Montana releases estimates concerning costs of health insurance exchange policies

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State provides estimates concerning cost of health insurance policies sold through exchange

Montana has become the latest state in which estimates concerning the rates for policies sold through the state’s health insurance exchange have been released. The state’s Office of the Commissioner of Securities and Insurance has released these estimates in order to give state residents a glimpse at what they could be paying for coverage purchased through the federally-operated insurance exchange. The exchange is meant to provide Montana residents with access to affordable health insurance coverage and is a key part of the federal Affordable Care Act.

Policies could cost as much as $300 per month

According to the state’s Insurance Commissioner, Monica Lindeen, the average rates for coverage for those aged 30 and above will range between $200 and $300 per month. Rates will, of course, depend heavily on the type of coverage being purchased and various other factors, such as the presence of medical conditions and age. Like other insurance exchanges throughout the country, the policies offered through the Montana exchange are separated into several tiers. The highest tier of coverage offers the best benefits, but these plans are considerably more expensive than those sold in lower tiers.

Health insurance montanaTiered policies will vary in cost

Policies that are part of the exchange’s “bronze” tier, many of which are sold by Blue Cross Blue Shield of Montana, boats of a 30% copay and $3,750 deductibles. For those under the age of 18, these plans can cost as little as $117 a month. “Gold” policies are estimated to cost approximately $170 a month for those below the age of 18 and feature 20% copays and $500 deductibles.

Consumers may be eligible for financial aid from federal government

Montana officials are making an effort to inform consumers that they may be eligible for subsidies from the federal government that could help make health insurance coverage more affordable. According to the state, those making approximately $23,000 in annual income could pay a maximum of $120 a month for health insurance plans sold in the exchange’s “silver” tier.

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