If you are from California, this is good news for you. California’s subsidized private health insurance program, Covered California, is getting cheaper and cheaper. How much cheaper? As a Californian, you might only have to pay $1 for it. Yes, you read that correctly. US President Joe Biden has just signed an economic aid package in the wake of COVID-19. The new $3 billion in grants bolstered the health insurance program, which falls under the ACA, or Affordable Care Act. From May there will be a price drop from the installment payments. The approximately 1.6 million Californians whose names will be included in the program will soon qualify for lower rates. Experts see this development as the largest expansion since the introduction of the Affordable Care Act.
What do you know about California covered?
Covered California is the California health insurance market. Residents can look for quality insurance plans at affordable prices. Individuals who qualify for this plan can receive financial assistance and potentially reduce the amount they pay in awards. Consumers can compare different health plans and choose the one that best suits their health needs as well as their spending options. Depending on their annual income, a consumer may be eligible for either a low-cost program or a free program.
For the vast majority, it’s almost free
Covered fares in California are subsidized by approximately $10 billion annually. The US bailout also added another $3 billion to the program. That means those who used to pay $80 or $150 a month now have to pay a tiny amount. It’s almost free for most. According to the sources, the grants are intended for people who need them most, such as communities of color with many low-income people.
They are the worst victims of the recent coronavirus pandemic. Extended support under the Affordable Care Act will also run until the end of 2022. The California government can now save $350 million in one year, the amount it paid for its health insurance program. Existing individuals registered with Covered California can also easily take advantage of additional scholarship benefits. For the 800,000 Californians who chose to remain without insurance because they felt they couldn’t afford Covered California, the state government launched a $20 million publicity campaign.
California citizens who receive unemployment benefits can be insured
There have been instances where people enrolled in California’s Covered Health Insurance Program who lost their jobs during the COVID-19 pandemic found that their children’s eligibility for the Silver 94 plan was reduced to just $1. Imagine their excitement. The Employment Development Administration (EDD) released data showing that 569,000 Californians filed claims for unemployment insurance in May. Currently, about 141,000, or about 10% of all California enrollers, will receive unemployment benefits in 2021.
This suggests thousands more could qualify for the new benefits. Covered California, in partnership with the Employment Development Branch, notifies unemployment benefit recipients of newly available grants through their individual accounts. For those who lost their jobs during the pandemic, this can be a great opportunity to get health insurance at a price that would have been unthinkable just a few days ago. If you’ve recently filed for unemployment, it’s time to review your options and start saving now.
How do you know you qualify?
To find out if you qualify, register on the Covered California website. Find authorized employees or insurance agents, contact them and ask for their suggestions and support. You can also call Cover California at (800) 300-1506.
Covered California’s primary mission is to transform the health insurance market based on consumer demands. The five members of the Board of Directors are appointed by the Governor of California and the legislature. So it’s a step towards better health insurance for Californians.
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