Covered California is one of the most expanded health insurance policies. But unfortunately, more than 1.1 million Californians are uninsured and could qualify for coverage as low as $0 per month. As an independent health insurance agency, we have the necessary information and knowledge on the various aspects of Covered California. And Covered California Open Enrollment is one of the pivotal parts of it.
This blog comprises several facts one must know before going through this enrollment process. However, you may also visit our Instagram page to discover more about it. Here you go!
Things Should before Going through Covered California Open Enrollment Process
You Will Get Three Months to Enroll
Many people have queries about the correct period of open enrollment. Generally, this enrollment for Covered California starts from November 1 to January 31. It is twice as long as the enrollment period for the federal exchange. In this case, the Trump administration cut the federal exchange period to just six weeks (Nov. 1-Dec. 15) in early 2017.
People faced challenges due to this shortened period. It became too chaotic to operate because many people selected Covered California at a time, making it a hectic situation. Many states have chosen this short time enrollment period after the incident. But California sticks to the three months.
The Same Insurers Can Still Participate
Covered California gives a golden opportunity for the insurers. Unlike other health insurance policies, it does not forbid the same insurers to participate annually. It means the insurers that provided health insurance last year are also eligible to be in the process. And Covered California Open Enrollment gets a chance to benefit everyone in the best way possible!
Premiums Have Gone Up
You may not know that average premiums have gone up 8.7 percent in the last few years! Covered California stated the repeal of the individual mandate penalty increased on average 3.5 percent. It happened due to the concerns about penalty removal that led to a less healthy and costlier consumer pool.
But if you ask our professionals, we suggest you avoid that rate hike by switching to a lower-cost plan with the same coverage level and getting more benefits. Follow our Facebook page for more details!
Subsidies Are Available Through Covered California
According to the rules of this health insurance, 90% of consumers are eligible for financial assistance and get help to pay for their insurance coverage. Do you want to gain more details on it? Then, read the rest!
The Californians with 138% to 400% household income of the federal poverty level and who qualify for other coverages can reduce the cost of their monthly premiums by applying for the tax credit.
And people with premium assistance tax credit and household income up to 250% are eligible for cost-sharing reductions, which lower out-of-pocket costs, including co-pays and deductibles. So, check this aspect before you go for Covered California Open Enrollment.
No Need to Buy Through Covered California!
If you are one of those who buy insurance as an individual, you can buy it through Covered California. But it is not always necessary! A specialist said, “2.5 million Californians buy insurance as an individual, and 1.4 million do it through Covered California.” It means more than 1 million people purchase it outside the marketplace. But you are highly advisable to go through Covered California if you want access to government subsidies.
We understand dealing with Covered California Open Enrollment is not easy and comprises the chance of mistakes. Do not worry! As highly experienced and sincere agents, we will be with you throughout the process. Follow our Twitter page to get the daily updates, or leave a comment below for further queries!