Idaho has many choices when it comes health insurance. Blue Cross of Idaho, Regence Blue Shield Idaho Molina and PacificSource are just a few of the many carriers that Idaho has to offer. Additionally, Idaho provides Medicaid, a federally funded program for low income individuals. Among its many benefits, Medicaid can provide free or low-cost coverage for those who qualify.
The Affordable Care Law (ACA) has a huge impact on the state's residents. A premium tax credit may allow you to lower your monthly premium if you meet certain criteria. Alternatively, you can purchase an off-market plan from an insurance broker. Be sure to research the pros and cons of each option before you make your final decision.
There are three primary metal tiers, or classes, of health insurance in Idaho. Each class comes with a variety of features. For example, the Silver plan is for moderate needs and the Gold for chronic conditions. A Silver class plan will cover 70 percent of your medical costs, while a Gold class plan will cover 80 percent.
The bronze class, which covers up to 60 percent your medical costs, is the least expensive. However, your monthly premium will be higher than the gold class. Similar to the gold class, silver will have lower deductibles or copayments.
The largest proportion of Idaho's residents are covered by individual market policies. The average premium for an individual insurance plan in Idaho is $231 per monthly. It's a good deal when you compare it to the cost for a benchmark plan. However, it is not an excellent deal if your goal is to get a more comprehensive coverage.
The ACA has also brought new regulations to health insurance. The ACA requires all insurance companies to provide coverage for preexisting conditions. They also have to provide all necessary benefits. You can also use an HSA (health savings account) to pay for eligible medical expenses. Finally, all insurance plans must follow the ACA rules pertaining coverage.
With the Affordable Care Act in place, most Idaho residents can shop for new health insurance plans. The open enrollment period to the ACA will be in November. You will have a 60-day window during which you can change or switch to your current plan. This makes it easier for those who don't like their current coverage to make the switch.
The best news is that you are eligible to apply for Medicaid. The federally funded program provides basic health care and dental services to low-income people. These benefits include medical visits, immunizations as well as hospitalization. You can also get the vaccinations for your children.
An individual insurance policy may be the best option for you, depending on your financial situation. However, the best option for you depends on your health needs and where you live. Shop around to find the best plan. Remember that you can enroll in special periods if your coverage is canceled.