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Welcome to the ChooseMyPlan.com Archives. Overtime, we have grown significantly to a point where it is difficult to showcase our best articles. Using this archive, you can browse articles by date or categories.

2017 Covered California Rates Surge
2017 Covered California rates surge 13.2%. The health insurance marketplace, where California residents can go to shop for coverage and possibly receive premium assistance, will end it’s two year run sans a double digit rate increase. Furthermore, the sharp increase will likely play a significant role during this year’s upcoming presidential election.

The Reason

The spike in Covered California rates was driven by its two largest insurers, Blue Shield of California & Anthem Blue Cross. Blue Shield of California said its average hike was 19.9%, the biggest statewide increase. Meanwhile, Anthem Blue Cross averaged an increase of 17.2%. Together, the insurance carriers account for roughly half of Covered California’s enrollment. Peter Lee, Covered California’s executive director, said prices for 2017 reflect the rising cost of care, not efforts by insurers to increase their profits. Furthermore, proponents of Obamacare will argue that federal subsidies spare most consumers from the full impact of the premium increases.

Additionally, lenient rules for special enrollments are partially responsible for the leap in rates. The designated signup period outside of open enrollment have allowed some people to enroll only until they needed care. Insurers complain these people tend to generate more claims and higher costs.

The Silver Lining

Premium increases in California will vary widely by region and by insurance company. It could, however, force cost-conscious consumers to move to lower metal-tier plans.

Minus One

Lastly, Covered California announced United Health Group would be leaving the exchange after just one year. The nation’s largest health insurer posted significant losses in the individual market.

Below is the tentative list of insurance carriers selected for the 2017 exchange:

  • Anthem Blue Cross
  • Blue Shield of CA
  • Chinese Community Health Plan
  • Health Net
  • Kaiser Permanente
  • L.A. Care Health Plan
  • Molina Healthcare
  • Sharp Health Plan
  • Oscar Health Plan of California
  • Valley Health Plan
  • Western Health Advantage

Source: Kaiser Health News

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Welcome to the ChooseMyPlan.com Archives. Overtime, we have grown significantly to a point where it is difficult to showcase our best articles. Using this archive, you can browse articles by date or categories.

2016 Covered CA Rates
Covered California, the health insurance marketplace where California residents can go to shop for coverage and potentially receive premium subsidies from the federal government depending on their income, released its rates for 2016. Covered CA also announced which health insurance carriers will be offering coverage through the marketplace.

Better Than Last Year

The state-wide, weighted average increase will be 4 percent versus last year’s increase of 4.2 percent. Covered California has enrolled more than 1.3 million consumers, the most of any state running their own marketplace. This is significant for a couple of reasons. One, California has been accustom to double digit increases in the past. So if there is going to be an increase at all, one in single digits will seem like a victory. Two, if you allow 2 years to qualify as a time frame long enough to be a trend, then premium increases would actually be going down instead of up.

The Silver Lining

Most residents currently enrolled in a Covered California health plan can expect an increase of less than 5 percent in their health insurance premium. The keyword is ‘most’. The 4% increase is an average. Some people may actually see a decrease in their premium or an increase higher than 5% depending on which region they live in.

Two More Carriers To Choose From

Covered California also announced two new health insurance companies will be joining selected regions of the California marketplace in 2016 bringing the total number of companies offering health plans through the exchange to 12. The two new carriers are: Oscar Health Plan of California and United Healthcare Benefits Plan of California.

Below is the complete list of the carriers selected for the 2016 exchange:

  • Anthem Blue Cross
  • Blue Shield of CA
  • Chinese Community Health Plan
  • Health Net
  • Kaiser Permanente
  • L.A. Care Health Plan
  • Molina Healthcare
  • Sharp Health Plan
  • Oscar Health Plan of California
  • UnitedHealthcare Benefits Plan of California
  • Valley Health Plan
  • Western Health Advantage

Source: CoveredCA.com

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