Utah’s Obamacare exchange allows individuals and families to compare plans based on price, coverage, deductibles and out-of-pocket maximums. MoneyGeek has conducted analysis of private plans sold in this marketplace in order to find the most competitive rates.
Furthermore, small businesses with fewer than 50 full-time equivalent employees may qualify for tax credits to help cover their premiums. Doing so could save them a substantial amount on monthly bills.
Costs
Health insurance costs, whether you purchase your own policy or receive coverage through your employer, can be quite high. That’s why it is essential to shop around and compare quotes from multiple carriers before selecting a plan.
Your policy’s cost may also be determined by your age and health status. While younger individuals tend to be healthier, older individuals typically experience more medical issues.
Your location can also influence your premiums. Utah enjoys a reputation for being a healthy state, with low rates of smoking and obesity.
Generally, however, you’ll pay more for a policy if your health status has worsened since you last insured.
Governor Herbert has touted his expansion of Obamacare to able-bodied adults as “Utah-specific.” Unfortunately, this idea is similar to failed experiments in Arkansas and Iowa where expanding Medicaid has proved disastrous; these states have discovered that expanding Medicaid can discourage work, leading to poverty and government dependency.
Coverage
Utahans have many health insurance options, such as coverage through their employer or public programs like Medicaid. You may also purchase private plans from companies like Regence BlueCross BlueShield or GoHealth for added convenience.
The Affordable Care Act, commonly referred to as Obamacare, makes purchasing health insurance for Americans simpler and more budget friendly. People with lower incomes can access tax credits provided by the federal government that make coverage more accessible.
Individuals, families and small businesses can all access coverage. It also extends coverage to children up to age 26; pregnant women; and those with pre-existing conditions.
Utah offers three main health plan types: silver, bronze and gold. A silver plan covers most expenses but you may need to pay a deductible. For more comprehensive protection, opt for the gold plan which pays 80 percent of medical costs. These plans typically have higher monthly premiums than their bronze and silver counterparts but offer additional features.
Pre-existing conditions
Before Obamacare went into effect, insurers could deny or charge more for coverage if they discovered you had a preexisting condition. These could include cancer, heart disease, diabetes and asthma.
Thankfully, the Affordable Care Act (ACA) sets limits on how insurers price policies. Factors like gender and state health can influence premiums when selecting an insurer.
Utah ranks as the fourth healthiest state in America, boasting low smoking and obesity rates. That’s good news for policyholders since health insurance prices here tend not to be as high as they might be elsewhere.
No matter where you purchase health coverage – from a health insurer or through an exchange – it’s essential to select a plan that meets your individual needs. According to Rhonda Randall, chief medical officer with UnitedHealthcare, doing research before making a purchase is key for finding the perfect option for you.
Tax credits
In Utah, people can access a tax credit to help cover their health insurance costs through the Health Insurance Marketplace. These credits may be available in advance or at year-end depending on your income and family size.
In recent months, the federal government has provided cost-sharing subsidies to insurers that helped lower some Obamacare premiums. Unfortunately, President Trump recently stopped these payments.
To learn more about how these subsidies operate, visit the Affordable Care Act website.
Individuals without employer-sponsored coverage can purchase an Affordable Care Act plan on the Marketplace. All ACA-compliant plans must cover 10 essential health benefits and cannot deny coverage due to preexisting conditions.
In Utah, small businesses with fewer than 50 employees can sign up for Avenue H – a state-run exchange for small business health insurance. This system differs from purchasing cooperatives that many small businesses utilize elsewhere to reduce their premiums.
