Covered California, the state’s health insurance exchange, recently announced how rates will change in 2015 for those who purchase coverage through the exchange. The statewide weighted average is a 4.2% increase for consumers; however, some consumers will see no increase or will even a decrease in premium.
“This is good news for Californians and an example of how Covered California and the Affordable Care Act are working to make health insurance affordable,” said Covered California Executive Director Peter V. Lee.
Covered California employed a team of negotiators who actively pursued participating insurance companies to keep rate increases at a minimum, provide a variety of plan choices, and deliver a robust network of doctors and hospitals.
A 4.2% rate hike would increase a plan with a $225 monthly premium by $9.45 per month. Again, rate increases may be higher, for some, than others, and some people may experience a decrease in premium. It’s important to note that 90% of Covered California consumers receive cost-sharing subsidies to help pay for coverage. For many consumers, subsidies will increase, as well, which may offset any premium increase.
The following insurance companies will offer plans through Covered California in 2015:
- Anthem Blue Cross of California
- Blue Shield of California
- Chinese Community Health Plan
- Health Net
- Kaiser Permanente
- L.A. Care Health Plan
- Molina Healthcare
- Sharp Health Plan
- Valley Health Plan
- Western Health Advantage
Call BenefitPackages to learn whether you qualify for cost-sharing subsidies or tax breaks to help cover the cost of a Covered California plan when the time comes.