Idaho’s health insurance market bucks this year’s inflation trend.
The Your health Idaho exchange The 2023 enrollment period launched this month, with the average premium rate coming in at 4% lower than this year’s rates.
The Idaho Department of Insurance published rates on Monday that showed discounts of up to 10%. Most individual health insurance plans in Idaho are purchased on the stock exchange.
Premiums vary based on a person’s age, geographic location, and tobacco use. People who qualify for benefits through the exchange can see more variance in how much they pay for health care and insurance premiums, since the benefits are based on their income.
“Idaho’s individual health insurance premium rates for 2023 are declining dramatically while all other states are seeing increases,” Idaho Department of Insurance Director Dean L. Cameron said in a Monday news release.
Cameron credited state government leaders for their support High Risk Reinsurance Program This creates a barrier for insurance companies from the cost of expensive health insurance claims. The state had previously estimated that the program would reduce premiums by 12%.
Idaho insurers collected an average of 25% more health insurance premiums in 2021 than they paid in claims, According to the average review data published by the department.
Two companies are offering health insurance on the stock exchange for the first time this fall: St. Luke’s Health Plan and Moda Health Plan.
They join stock exchange-based insurers Blue Cross of Idaho, Molina Healthcare, Mountain Health CO-OP, PacificSource Health Plans, Regence Blue Shield of Idaho and SelectHealth.
In addition, six insurance companies will offer dental plans on the exchange.
The new additions mean that Idaho across the state will have several insurance companies competing for their business when they sign up for 2023 plans — with at least four options for each county to choose from, according to Your Health Idaho.
Idahoans have until December 15 to sign up for a new plan or change their 2023 coverage.
The exchange offers medical and dental insurance plans that meet federal requirements for affordability and coverage. For example, health insurance plans have to pay for certain preventive care services at no cost to the patient.
Idaho citizens can visit yourhealthidaho.org to see if they qualify for income-based benefits to reduce their monthly premiums. More than 85% of consumers who register for insurance at the exchange are eligible for assistance, according to a press release from Your Health Idaho.
The statement said that Idaho citizens can register on the site and see the result of the support within minutes. Prior to this year, applications had to go through a longer process to determine eligibility based on income.
“If you have applied in the past and feel overwhelmed by the process, we encourage you to give us another application.
attempt. “It’s easier than ever before,” said Pat Kelly, executive director of Idaho Health.
The website allows consumers to browse plans anonymously, or fill out an application for coverage that will be effective January 1.
After the open enrollment period expires on December 15, Idahoans cannot sign up for plans on the exchange unless they have a major life event, such as losing health insurance coverage through their employment.
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Medicare Advantage plans and prescriptions are now open
Idaho citizens who qualify for Medicare plans can enroll in new plans or make changes to their existing plans through December 7.
Representatives of the Idaho Department of Insurance’s Senior Health Insurance Benefits Advisers provide information to consumers at no cost. Consultants do not work for health insurance companies and are not salespeople.
“Medicare can be confusing, and one’s circumstances can change. It is important that Idaho seniors take time during open enrollment to review whether their plan is still the best for their medical needs,” Cameron said in a press release.
Call 800-247-4422 to speak with a SHIBA representative about Medicare plans and coverage options, or to register for a SHIBA workshop.
The Idaho Department of Insurance and Sheba Corporation also warned Idaho consumers of this Beware of scams and illegal marketing scams because they consider Medicare enrollment.
Originally published at San Jose News Bulletin
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