Idaho residents have a variety of choices when it is comes to health insurance. The state is home to numerous carriers, including Blue Cross of Idaho, Regence Blue Shield of Idaho, Molina, and PacificSource. Idaho offers Medicaid, a federally-funded program for people with low incomes. Among its many benefits, Medicaid can provide free or low-cost coverage for those who qualify.
The Affordable Healthcare Act (ACA), has a major impact on the state's citizens. You may be eligible for a premium credit that can reduce your monthly premium. Alternatively, you can purchase an off-market plan from an insurance broker. However, before you make your final selection, it's important to know the benefits of each option.
Three classes or primary metals are the three types of Idaho's health insurance. There are plans of varying levels in each class. For example, the Silver plan is for moderate needs and the Gold for chronic conditions. A Silver plan will pay 70% of your medical expenses, while a plan with a Gold classification will pay 80 percent.
The bronze class, which covers up to 60 percent your medical costs, is the least expensive. Your monthly premium, however, will be greater than for the Gold class. Similar to the gold class, silver will have lower deductibles or copayments.
Individual market policies cover the largest portion of Idaho's population. This is because the state's average monthly premium for an individual plan is $231. This is a great deal when compared to the price of a benchmark policy, but it's not an affordable option if you want a comprehensive policy.
The ACA also established a number new rules for insurance. The ACA requires that insurance companies provide coverage for pre-existing medical conditions as well as all health benefits. To pay for medical expenses, you can also use an HSA. Finally, all insurance plans must conform to the ACA rules governing coverage.
The Affordable Care Act allows Idaho residents to shop for new plans. The November open enrollment period for ACA starts. You'll have a period of 60 days in which to cancel your current plan or switch it. This allows those who are unhappy with their current coverage to easily switch.
The best news is that you are eligible to apply for Medicaid. This federally funded program will provide low-income individuals with basic health and dental services. These benefits include hospitalization, doctor visits, and immunizations. Additionally, your children will be able receive their vaccinations.
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. In the unlikely event you lose your coverage, there are special enrollment periods.