Covered California has provided greater access to healthcare for California residents. Under the Patient Protection and Affordable Care Act, both individuals and businesses can purchase low-rate health insurance coverage during an open enrollment period. Many consumers, however, do not know when to enroll for Covered California insurance or whether they are eligible for subsidized healthcare coverage.
At Good & Associates, our team can help you find the best subsidized insurance plan under Covered California. Continue reading to learn a few important details that you need to know about the Covered California open enrollment process.
Tips for Enrolling in Covered California Health Insurance
When to enroll
If you are looking to purchase or renew your health insurance through Covered California, it is important to take note of their short open enrollment window. All eligible parties should be prepared to enroll from November 1st until January 31st.
The benefit of California’s open enrollment campaign is that nearly anyone can partake, unlike many financial assistance plans which require special circumstances. Depending on the individual or small business’ annual income among several other factors, financial assistance may be available from the state, the federal government, or a combination of the two. Covered California is now offering state subsidies to middle-income households and businesses that are considered to be well above the poverty line. With the help of our professional brokers at Good & Associates, consumers can easily find out whether or not they qualify for financial assistance.
Changes in rates
Like any insurance premium, those enrolling in Covered California programs should expect annual rate changes. In 2021 however, Covered California experienced a rate change of just 0.5 percent, which is a new record low. As more carriers partake in this program, applicants have a range of insurance options to choose from at a low cost.
Penalties for misuse
Those who choose to enroll in subsidized health insurance through Covered California will be subject to a financial penalty if they accept unnecessary financial assistance. When you file your taxes, California’s Franchise Tax Board has the right to fine over $2000 for misuse of subsidized health insurance.
Good & Associates Can Help
If you are not sure how Covered California enrollment works, our health insurance brokers at Good & Associates are here to simplify the process and help you choose the best carrier for your specific needs. Contact us today to find out if you are eligible for subsidized health insurance through Covered California.