Idaho has many choices when it comes health insurance. Blue Cross Idaho, Regence Blue Shield Idaho Molina, PacificSource and PacificSource are some of the carriers available. Idaho also provides Medicaid, a federally supported program for individuals with low income. Medicaid offers free or low-cost coverage to those who are eligible.
The Affordable Care Act (ACA) also has a large impact on the state's residents. If you qualify for a premium tax credit, you may be able to reduce your monthly premium. A broker can also help you buy an off-market policy. It is important to fully understand the advantages of each option before making your final choice.
Idaho has three main metal classes or tiers of health insurance. Each class comes with a variety of features. The Silver class is designed for those with moderate to severe health conditions, and the Gold class for those with chronic diseases. 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 level covers 60 percent of your medical bills and is the cheapest. Your monthly premium, however, will be greater than for 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. The average premium for an individual insurance plan in Idaho is $231 per monthly. 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 also established a number new rules for insurance. Insurance companies must offer coverage for preexisting health conditions and provide all necessary health benefits. An HSA (health savings account), can be used to cover eligible medical expenses. All insurance plans must be compliant with the ACA rules pertaining a coverage.
Idaho residents now have access to the Affordable Healthcare Act, which allows them to search for new health insurance plans. Open enrollment for the ACA begins in November. You'll have 60 days to switch or modify your current plan. This allows people who aren't satisfied with their current coverage, to make the switch.
The most important news is that Medicaid can be applied for. The federally funded program provides basic health care and dental services to low-income people. These benefits include doctor visits, immunizations, and 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. The best plan for you will depend on your personal health and whereabouts. Shop around to find the best plan. In the unlikely event you lose your coverage, there are special enrollment periods.