What are the Best Health Insurance Options in Hawaii?
The best health insurance options in Hawaii are typically dependent on some factor including personal financial position and a person’s coverage requirements. Ideally, policies at higher metal tier mean costlier monthly premiums. However, these policies also feature lower out-of-pocket costs such as coinsurance, copays, and deductibles.
It signifies that Platinum or a Gold health plan may be a cost-effective option for you when you are already bearing high recurring medical expenses like prescriptions or feel that you may soon fall sick. Alternatively, in case you are healthy and young, opting for a lower metal tier can come handy to lower your monthly premiums. At the same time, you remain insured if there are medical emergencies.
Platinum and Gold health plans- Ideal when medical costs are expected to be high
Gold and platinum policies are included in the higher metal tier medical plans. These plans feature the highest out-of-pocket expenses including copays, coinsurance, and deductibles. However, on the flip side, insured individuals have to bear higher monthly premiums.
Ideally, both platinum and gold health insurance plans are great concerning cost-effectiveness when an individual expects to go through medical expenses like costly prescriptions or chronic illness.
Silver health insurance plans- Ideal for low average medical expenses or low income
These plans offer a trade-off between plans in the higher metal tier such as Gold or Platinum and plans in lower-tier plans like Expanded Bronze and Bronze. Households in Hawaii with low incomes are eligible for CSR or cost-sharing reduction subsidies as part of Silver health coverage that can further reduce their out-of-pocket costs. Usual Silver health plans offer 70 percent coverage of an individual’s health care expenses while they need to pay only 30 percent. However, with the CSR subsidies, a person can be eligible for a Silver health plan, which can offer up to 94 percent of their health care expenses.
On an average, Gold plan’s price is higher than that of the Silver plan in Hawaii as the federal government has stopped funding the CSR subsidies. Rather the monthly premium cost of a Silver Plan covers the expensed of the cost-sharing reduction (CSR) subsidies.
Catastrophic and Bronze health plans- Ideal for healthy and young people
While Catastrophic health plans may feature the lowest monthly premium rates, they are restricted to people below 30-year-old and those who are eligible for an exemption. Plus, such health plans offer the leas coverage of health and are only appropriate when a person has adequate financial sources to cover a major chunk of their health care costs if there is an emergency.
On the other hand, Bronze health plans are available for all and feature lower monthly premiums as compared to the Silver plans apart from attributes like more out-of-pocket expenses and lower coverage. Thus, when a resident of Hawaii requires medical care in between a year, they need to spend more money to kick-off the coverage. A Bronze pan typically takes care of 60 percent of the health expenses while the insured has to pay for the remaining 40 percent.
Best cheap health insurers in Hawaii
Before 2016, the health exchange of Hawaii was run by the state. However, it has now decided to use instead of the system run by the federal government. There are two health insurers for Hawaii on the country's federal exchange. These are as follows:
- Kaiser Foundation Health Plan Inc.
- HMSA or Hawaii Medical Service Association
While both these insurers provide health insurance policies in all the four major counties of the state of Hawaii, HMSA does not have Expanded Bronze plans while Kaiser does not provide any type of Catastrophic plans.