Recently, the Iowa Health Insurance Exchange released sample rates for individual health insurance exchange policies. According to the Iowa Insurance Division, the sample rates for individual health insurance plans are some of the lowest exchange rates in the country.
The Iowa Health Insurance Exchange will be Iowa's online marketplace where individuals and small businesses can shop for health insurance plans and receive access to ACA tax subsidies and credits. Iowa residents and small businesses can shop for plans starting October 1, 2013 at www.healthcare.gov. Plan coverage will start January 1, 2014.
Iowa Health Insurance Exchange - Sample of Individual Health Plan Rates
According to the Iowa Insurance Division, sample mid-range (Silver) individual plan premiums from the four carriers include:-
CoOportunity Health: $172/month for a 21-year old, $267/month for a 45-year old, and $516/month for a 62-year old living in Des Moines, IA (non-tobacco user).
-
Avera: $280/month for a 21-year old, $404/month for a 45-year old, and $805/month for a 62-year old living in Crawford County (non-tobacco user).
-
Coventry: $175/month for a 21-year old, $254/month for a 45-year old, and $514/month for a 62-year old living in Des Moines, IA (non-tobacco user).
- Gundersen: $306/month for a 21-year old, $467/month for a 45-year old, and $877/month for a 62-year old living in Iowa County (non-tobacco user).
Here is a detailed look at sample rates:
According to the Insurance Division, health insurance plan prices vary both between and within states, based on actuarial tables. Premium costs, the monthly amount an individual and/or an employer pays to an insurance company, may vary depending where someone lives in Iowa, their age, and their tobacco usage.
The state is divided into seven regions (see region list below). All plans through the Iowa Health Insurance Exchange will be categorized by Platinum, Gold, Silver, and Bronze tiers of coverage. For instance, a platinum plan will have a higher monthly premium but lower out-of-pocket expenses for medical care. With a bronze plan, the monthly premium will be lower but have higher out-of-pocket expenses for medical care.
The sample rates are premium rates before any applicable individual health insurance tax subsidies are applied. If eligible for the tax subsidies, the actual amount a person would pay would be reduced at the time of purchase. The tax subsidies are available for consumers with income four times the federal poverty line (making up to ~$45,900 for an individual and ~$94,200 for a family of four in 2013). For sample health insurance tax subsidy charts, see this article.
Iowa Health Insurance Exchange - Rate Regions
Source: Iowa Insurance Division
What questions do you have about the Iowa Health Insurance Exchange rates? Leave a comment below.
