When it comes to health insurance, Idaho offers its residents a number of options. The state is home to numerous carriers, including Blue Cross of Idaho, Regence Blue Shield of Idaho, Molina, and PacificSource. Additionally, Idaho provides Medicaid, a federally funded program for low income individuals. 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. Your monthly premium may be reduced if you are eligible for a tax credit on premiums. A broker can also help you buy an off-market policy. However, before you make your final selection, it's important to know the benefits of each option.
In Idaho, there are three main metal tiers (or classes) of health insurance. Each class includes plans with various levels 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 plan will cover 70 percent, while a G class plan will protect 80 percent.
The bronze class covers up to 60% of your medical expenses and is the most affordable. The monthly premium for the bronze class will be lower than that for the gold. In the same way, the silver classes will have lower copayments as well as deductibles.
In fact, the largest percentage of Idaho's population is covered by individual market policies. To put this in perspective, the monthly average premium for an individual state health 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 has also brought new regulations to health insurance. The ACA requires all insurance companies to provide coverage for preexisting conditions. They also have to provide all necessary benefits. To pay for medical expenses, you can also use an HSA. 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 open enrollment period for the ACA is in November. You'll have a period of 60 days in which to cancel your current plan or switch it. This allows people who aren't satisfied with their current coverage, to make the switch.
You can apply for Medicaid, which is the best piece of good news. The federally funded program provides basic health care and dental services to low-income people. These benefits include visits to the doctor, immunizations, hospitalization, and more. 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. Your health situation and whereabouts will determine which plan is best for you. Shopping around can help you find the right plan for your needs. Keep in mind that special enrollment periods are available for those who lose their coverage.