On October 1st, open enrollment begins for the health insurance marketplace (Exchange) known as Covered California, continuing through March 31st, 2014. What happens when the Exchange closes and you're left outside, wandering the streets of Los Angeles without insurance? As mandated by Obamacare (the Affordable Care Act), Americans must carry coverage through 2014 or pay an annual tax. If you have insurance already: great! There's nothing you need to do. Still want to shop around? Please continue reading!
When earlier this spring Jurassic Park 3D debuted in Los Angeles, the state's Exchange, Covered California debuted its first town hall meeting in Riverside, California. Seats filled with insurance brokers from Los Angeles, teachers out of Riverside, and curious consumers across California: all engaged to learn the basics to Covered California. We were happy to be the last speakers at such a milestone event.
Above: A family of 4 enters the new marketplace, Covered California.
Signed into law on March 23rd, 2010, the Affordable Care Act (Obamacare) requires each state organize an Exchange. On May 23rd, Covered California unveiled Obamacare health insurance through the Exchange, called Qualified Health Plans (QHPs). These plans are federally-required to be affordable for low to middle income consumers and contain 10 Essential Benefits.
At Haronian Insurance we are Covered California Certified Agents, meaning we offer new Obamacare plans at an affordable price as well as traditional private insurance. Don't want to call the state call center or figure out the state website? Let us enroll for you and find the best plan out there.
Covered California will make health insurance available for everyone, but as an added bonus, over 3 million Californians will qualify for tax credits ("subsidies") if they purchase Exchange health insurance plans. Beginning October 1st, tax credits will instantly lower the cost for health insurance if you qualify and enroll. What an age we live in!
To keep it simple, individuals and families who make between 100% and 400% of the Federal Poverty Level (FPL) qualify for subsidies. For individuals, that's around $14,000-$44,000. For a family of four, it's between $30,000-$92,000. Below shows the estimated monthly premium (in black) for a 40-year-old once subsidies (shown in "dollar bill green") are applied.
Wish you attended Covered California's Riverside town hall meeting? Another meeting for Covered California in San Jose happens, May 10th, and Haronian Insurance will attend if you have any questions. Check it out by registering at 888.975.1141.
Don't be left uncovered this fall, especially if you qualify for tax credits. To find out how much you can save on health insurance call 818.251.5000 or click below for a free quote!