Open enrollment is coming and Arizona has released information that may be useful to consumers
Open enrollment for health insurance exchanges throughout the U.S. is about to begin and many states are beginning to release information concerning the policies that will be available for 2015. In Arizona, ten insurers will be offering individual insurance plans through the state’s exchange. Arizona’s exchange is managed by the federal government, which has been working to resolve technical issues with its exchange network before the open enrollment period begins. If these issues are not resolved, Arizona residents may have some difficulty enrolling for coverage through the exchange.
110 individual insurance plans will be available when open enrollment begins in November
Health Net of Arizona, Humana Health Plan, Aetna, and Blue Cross Blue Shield of Arizona are some of the companies that will be offering policies through the state’s exchange. The ten insurers selling policies will be offering a combined 110 different plans to consumers. These plans will be available beginning on November 15, 2014, and will go into effect on January 1, 2015. Some of those seeking insurance coverage through the state’s exchange may be eligible for federal subsidies that will offset the cost of their insurance coverage.
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Bronze tier policies may be the most financial attractive to consumers
The policies being sold through the state’s exchange will be categorized in tiers; bronze, silver, gold, and platinum. Bronze tier policies will be the least expensive, with premiums as low as $147 a month for those below the age of 30. Bronze policies will offer fewer coverage benefits, but may be more attractive to consumers concerned about the financial burden of coverage. Platinum policies will have premiums as low as $225 for those under the age of 30, and these policies will offer better benefits.
State’s expanded Medicaid program may be a useful alternative to the exchange
The state’s insurance exchange will not be the only place for consumers to find coverage, of course. Arizona has taken steps to expand its Medicaid program so that it is more inclusive to a wider range of consumers. People will be able to find coverage through the Medicaid program if they cannot find the policies they need through the state’s insurance exchange.