose also plays a role in determining your health care costs. In Tennessee, you can opt for a variety of plans, including HMOs, PPOs, and EPOs.

Your geographic location within Tennessee can also impact your health care costs, with urban areas often having higher costs than rural areas.

In Tennessee, you have several options for health insurance plans. You can choose from individual or family plans, which can be purchased through HealthCare.gov or directly from a health insurance company.

There are four main types of health insurance plans: bronze, silver, gold, and platinum. The more coverage you want, the more you'll pay in monthly premiums. For example, a gold plan in Tennessee will cost you almost twice the price of a bronze plan.

Here's a breakdown of the average monthly premiums for each plan type in 2020:

If you're under 30 or have certain exemptions, you may qualify for a catastrophic plan, which has low monthly premiums but a high deductible of $8,150.

In Tennessee, the number of plan options available in the Marketplace has been volatile since 2014. In 2020, every area of Tennessee had at least six plan options, with some areas having more than 40.

The Greater Knoxville area had only three plan options at the lowest point in 2017, showing a significant increase in plan choice over the years. This change in plan options may have made it easier for Tennesseans to find a plan that suits their needs.

A gold plan in Tennessee will cost you almost twice the price of a bronze plan, with the price jump due to the higher coverage level of gold plans. In 2020, the average monthly premiums for each plan type were: $351 for bronze, $485 for silver, and $617 for gold.

The lowest coverage option is a catastrophic plan, which may be eligible for those under 30 or with certain exemptions. However, these plans come with a high yearly deductible of $8,150, which may make other plans more cost-effective if you need to use your insurance.

Age plays a significant role in determining health insurance costs, with older people typically paying more.

According to HealthCare.gov, older people pay up to three times more for health insurance than younger people.

On average, Tennesseans who used QuoteWizard to shop for health insurance are 41 years old, which can impact their premium costs.

Most Tennessee workers have at least two health plan options from their employer. This is a significant proportion, with about 72% of employees who were offered coverage having two or more plan options in 2018.

Employers with more employees tend to offer more plan options, making it more likely for workers to have a choice in their health insurance. In contrast, smaller employers are more likely to offer only one plan.

The majority of employers that offered coverage in 2018 only offered one plan, with nearly half of them being smaller employers. This limited choice can make it more difficult for workers to find a plan that suits their needs and budget.

Here's a breakdown of the number of plan options offered by employers of different sizes:

It's worth noting that the number of plan options has been growing over the last four years, with more workers having a choice in their health insurance.

Tennessee has a variety of health insurance companies to choose from. Oscar, Cigna, Bright Health, Blue Cross Blue Shield of Tennessee, Celtic/Ambetter, and UnitedHealthcare are some of the top companies offering individual and family plans.

If you're looking for a specific type of insurance, you can check out the companies listed below. They all offer a range of plans and services.

These companies are all based in Tennessee and have a strong presence in the state. By checking out their websites or visiting their offices, you can get a better sense of which company is right for you.

In Tennessee, health insurance companies are regulated by both state and federal governments. The Affordable Care Act (ACA) has brought about significant changes to how health insurance companies operate in the state.

Pre-existing conditions are no longer a factor in pricing health plans, and insurers cannot charge men and women different prices for the same plan. The ACA also prohibits insurers from considering lapses in insurance coverage or medical problems when setting costs.

There are limits to how much you can pay out-of-pocket for marketplace plans, with the 2018 out-of-pocket maximum being $7,350 for an individual plan and $14,700 for a family plan.

Here are some essential services that insurance companies in Tennessee must cover:

Most private health insurance in Tennessee is regulated by the state and/or federal governments, but some individual market plans are not subject to regulation.

Tennessee health insurance laws are designed to protect consumers from unfair pricing practices. The Affordable Care Act (ACA) prohibits insurance companies from considering pre-existing conditions, gender, and insurance or medical history when determining premiums.

Insurance companies can no longer charge men and women different prices for the same plan. This is a result of the ACA, which aims to eliminate discriminatory pricing practices.

The ACA also limits how much you can pay out-of-pocket for marketplace plans. For an individual plan, the 2018 out-of-pocket maximum is $7,350, while for a family plan, it's $14,700.

Tennessee state law requires insurance companies to provide coverage for certain essential services. These services include emergency services, autism spectrum disorders, hearing aids, newborn infant and hearing screenings, reconstructive breast surgery, supplies and services for diabetic patients, and clinical trials.

Here are some of the essential services that Tennessee state law requires insurance companies to cover:

Private Regulation plays a significant role in Tennessee's insurance landscape. Most employer plans in the state are self-insured, meaning the employer takes on the financial risk of providing health benefits.

A whopping 61% of workers nationally with job-based coverage are in self-insured plans. This is a common practice, as it allows employers to have more control over their health insurance costs.

The state and federal governments share responsibility for setting and enforcing rules for other types of private insurance. In 2018, Blue Cross Blue Shield covered more Tennesseans than any other private insurer in these markets.

Tennessee's Department of Commerce and Insurance (TDCI) is responsible for ensuring that plans in the state meet federal requirements and carrying out any state requirements. This includes licensing insurers and monitoring their financial stability.

Some plans in Tennessee are exempt from regulation, including those offered by the Tennessee Farm Bureau. These plans are regulated by neither the state nor federal governments, but they reportedly voluntarily comply with some rules that apply to regulated plans.

Here's a breakdown of the types of private insurance regulation in Tennessee:

Tennessee residents 65 and over qualify for Medicare, which offers various options including parts A, B, C, D, and supplemental coverage plans.

Medicare Savings Programs are available to those who meet specific income limits: individual monthly income limit is $1,456 and married couple monthly income limit is $1,960.

Medicaid in Tennessee is called TennCare, and the maximum yearly income limits vary by household size: a single person can earn up to $16,971, a couple up to $22,920, and so on, up to $58,680 for an 8-person household.

The most common sources of health insurance coverage in Tennessee are employer-provided, individual or family plans, Medicaid, and Medicare, with 21% of residents relying on Medicaid for coverage.

Medicaid is a vital source of health insurance for many Tennessee residents. In Tennessee, Medicaid is called TennCare.

The income requirements for Medicaid in Tennessee vary based on household size. For example, a single person can have a maximum yearly income of $16,971 to qualify for Medicaid.

Here are the income requirements for Medicaid in Tennessee:

One in five Tennessee residents rely on Medicaid for their health insurance coverage.

If you're a Tennessee resident 65 and over, you're eligible for Medicare. This program offers a range of options, including parts A, B, C, D, and supplemental coverage plans.

Medicare can be a bit overwhelming, but understanding the basics can help. There are income limits for the Medicare Savings Programs, which can help make healthcare more affordable.

If you're an individual, your monthly income must be below $1,456 to qualify for one of these programs. For married couples, the monthly income limit is $1,960.

These income limits can vary depending on your situation, but it's worth exploring if you're eligible.