In 2021, Missouri will offer Marketplace plans from seven different insurers. Because premiums have dropped, finding affordable insurance may be easier than ever.
Missouri Health Insurance Overview
The Show-Me State is home to almost 6.1 million people. The majority of residents have health insurance through their employers, but one out of every three has it through government programs. As of 2019, approximately 5.7 percent of the population has Obamacare health insurance through the Marketplace. The federal government provides subsidies to the majority of residents with Marketplace coverage to assist offset the cost of coverage. Other low-income residents are eligible for Medicaid.
Missouri and the Affordable Care Act
Since the Affordable Care Act (often known as Obamacare) went into effect in 2013, the number of Missouri citizens without health insurance has decreased. Until 2018, the uninsured rate fell every year. In 2019, the rate increased slightly to ten percent.
Missouri is one of 14 states that has not enacted Medicaid expansion. States can expand Medicaid to childless, working adults under 65 who earn up to 138 percent of the federal poverty level under the Affordable Care Act. Missouri has 124,000 uninsured residents who would be able to get health insurance if the state increased Medicaid eligibility.
Missouri’s Marketplace Enrollment
Missouri enrolls in ACA-qualified health plans through the federal exchange at HealthCare.gov. The registration period for the 2022 plans begins on November 1, 2021, and ends on January 15, 2022.
For the 2021 enrollment season, moreover, 215,000 residents signed up for individual and family coverage.
If you miss out on buying a plan this year, if you have a qualifying life event, you may be allowed to shop for 2021 coverage.
Individuals, Families, and Self-Employed Entrepreneurs Can Purchase Missouri Health Insurance
Individuals, families, and self-employed entrepreneurs with no workers can get private health insurance through Obamacare. Freelancers and independent contractors fall into this category.
Insurers can’t deny you coverage because of your health or a preexisting condition if you buy an Obamacare plan. You’ll also have guaranteed coverage for key health benefits like maternity care, hospitalization, and free preventative care. If there are any children enrolled, the policy must include eye and dental coverage.
There are four metal levels to choose from bronze, silver, gold, and platinum. Each level covers a different percentage of your medical expenses, ranging from 60% to 90%. Bronze plans have the cheapest monthly premiums, but they also have the highest out-of-pocket costs. Platinum plans are the polar opposite: they offer higher premiums but reduced out-of-pocket payments when you need medical attention.
Health Insurance Costs in Missouri
Missourians who signed up for health insurance through the state’s Marketplace in 2021 spent $479 per month on average (for a silver plan). From $483 in 2020, this sum has decreased. Premiums on the marketplace peaked at $529 per month in 2018.
Subsidies under Obamacare
Prior to 2021, you were eligible for subsidies to help you pay for any metal plan if your income was between one and four times the federal poverty threshold.
The federal government increased premium tax credit subsidies and scrapped the income cap in 2021. Instead, depending on the benchmark plan’s pricing, you’d spend no more than 8.5 percent of your yearly household income on health insurance. Subsidies would be provided by the federal government to make up the difference.
What You Should Know
The average monthly subsidy received in 2019 was $578. (5) If you earn between 100 percent and 400 percent of the federal poverty line, you are eligible for Obamacare subsidies. In 2020, a single adult can earn anywhere from $12,760 to $51,040 per year.
Missouri Health Insurance Providers
Individual and family plans are available from nine Missouri health insurance firms for 2022 coverage:
- Blue Cross and Blue Shield (new) Aetna Celtic Insurance Company of Kansas City
- Cigna Health & Life Insurance Company is a health and life insurance company based in the United States.
- Healthy Alliance Life Insurance Company Cox Health Systems Insurance Company
- Medica Insurance Company is a health insurance provider.
- Oscar Insurance Company is a company that specializes in providing insurance
- SSM Health Insurance Company is a health insurance company based in Singapore (WellFirst Health)
- Medicaid for Low-Income Adults and Children in Missouri
- As of September 2021, Missouri’s Medicaid program, MO HealthNet, had enrolled almost 830,000 people.
- 7 If you make $17,131 or less as a single adult, you may be eligible for benefits. For each additional person in your home, the income ceiling climbs by around $6,038.
Managed Care and Fee-for-Service are the two types of coverage offered by MO Health Net. You’ll be covered for hospitalization, doctor visits, emergency care, and prescription drug coverage, among other things.
- Children under the age of 19 are eligible for the Managed Care Program (provided through MO HealthNet for Kids)
- Newborns and pregnant women
Fee-for-Service The following people can participate in the program:
- Individuals with disabilities
- Adults who are blind or visually impaired
- Women who have been diagnosed with breast or cervical cancer
Missouri Seniors and People Under 65 With Disabilities Have Medicare Coverage
Medicare is a health-insurance program for those over the age of 65. However, it is also available to younger persons who receive Social Security Disability Insurance (SSDI) benefits. Moreover, 204,000 of Missouri’s roughly 1 million Medicare members are disabled.
Original Medicare, the federal government’s standard program, is used by more than 8 out of 10 Missouri enrollees.
The others have private Medicare Advantage plans, which often include prescription medication coverage as well as all of the benefits of Original Medicare.
Separate Part D prescription medication plans, which are frequently linked with Original Medicare, are also available. You can also purchase a Medicare Supplement (commonly known as a Medigap) plan to assist cover part or all of your Original Medicare out-of-pocket expenses.
Missouri Short-Term Health Insurance If You’re Unemployed or Have a Coverage Gap
Short-term health insurance policies are allowed to be sold in Missouri, but only for a period of up to six months.
If you only need basic health care for a short period of time, you might want to consider purchasing a Missouri short-term health plan. Some people pick this form of coverage because they have lost coverage through their employment, spouse, or parent’s health plan.
Under the Affordable Care Act, short-term health plans are frequently less expensive than complete health insurance (ACA). They do, however, have one disadvantage: they are not required to follow ACA requirements for prior diseases or essential health insurance.
Before you get short-term health insurance coverage, make sure you understand its limitations by asking questions. You should also evaluate your Missouri health insurance alternatives to get the plan that best suits your needs.