Health Insurance Plans in Iowa

Shopping for health insurance in Iowa can seem overwhelming. There are lots of health insurance options available, but the choices vary depending on where you live. That means the cheapest option for one person might not be the cheapest option for another. For example, the Medica Insure Silver Copay is the cheapest Silver tier option for some Iowa residents, while the Inspire by Medica Silver Copay is the most affordable for others. As confusing as it sounds, you can make the process much easier by looking at the cheapest policies by tier and learning more about the coverage options.

Cheap Health Insurance Plans in Iowa by Metal Tier

Even though availability for health insurance plans varies by region, you should still begin your search by comparing the cheapest plans by metal tier. This will give you a better idea of the differences between the metal tiers and what you can expect when you purchase one of the health insurance plans in Iowa. The estimates are based on an average 40-year-old Iowa resident.

Catastrophic plans sit at the bottom of the metal tiers. These are the cheapest of the plans, but they also have the highest out-of-pocket costs. Inspire by Medica Catastrophic is the cheapest of all the Catastrophic plans in the state. The monthly premium is $392.42, and the deductible and out-of-pocket maximum are $7,350.

Iowa also offers Bronze and Expanded Bronze plans on the health insurance exchange. If you want cheap health insurance in Iowa, the Inspire by Medica Bronze HSA might be the right choice. The monthly premium is $529.95. This plan has a deductible of $6,000 and an out-of-pocket maximum of $6,650.

The cheapest Expanded Bronze plan is the Inspire by Medica Bronze HSA Plus. The monthly premium is $561.01, the deductible is $2,600, and the out-of-pocket maximum is $6,650.

The next metal tier is Silver. The Inspire by Medica Silver Copay is the cheapest option in this tier, with a monthly premium of $653.28. The deductible is $3,500, and the out-of-pocket maximum is $7,000.

Gold plans sit at the top of the metal tiers. Out of all the Gold health insurance plans in Iowa, Inspire by Medica Gold Copay Plus is the most affordable. The monthly premium is $726.56, the deductible is $1,000, and the out-of-pocket maximum is $5,000.

As you age, your premiums will go up regardless of the metal tier you choose. For example, 60-year-olds pay an average of $920 more than 40-year-olds for Gold plans.

Choosing Health Insurance Plans in Iowa

Before buying one of the health insurance plans in Iowa, consider first the coverage you need. Many people balk at the high monthly premiums for Gold plans, but the low out-of-pocket costs make these plans a good fit for people who have serious medical conditions. At the same time, some people intimidated by the high out-of-pocket expenses for the Bronze plans, but the low premiums are a steal for healthy people. Learn more about the metal tiers so you can make a wise decision after getting your health insurance quote.

Gold Plans – Ideal for High Medical Costs

If you have a chronic health condition or use your health insurance often, consider a Gold plan. The premiums are high, which may deter you from such a plan, however, those high premiums can pay for themselves since Gold plans cover around 80 percent of your medical expenses. That’s beneficial if you need medical equipment, prescriptions, or care to manage a health condition.

Silver Plans – Ideal for Average Medical Costs and/or Low Incomes

Silver plans are a nice blend of Gold and Bronze plans. The premiums are higher than Bronze plans, but the out-of-pocket expenses are lower. On the other hand, the premiums are lower than Gold plans while the out-of-pocket expenses are higher. These plans are a good fit for people who have average medical costs throughout the year since the plans cover around 70 percent of medical costs.

These plans are also a good option for low-income households. Low-income households often qualify for a cost-sharing reduction that covers a large portion of out-of-pocket expenses. If you are eligible, the plan will cover around 94 percent of your costs. That is more coverage than you would get with a Gold plan, and the premiums are much more affordable. This reduction is only available with plans in the Silver tier.

Catastrophic and Bronze Plans – Ideal for Healthy Young People

If you have health conditions or are growing older, you should not consider one of the bottom-tier plans. However, if you are young and healthy, the low premiums are quite attractive, especially if you have money in savings to cover medical emergencies. Catastrophic policies are only offered to people who are under the age of 30 as well as some people who qualify for an exemption. Bronze health insurance plans are available to all Iowa residents, though. Bronze plans cover around 60 percent of costs, while Expanded Bronze plans cover around 65 percent.

Short-Term Health Insurance in Iowa

Medica Insurance Company might be the only company that sells policies on the state’s exchange, but other companies offer short-term health insurance. Short-term health insurance in Iowa can only be purchased for up to 90 days unless the plans cover pre-existing conditions and offer essential health benefits. The state also has strict out-of-pocket limits for policies that last for longer than 90 days. If you want short-term health insurance, get quotes from various health insurance companies in Iowa to find the best rate.

Get Help Comparing Health Insurance Plans in Iowa

Are you having trouble choosing from the health insurance plans in Iowa? If you need coverage, but can’t determine which is the best policy, get assistance navigating the insurance world by calling 1-888-497-1683 and speaking to a licensed insurance agent today.