Idaho residents have a variety of choices when it is comes to health insurance. Numerous carriers are available in the state, including Blue Cross Idaho, Regence Blue Shield Idaho Molina, PacificSource, and Regence Blue Shield Idaho. Idaho offers Medicaid, an federally funded program for low-income people. Medicaid provides free or reduced-cost coverage for eligible individuals.
The Affordable Care Act (ACA) also has a large 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 offers plans with different levels of features. The Silver class can be used for minor health issues, while the Gold category can be used for more serious conditions. A Silver class plan will provide coverage for 70% of your medical bills, while a Golden class plan will provide coverage for 80 percent.
The bronze class is the cheapest, covering up to 60 percent of your medical costs. The monthly premium for the bronze class will be lower than that for the gold. Similar to the gold class, silver will have lower deductibles or copayments.
Idaho has the highest percentage of individuals who are insured by individual market policies. To put this into perspective, the average premium for an individual health plan in the state is $231 per month. 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 also created a number of new health insurance regulations. The ACA requires that insurance companies provide coverage for pre-existing medical conditions as well as all health benefits. For eligible medical expenses, an HSA (health saving account) can be used. Finally, all insurance plans must follow the ACA rules pertaining coverage.
Most Idahoans can now shop for new insurance plans through the Affordable Care Act. The November open enrollment period for ACA starts. You have 60 days to cancel or change your existing plan. This makes it easier for those who don't like their current coverage to make the switch.
The most important news is that Medicaid can be applied for. This federally funded program will provide low-income individuals with basic health and dental services. 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. It all depends on what your needs are and where you live. Shop around to find the best plan. Also, remember that there are special enrollment periods available in case you lose your coverage.