Idaho is ranked fourth in terms of enrollment in insurance exchange
Idaho’s health insurance exchange has proven to be successful. The exchange is ranked fourth in the nation in the number of people enrolled per capita. Many people living in the state have managed to find the health insurance coverage they need through the exchange. A significant portion of these people are receiving subsidies from the federal government, which help them afford the coverage that they have purchased through the state’s exchange, called Your Health Idaho.
Exchange manages to find success among consumers that are looking for insurance coverage
The exchange was developed using federal funds, with more funding coming from a 1.5% fee imposed on all policies sold through the exchange. Insurers participating in the exchange marketplace have reported an increase in sales as the exchange has given them more access to a large consumer base that is looking for policies. Those enrolling in the exchange can find policies of varying coverage, which are separated in tiers. The highest tier of policies offer a wide range of benefits, but tend to be more expensive than policies available in lower tiers.
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Idaho manages its own health insurance exchange
Idaho is one among a handful of states that chose to operate their own exchanges. Though the exchange was developed with the aid of federal funds, Idaho manages the exchange itself, with a governing board holding sway over the exchange’s practices. Recently, the board managing the exchange voted to increase the fee on insurance policies sold through the marketplace to 1.99%, up from the 1.5% fee that was imposed by the exchange previously.
85,000 people have enrolled in the Idaho health insurance exchange
More than 85,000 people have enrolled in the state’s exchange. Idaho falls behind Florida, Maine, and Georgia in terms of enrollment numbers, but the state’s exchange has managed to avoid some of the technical problems that have plagued other exchanges in the country. Idaho expects to see higher enrollment numbers in the next open enrollment period, which will kick off later this year.