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Small Business Employee Benefits and HR Blog

Idaho Health Insurance Exchange Update – Health Plan Rates

Idaho health insurance exchange ratesThe Idaho Health Insurance Exchange, known as Your Health Idaho, recently released information on the insurance carriers, plans, and rates that will be offered through the online marketplace.

The Idaho Health Insurance Exchange will offer 161 plans to individuals and small groups. The online exchange opens for shopping and enrollment on October 1, 2013 at www.yourhealthidaho.org.

Idaho Health Insurance Exchange – Carriers

The eight (8) carriers that will be offering health plans through the Idaho Health Insurance Exchange include:

  1. Altius Health Plans, Inc
  2. BEST Life and Health Insurance Company
  3. Blue Cross of Idaho
  4. BridgeSpan Health Company
  5. Delta Dental of Idaho
  6. The Guardian Life Insurance Company of America
  7. PacificSource Health Plans
  8. SelectHealth, Inc.

These eight (8) insurance companies will be offering 161 different health plans through the Exchange starting October 1. The earliest plan coverage starts January 1, 2014. Making up these plans are: 76 individual health plans, 55 small group health plans, 13 individual dental plans, and 17 small group dental plans.

Idaho Health Insurance Exchange – Individual Health Plan Premium Rates

The monthly individual health plan premium rates in Idaho will vary based on zip code, age, and family size. Below are tables provided by Your Health Idaho that provide premiums for the lowest metallic tier plan (Bronze) and the highest metallic plan offered in a specific zip code. The premiums  shown are unsubsidized, and the actual amount a resident will pay may be less if they qualify for the federal premium tax credit. The first table are example rates for a 31-year-old individual, and the second table are sample rates for a family of four with 40-year-old parents.

TableA resized 600

 

TableB resized 600

Source: Your Health Idaho Press Release

Your Health Idaho’s Consumer Connectors, including brokers, agents and in-person assisterswill be able to provide more detail about the plans and pricing offered on the Idaho Health Insurance Exchange, as well as information about premium tax credits for those that qualify.

Idaho Health Insurance Exchange – Premium Tax Subsidies

Depending on family size and income, Idaho residents may be eligible for tax credits on their insurance premium. These premium tax credits will be offered to those buying insurance from the individual health insurance exchange, whose income is up to 400% of the Federal Poverty Level. This is equivalent to an individual making less than $45,960 annually in 2013, and a family making less than $94,200 in 2013.

Your Health Idaho gives the following premium tax subsidy examples:

  • A 31-year-old living in Twin Falls who earns an annual income of $22,980 and selects a silver plan with a monthly premium of $210 may qualify for ~$89 in monthly premium assistance, lowering their monthly premium payment to ~$121.

  • A family of four with two adults age 40 and two young children living in Lewiston with an annual income $47,100 that selects a silver plan with a monthly premium of $806 may qualify for ~$559 per month in premium assistance, lowering their monthly premium to ~$247.

For more information see:

eBook: HR Professional's Guide to Health Reform's Tax Subsidies