The Idaho Health Insurance Exchange, Your Health Idaho, is the official Idaho State marketplace for health insurance under Obamacare. You can use Your Health Idaho to apply for cost-assistance, compare prices of plans, change plans, and enroll in a plan that best suits you, your family, or your small business. Below is an overview of how Idaho’s health insurance exchange works, and the ins and outs of each type of policy before shopping on your State’s Marketplace.
Idaho Health Insurance Exchange
- Coverage purchased before the 15th starts on the first of the month following the next month.
- You can obtain coverage, apply for cost assistance, or switch plans at any time during open enrollment. Open Enrollment 2015 starts November 15th, 2014 and ends February 15th, 2015.
- Open enrollment is the only time you can use the marketplace without qualifying for a special enrollment period.
- Not everyone who doesn’t have insurance will be charged a fee or will get cost assistance. How much you pay depends on what you make.
- All health insurance available on official ObamaCare websites must offer all the new benefits, rights and protections of the Affordable Care Act.
- “Your Health Idaho” is your State’s official ObamaCare website for Idaho.
Idaho Insurance Exchange Subsides and Tax Credits
You can use the Your Health Idaho website to apply for coverage, compare plans, and enroll. When applying for a plan on the marketplace you’ll find out if you are eligible for subsidies which can lower what you pay for premiums and lower the out-of-pocket costs you are responsible for.
ObamaCare subsidizes those with incomes ranging from 139% to 400% of the FLP (federal poverty level) and makes Medicaid and CHIP available for those below the 139% mark in states that expanded the program. (Idaho did not expand Medicaid). Subsidies are given as refundable tax credits. Subsidies are given as refundable tax credits.
Applying for Subsidies, Tax Credits and Cost Assistance on the Idaho Health Insurance Exchange
In order to get subsidies all you need to do is sign up with the insurance exchange. Once you input your family’s information and your tax information the system will automatically calculate your subsidies.
Since subsidies are reflected as tax credits, your cost assistance will not be set in stone until the end of the year. Keep this in mind as you may lose or gain cost assistance as your income fluctuates throughout the year.
Applying for ObamaCare in Idaho
Have the following information about you and your family before visiting your State’s official Health Insurance Marketplace.
- Last years tax information for you and your family.
- Projected incomes for this year.
- Medical history – ObamaCare does away with pre-existing conditions and gender discrimination so these factors will no longer affect the cost of your insurance. Smoking, family size and age may still affect your affect cost.
- Social Security Numbers (or document numbers for legal immigrants).
- Employer and income information for every member of your household who needs coverage (for example, from pay stubs or W-2 forms—Wage and Tax Statements).
- Policy numbers for any current health insurance plans covering members of your household.
- A completed Employer Coverage Tool for every job-based plan you or someone in your household is eligible for. (You’ll need to fill out this form even for coverage you’re eligible for but don’t enroll in.)
Applying for your health care, or even re-enrolling during the open enrollment period can be confusing. Make sure that you clarify areas of confusion before you