Idaho residents have many options when it comes to their health insurance. Blue Cross Idaho, Regence Blue Shield Idaho Molina, PacificSource and PacificSource are some of the carriers available. Additionally, Idaho provides Medicaid, a federally funded program for low income individuals. Medicaid offers free or low-cost coverage to those who are eligible.
The Affordable Health Care Act (ACA), which has a big impact on state residents, is also important. A premium tax credit may allow you to lower your monthly premium if you meet certain criteria. 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.
Three classes or primary metals are the three types of Idaho's health insurance. Each class offers plans with different levels of features. 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 category is the most expensive, covering up to 60% of your medical costs. However, your monthly premium will be higher than the gold class. Similar to the gold class, silver will have lower deductibles or copayments.
In fact, the largest percentage of Idaho's population is covered by individual market policies. This is because the state's average monthly premium for an individual plan is $231. 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 introduced new regulations regarding health insurance. Insurance companies must offer coverage for preexisting health conditions and provide all necessary health benefits. A HSA (health savings accounts) is also available to help pay for qualified medical expenses. All insurance plans must adhere to the ACA rules regarding coverage.
Idahoans now have the ability to shop for health insurance plans with the Affordable Health Act. Open enrollment for the ACA begins in November. You'll have a period of 60 days in which to cancel your current plan or switch it. This makes it easier for those who don't like 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 will offer basic health and dental services for low-income persons. These benefits include medical visits, immunizations as well as hospitalization. You'll also be able to get vaccines for your kids.
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. You can also enroll during special enrollment periods in the event that your coverage is lost.