State releases data concerning health insurance exchange
The Iowa Insurance Division recently released data concerning the state’s health insurance exchange, suggesting that the state may be home to some of the lowest insurance premiums in the country. Iowa already boasts of relatively low premiums when compared to its neighbor states, but insurance regulators believe that the state’s exchange could offer even lower rates to many people. As in other states throughout the country, the Iowa health insurance exchange is set to begin open enrollment on October 1, giving thousands a chance to find affordable coverage.
Policies will be separated in platinum, gold, silver, and bronze tiers
According to data from the Iowa Insurance Division, the policies sold through the state-based exchange will be separated into tiers. These tiers determine the coverage benefits offered by the policies being sold through the exchange. Policies in higher tiers offer the best benefits but also have the highest premiums. State officials expect that the majority of consumers receiving policies through the exchange will opt for “silver” tiered policies. There are four insurance companies offering policies in the silver tier: CoOportunity Health, Avera, Coventry, and Gundersen.
Rates could be as low as $172 for those 21 and older
Policies from CoOportunity Health for those aged 21 and older are expected to cost an average of $172 per month. Similar policies are available from Coventry, Avera, and Gunderson at $175, $280, and $306 respectively. Costs begin to grow for those aged 45 and older and rates are highest for those above the age of 65. Health insurance costs will ultimately be determined by a variety of factors, including any existing medical conditions a person may have at the time a policy is purchased.
Some people may be eligible for subsidies to help pay for health insurance coverage
While Iowa may have lower health insurance rates than some other states, many residents may find that policies sold through the exchange are still too expensive for them to afford. These people may be eligible for subsidies from the federal government, which are meant to reduce the financial burden associated with health insurance coverage. These subsidies could reduce the cost of policies sold through the state’s exchange by as much as 77%.