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 also offers Medicaid, which is a federally funded program that provides low-income individuals with health care. Among its many benefits, Medicaid can provide free or low-cost coverage for those who qualify.
The Affordable Health Care Act (ACA), which has a big impact on state residents, is also important. If you qualify for a premium tax credit, you may be able to reduce your monthly premium. An insurance broker can help you purchase an off market plan. Be sure to research the pros and cons of each option before you make your final decision.
In Idaho, there are three main metal tiers (or classes) of health insurance. Each class has plans with different 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 is the cheapest, covering up to 60 percent of your medical costs. Your monthly premium will be more expensive than that of the gold class. Similar to the gold class, silver will have lower deductibles or copayments.
Idaho's largest population is actually covered by individual-market policies. For an example, the average cost of an individual health insurance policy in Idaho is $231 per year. While this is a good deal compared to the cost of a benchmark plan, it's not a bargain if you're in the market for a more comprehensive policy.
The ACA also established a number new rules for insurance. The ACA requires all insurance companies to provide coverage for preexisting conditions. They also have to provide all necessary benefits. A HSA (health savings accounts) is also available to help pay for qualified medical expenses. Finally, all insurance plans must follow the ACA rules pertaining coverage.
The Affordable Care Act allows Idaho residents to shop for new plans. The November open enrollment period is for the ACA. You will have a 60-day window during which you can change or switch to your current plan. This allows people who aren't satisfied with their current coverage, to make the switch.
Of course, the most important piece of news is that you can apply for Medicaid. 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. Furthermore, you'll be able to get your children's vaccinations, too.
An individual insurance policy may be the best option for you, depending on your financial situation. But, your individual health needs and whereabouts are important factors in deciding which option is right for you. You can find the best plan for you by shopping around. Also, remember that there are special enrollment periods available in case you lose your coverage.