When it comes to health insurance, Idaho offers its residents a number of options. Blue Cross of Idaho, Regence Blue Shield Idaho Molina and PacificSource are just a few of the many carriers that Idaho has to offer. Idaho offers Medicaid, a federally-funded program for people with low incomes. Medicaid provides free or reduced-cost coverage for eligible individuals.
The Affordable Care Law (ACA) has a huge impact on the state's residents. If you qualify for a premium tax credit, you may be able to reduce your monthly premium. Alternatively, you can purchase an off-market plan from an insurance broker. Before you make your final decision, be sure to understand the pros and cons of each option.
Idaho has three main metal classes or tiers of health insurance. Each class has plans with different features. For example, the Silver class is for moderate health care needs, while the Gold class is for chronic illnesses. A Silver plan will cover 70 percent, while a G class plan will protect 80 percent.
The bronze level covers 60 percent of your medical bills and is the cheapest. However, the monthly premium for the gold class will be higher. Similarly, the silver class will have lower deductibles and copayments.
The largest proportion of Idaho's residents are covered by individual market policies. For an example, the average cost of an individual health insurance policy in Idaho is $231 per year. Although this is a better deal than the benchmark plan's cost, it's still not cheap if you need a more comprehensive policy.
The ACA has also brought new regulations to health insurance. The ACA mandates that insurance companies offer coverage for preexisting conditions and all required health benefits. An HSA (health savings account), can be used to cover eligible medical expenses. Finally, all insurance plans must conform to the ACA rules governing coverage.
With the Affordable Care Act in place, most Idaho residents can shop for new health insurance plans. Open enrollment for the ACA begins in November. You will have a 60-day window during which you can change or switch to your current plan. This makes it easy for those who don’t like their current coverage make the switch.
You can apply for Medicaid, which is the best piece of good news. This federally funded program offers basic health care and dental services to low income individuals. These benefits include visits to the doctor, immunizations, hospitalization, and more. You'll also be able to get vaccines for your kids.
Depending on your health situation and budget, you may want to consider purchasing an individual health insurance plan. But, your individual health needs and whereabouts are important factors in deciding which option is right for you. Shopping around is a great way to find the best plan. Keep in mind that special enrollment periods are available for those who lose their coverage.