Covered California 2021 Open Enrollment Is Coming – Here’s What You Need To Know
Covered California is California’s own implementation of insurance marketplaces under the Affordable Care Act. Like other government-subsidized insurance programs, it has an open enrollment period at the end of every year, running from Nov 1, 2021 to Jan 31, 2022. This is your chance to enroll, if you haven’t already, or else change your plans as needed.
So what’s changing about Covered California insurance for the 2021-22 enrollment season? These are the most important changes that you should know about.
4 Critical Changes To Covered California Insurance in 2021-22
1 – New plans will be available
If you’ve enrolled with Covered California previously, but felt like there weren’t quite any plans that suited you perfectly, you may have new options available. Another insurer is joining the program, Bright HealthCare. This brings the total number of participating companies up to a dozen, meaning that pretty much everyone will have multiple providers and plans to choose from.
This is a great opportunity to compare plans, especially with the help of a qualified insurance broker.
2 – The return of the uninsured tax penalty
Easily the most controversial aspect of the Affordable Care Act is the tax penalty for people who go uninsured. Unfortunately, it’s back for 2022. The amount of the penalties vary depending on a number of factors, including your income and the number of people in your household. However, the amounts can be as high as $750 for each uninsured adult and $375 for each uninsured child.
If you have allowed your insurance to lapse in the last year, you should definitely look into getting new coverage.
3 – Slight plan price increases
Another piece of bad news is that plan prices will going up – but only by a small amount. The increase is expected to be less than 2% for any given plan, so hopefully, this shouldn’t affect many people’s ability to pay. Plus, a good insurance broker may be able to find you cheaper coverage that still meets your needs.
4 – Better financial aid
Good news here: eligibility and payouts from state financial assistance are increasing. Now, low-income families can potentially save up to $702, and middle-income families could get up to $532 in discounts.
If you need to sign up for Covered California insurance, or you want to make changes to your policy, a great insurance broker can make the process much easier. Contact Good & Associates for a free quote or more information.