CA Announces More Health Plan Subsidies as 2024 Rates Rise
Wednesday, July 26, 2023
New health care subsidies for low-income families are expected to soften the impact of rising premiums.
On Tuesday CoveredCA announced premiums will go up by an average of 9.6% in 2024. However, state and federal assistance will counteract the increase for most of the 1.6 million people enrolled in plans from the state marketplace.
Jessica Altman, executive director of CoveredCA, said a new state cost-sharing program is targeted to people who make about $34,000 a year for a single person and $70,000 for a family of four.
"We will be completely eliminating deductibles for 650,000 enrollees, and some of those people will also see lower cost of generic drugs, of seeing your primary care doctor," Altman outlined. "That will have a real impact."
People who are currently enrolled will be notified of premium changes and whether a different plan might help them qualify for more assistance. The higher rates this year are blamed on inflation, a labor shortage, an increase in health care usage after the pandemic, plus the rising cost of care and of prescription drugs.
Altman noted it pays to shop around on the marketplace at CoveredCA.com.
"Comparing plans can really result in significant savings for consumers willing to consider making a switch," Altman advised. "All enrollees should at least consider seeing what's out there, and if there's a better option for them and their family."
The open enrollment period for people to enroll in a new plan for 2024 runs from Nov. 1 to the end of January.
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