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Small Business Employee Benefits and HR Blog

2015 Montana Health Insurance Marketplace Update

September 17, 2014
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montana-1Open enrollment for individual health insurance coverage for 2015 is coming up in less than two months. Many of the Marketplaces are releasing their approved individual healthcare plan rates for 2015. This article provides an overview of health insurance rates in Montana for 2015.

Montana Health Insurance Marketplace- Approved Carriers for 2015

There are three insurance companies offering individual health insurance plans through Montana’s federally-run Marketplace. The carriers are:

1. Montana Health Cooperative

2. PacificSource Health Plans

3. Blue Cross Blue Shield of Montana

These carriers are offering 26 different plans throughout the state. The health insurance Marketplace will be available for open enrollment for coverage in 2015 on November 15, 2014.

Montana Health Insurance Exchange- Individual Plan Rates

The chart below shows examples of available monthly rates for a 30-year-old, a 50-year-old, a family of four with 30-year-old parents and two children, a single parent family of two with a 30-year-old-parent and one child, and a 30-year-old couple without children. These plans are divided into the four “metallic tiers” of coverage to compare plans by level of coverage.

This data is for individuals living in Yellowstone County, Montana. Premium rates will vary based on carrier, plan, age, region, family size, and tobacco use.

  Age 30 Age 50

Family
of 4

Single
Parent
Family

Couple
Platinum $285 $447 $886 $443 $569
Gold $274 $431 $767 $427 $492
Silver $224 $352 $696 $348 $447
Bronze $183 $288 $570 $285 $366

Source: HealthCare.gov (click link for detailed rates by region and plan)

Montana Health Insurance Marketplace- Premium Tax Credits

The above rates reflect the premium prices before any cost-sharing or premium tax credits, which may further decrease healthcare costs for eligible consumers. The actual premium amount that Montana residents will be responsible for will depend on their household income.

The premium tax credits cap the cost of health insurance at two to 9.5 percent of the household income for enrollees for households with income up to 400 percent above the federal poverty line (FPL).

Additional Resources

For information on how to apply for individual health insurance on the Health Insurance Marketplace see: How to Apply for Individual Health Insurance in 2015.

More information on the Montana rates from the federally run Health Insurance Marketplace is available at healthcare.gov.

Questions about the individual and family health plan rates for the Montana Health Insurance Marketplace? Leave a comment below.

Photo Credit: Flickr, csbarnhill

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