Health insurance is confusing and purchasing the best health insurance plan for a person can be an overwhelming and intimidating process. All those individuals who don’t have access to government-sponsored or employer-sponsored health insurance plans need to look for a private individual health plan at the health insurance marketplace. Idaho was initially the only state that has a state-run health insurance marketplace known as ‘Your Health Idaho’ that serves people buying their own health insurance in the individual market. Private individual health plans are generally purchased by self-employed individuals, people employed by a small business who doesn’t provide health coverage, early retirees who are not yet eligible for Medicare. The COVID-related enrollment window in Idaho is shorter than the window available in the rest of the states and the enrollment window in Idaho ended on April 30, 2021. Your Health Idaho is one of the most robust health insurance exchanges in the country that have a total of five health insurance carriers participating in the individual health insurance marketplace.
Vital Stats Related to Idaho Health Insurance
- Idaho has a state-run health insurance exchange called, Your Health Idaho.
- COVID-related special enrollment window was opened till April 30 in Idaho, thereby allowing uninsured residents an opportunity to enroll in a health plan and take advantage of new premium subsidies.
- More than 100,000 people of Idaho obtain health coverage by January 2021 after the Medicaid expansion that took effect in 2020.
- CPN North Central Bronze 7300 health plan is the cheapest health insurance plan available in the state.
- For the 2021 health insurance plan, there is an average rate increase of 1%.
- Around 69,000 people enrolled in the year 2021 in private individual market plans.
Type of Individual Health Plans available in Idaho
The health insurance plan in Idaho is broken down into three different metal tiers like Bronze, Silver, and Gold plans. Health plans in all these metal tiers cover the essential health benefits but differ in terms of the amount paid by the insurer and the insured toward the healthcare services received by the insured. Finding the best health insurance plans in Idaho mostly depends on the availability of plans in an area along with the health and financial situation of the individuals. With Medicaid expanded in 2020 in Idaho, individuals having a household income of less than 138% of the federal poverty level would be able to apply for the program. The health plan in the Bronze tier has the cheapest health insurance premium but has the highest deductibles and out-of-pocket maximums. This means that people enrolled in Bronze plans would have to spend a huge amount on their medical expenses before most of their benefits would begin.
On the contrary, both Gold and Silver health plans have more expensive premiums but these plans have lower deductibles. Gold metal-tier plan is best for individuals who expect high medical costs. Gold metal-tier plans are the most expensive health plans in Idaho but these plans can prove cost-effective for individuals who have a lot of medical costs. The lower deductibles and out-of-pocket maximums level will be quickly reached by the individuals and they will be able to obtain the benefits from their Gold plan. Silver plans are usually recommended for individuals who are not very sure about their healthcare costs, as these plans have modest premiums, deductibles, and out-of-pocket maximums. Enrollees of Silver health plans in Idaho are also eligible for cost-sharing reductions if their household income falls below 250% of the federal poverty level. This further lowers the monthly premium, deductibles, and out-of-pocket maximums of their Silver plan. Thus, Silver plans prove most cost-effective for individuals who are eligible for the cost-sharing reductions.
Average Cost of Health Insurance in Idaho by Metal Tier
|Type of Metal-Tier||The Premium for 21 Year||The Premium for 40 Year|
Private Health Insurance Options in Idaho
Individuals who need affordable private health insurance plans in Idaho but are not sure how to get can visit our health insurance portal to find a health plan that suits their healthcare need as well as fit their budget. Idaho state offers multiple health insurance options for individuals, families, and small business owners, who can purchase a plan depending upon their income and household needs. People looking for private health insurance plans can purchase it either through their state health insurance marketplace, Your Health Idaho, or directly through HealthCare.gov. Idaho residents who have income between 100% and 400% of Federal Poverty Level usually qualify for an Advanced Premium Tax Credit that lowers the amount paid by them for a marketplace plan. To check their subsidy eligibility criteria, people need to visit their state health insurance site, Your Health Idaho that provides information on subsidy and what counts as income for subsidy calculations.
Health Insurance Carriers available in Idaho in 2021
The private individual health marketplace of Idaho is having presence of the following health insurance carriers:
- Blue Cross of Idaho
- Mountain Health CO-OP
- Regence BlueShield of Idaho