Think You Cant Afford Health Insurance? Check Out Financial Help At Covered California For 2024

If the cost of health insurance discouraged you last year, don't let that experience stop you from shopping and comparing prices during open enrollment this year because there is more financial help than ever, consumer advocates said Thursday.

More than 1.3 million Californians are uninsured even though they are eligible for subsidized coverage through Covered California or free Medi-Cal coverage, according to Jessica Altman, executive director of Covered California.

"Here in the Sacramento area, there are over 130,000 people who might qualify for subsidies, who might need assistance, but don't have the peace of mind of getting coverage," Altman said.

Against the backdrop of Tower Bridge on Thursday morning, Altman and a group of regional leaders urged Sacramento residents to enroll in health insurance plans offered on the state's marketplace in the 2024 state plan. open enrollment, which ends at the end of January. .

About 90% of people who find a health insurance policy through Covered California get help paying for it, Altman said.

In the past, some people thought Covered California's basic affordability wasn't enough, said Anthony Wright, consumer advocate for Health Access California.

There are no subsidies, for example, for people who earn more than four times the poverty level, Wright said, and in California, subsidies are only for those who earn more than $50,000 a year. But because the cost of living here is so high, he said, $50,000 isn't enough to make ends meet.

In other cases, inpatient coverage takes effect only after the community pays a deductible, Wright said, meaning the community must pay $5,000 before the insurance company pays its share of medical costs.

However, the good news is that that has changed, Wright said. People no longer have to pay thousands of dollars in deductibles before insurance plans cover their costs, he said, and other cost-sharing benefits further reduce consumers' financial burden.

Financial aid expanded, eliminating benefits for many Californians

"This is not the Affordable Care Act of ten years ago or even five years ago," Wright said. "Actually, we need to change the name. ... We should call the ACA the More Affordable Care Act."

Consumers will find that health insurance plans are sold in the marketplace in four levels of coverage: bronze, silver, gold and platinum. As the price of metal rises, so does the share of medical expenses covered by health insurance, compared to consumers' co-pays and deductibles.

"There is now a guarantee from the federal government that someone purchasing insurance alone will not have to pay more than 8 percent of their income to get a solid financial plan," Wright said, "and those with lower incomes will pay less." For that. sure...sliding scale. It gives peace of mind to those looking for a premium option and acts as a protection against rising maintenance costs.

Most California buyers opt for the mid-level Silver package. This plan covers 70% of all medical expenses, while the consumer pays 30%. On average, platinum-level plans cover 90% of healthcare costs; and gold packs: 80%.

Those who do not have access to employer-sponsored plans can find insurance plans from reputable companies such as Aetna, Anthem, Blue Shield or Health Net on the California Covered Marketplace.

Two-thirds of California's insured consumers qualify for comprehensive health coverage for $10 a month or less, the agency said, and about half could qualify for a silver-level comprehensive plan at that price.

All plans must meet the guidelines set forth in the Patient Protection and Affordable Care Act. Enacted in 2010, this law paved the way for unprecedented rights and protections 14 years ago.

Open enrollment will end on January 31, 2024, consumer advocates say

For example, insurance companies must offer coverage to people with pre-existing conditions and their plans must include free access to many preventive medical services. And insurance companies can't set annual or lifetime financial limits on what they will cover.

The ACA also paved the way for state exchanges like Covered California and the federal insurance marketplace that many other states use.

The open enrollment period, which begins November 1 and runs through January 31, 2024, is the only time of year when everyone is invited to sign up for next year's coverage. If consumers wait until after this period, they need a qualifying life event to get coverage, such as moving out of state, having a child, or adopting a child.

Since Covered California's first open enrollment period in 2013, the state's uninsured rate has fallen from 17.2% to 6.5% in 2022. That number is the largest percentage point increase of any state during that period, according to federal data.

Do you want to know what the cost will be for you or your family? Go to CoveredCA.com, Altman said, and enter four pieces of information: your income, ZIP code, the number of people in your household who need coverage and their ages.

This closure informs California Gateway users if their family is eligible for free coverage through Medi-Cal. Starting in 2024, California lawmakers and Governor Gavin Newsom expanded Medi-Cal eligibility to all low-income Californians, regardless of immigration status.

Jay King, president of the California Black Chamber of Commerce, said, "In the black and brown community, we suffer from more illnesses and conditions due to a lack of information or access to real health care." “Today we are here to inform you and encourage you to visit Covered California and take advantage of all the features and coverage they offer. »

That's why your company's health insurance is not enough.