California’s health insurance exchange, Covered California, recently announced that for a limited time it will allow individuals who are currently on COBRA (the Consolidated Omnibus Budget Reconciliation Act) to switch to a Covered California plan.
COBRA enrollees have from between May 15 and July 15, 2014 to sign up for a plan with Covered California. The state of California made the decision to offer the special enrollment on the heels of an announcement by the U.S. Department of Health and Human Services (HHS) allowing COBRA enrollees to purchase plans through the federal health insurance exchange through July 1st of this year.
“The federal policy for the COBRA special-enrollment period was approved amid concerns that notifications did not give consumers clear information about options in the new marketplace. HHS encouraged state exchanges to follow suit,” says the Covered California website.
Cost-Sharing Subsidies and Tax Breaks Can Dramatically Reduce Insurance Costs
Switching to a Covered California plan could save many Californians a considerable amount of money every year—for some, thousands of dollars. While consumers must pay full price for COBRA plans, many of those same consumers will qualify for cost-sharing subsidies or tax breaks through Covered California that could substantially bring down the cost of coverage.
With less than a month to switch from COBRA to a Covered California plan, there is no time to waste. The Certified Insurance Agents at Benefit Packages have been specially trained to help consumers enroll in plans through Covered California. Call us today to understand your options for California health insurance and enroll prior to the July 15th deadline.