Iowa Health Insurance

Last Updated on September 22, 2020 by Andrew Lee

Iowa has long since had relatively low uninsured ratings, coupled with average to above-expectation health performance. All these helped in preventing a shockingly high average rate hike. Your premiums will still show variations though, as each carrier applies different approved increases, and of course, they will consider your individual needs and risks. Here’s an overview of health insurance in the state today.

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Do people in Iowa lead healthy lives?

The overall health performance of a certain state’s residents also impacts rates and premiums. Because Iowa consistently performs really well in health rankings and ratings, its people face lower rates and premium hikes.

In the 2015 State Health System Performance conducted by The Commonwealth Fund, the state placed 9th out of 51 (50 states plus the District of Columbia). Breaking it down, it ranked 7th in Access, 9th in Prevention & Treatment, 15th in Equity, 16th in Healthy Lives, and 18th in Avoidable Hospital Use & Costs. The following findings fall under the “Healthy Lives” category:

  • Mortality amenable to healthcare: 72 out of 100,000 people
  • Breast cancer fatalities: 18.7 out of 100,000 women
  • Colorectal cancer fatalities: 15.6 out of 100,000 individuals
  • Percentage of adult smokers: 18%
  • Adult obesity: 31%
  • Obesity in children aged 10-17: 28%

Under “Access,” here are some notable statewide vs. countrywide statistical comparisons:

  • 8% of adults (19 to 64 years old) don’t have insurance, compared with the national average of 15%
  • 3% of children (infants to 18 years old) are uninsured, as opposed to the countrywide average of 6%
  • 9% of the adult population chose not to obtain insurance due to the high costs associated with it
  • 15% of adults had expensive out-of-pocket medical bills

The reimbursement you can expect from your provider

The portion of incurred medical and hospital bills your provider will shoulder depends on the metal plan you have. The “more valuable” the metal tier is, the bigger reimbursements you can expect.

Bronze – 60%
Silver – 70%
Gold – 80%
Platinum – 90%

In its most recent report, the United States Department of Health & Human Services detailed the following 2017 average premium projections for the residents of IA:

  • Average lowest-cost, monthly premium within metal level: $435
  • Average net premium for lowest cost plan within metal tier: $126
  • Second-lowest silver before advance premium tax credit (for a 27-year old with a $25,000 household income): $308
  • Second-lowest silver after advance premium tax credit (for a 27-year old with a $25,000 household income): $142
  • Second-lowest silver before advance premium tax credit (for a family of four with a $60,000 household income): $1,116
  • Second-lowest silver before advance premium tax credit (for a family of four with a $60,000 household income): $405

How big the impact of the state’s uninsured rating is

Of the many different variables carriers use to determine premiums, location is one of the biggest players. They compare the area’s overall population with the number of its residents who don’t have insurance. In general, the lower the count is, the lower the rates they apply.

The Hawkeye State’s uninsured rating in 2015, according to the U.S. Department of Health & Human Services, had a drop of 4.3% from the 9.3% rating in 2010. Within its estimated population of 3,123,899 (2015, latest data), 132,000 more gained access to insurance.

Final reminders

Your health insurance coverage protects your health, your finances, and most importantly, your life. And even though it doesn’t come cheap, you shouldn’t cut back on coverage in the hopes of trimming your expenses. As long as you do your part in exploring your different options, you can find a plan that best suits your needs and budget.