Both existing and potential Idaho health insurance policy holders have more carrier options for 2017, together with a longer list of available plans (15 new additional). They also will face rate increases lower-than-national-average.
Health insurance and how the state’s uninsured population impacts it
There are a numerous different factors insurance companies take into consideration when calculating rates, which in turn, influences premiums per individual. One of these is the overall population versus the number of people without insurance in a certain location.
In general, the higher the insured population is, the better the rates. As of 2015, Idaho, with an estimated population of 1,654,930 (2015, latest data1), only had an 11% uninsured rating. This represents a 6.7% drop from the 17.7% rating back in 2010. According to the U.S. Department of Health & Human Services, 109,000 more individuals became insured by the end of 2015.
The health standing of its residents
It goes without saying that a location’s overall health performance significantly influences the premiums of the people living in it.
The 2015 Commonwealth Fund’s Scorecard on State Health System Performance revealed that Idaho, during the said year, performed best in the indicator “Avoidable Hospital Use & Costs,” getting a quintile of 1 in this category. However, it ranked lowest in “Access,” with the organization putting it in quintile 4. Below are some of the takeaways from the state’s performance under “Healthy Lives.”
Mortality amenable to healthcare: 67 out of 100,000 people
Breast cancer fatalities: 22.1 out of 100,000 women
Colorectal cancer fatalities: 13.4 out of 100,000 people
Percentage of adult smokers: 15%
Adult obesity: 30%
Obesity in children aged 10-17: 28%
The scorecard also provided these premium-affecting statistics:
19% of adults (19 to 64 years old) don’t have insurance, compared with the national average of 15%
8% of children (infants to 18 years old) are uninsured, as opposed to the countrywide average of 6%
16% of the adult population chose not to obtain insurance due to the high costs associated with it
22% of adults had expensive out-of-pocket medical bills
Portion covered by insurers for each metal tier
There are four different types of plans you can select from, with each of them named after metals. As you can expect, the tiers have something to do with value, which means that the higher the value of the “metal” is, the bigger your reimbursements. Below is the percentage covered by insurers for each plan:
Bronze – 60%
Silver – 70%
Gold – 80%
Platinum – 90%
Some individuals may qualify for the following exemptions to health insurance, which is otherwise legally required under the Affordable Care Act.
Income-related (marketplace affordability exemption, job-based affordability exemption)
Health-coverage (short gap exemption, Medicaid-related exemption)
Group membership (Indian health coverage exemption, health care sharing ministry exemption, religious exemption)
Rate increases for 2017 in ID
Rates increase every year in the country. This differs from state to state though, so you should pay attention to the changes implemented in the Gem State, as well as the specific county or town you live in. To give you an idea on how high or low these hikes are, the Idaho Department of Insurance listed the following:
Average increase in the state: 24%
Lowest possible increase, based on carrier: 15%
Highest possible increase, based on insurer: 29%
Find wallet-friendly insurance even with continuous rate increases
Health insurance is definitely not cheap. This doesn’t automatically mean you won’t find a plan you can’t afford. In the event you missed the Affordable Care Act enrolment, rest assure that there are other private carriers you can work with, which will offer you with a good deal on your coverage.