Some Covered California enrollees will see their health plan costs increase in 2024, while others won’t experience any changes. Read below to learn about the expected rate changes in the upcoming year and how they may affect you.
What Are the New Rates?
A health plan rate refers to your plan’s cost — the premium you pay each month. The averagehealth plan rate will increase by 9.6%in 2024. However, this is just an average, and rates vary significantly by region and insurance provider.
For instance, Imperial, Inyo and Mono counties will see an average 15.8% increase in Covered California plan costs. By contrast, Napa, Sonoma, Marin and Solano counties will see a 6.5% increase on average.
Rates vary by provider, too. Blue Shield of California will have the highest average increase of 15%, while Aetna CVS Health will see the lowest average increase of 0.2%.
Why Are Covered California Premiums Going Up?
Many different factors contribute to higher health plan costs, including:
- Inflation
- Labor shortages
- Wage increases
- Increased demand for health care services
- Higher medication costs
How Will These Changes Affect Me?
Despite the jump in premiums, many Covered California enrollees won’t see any increase. Some will have decreased costs in the new year. In general, Californians can expect greater financial support from the state to counter the effects of higher insurance rates.
For instance, almost 20% of Covered California enrollees will have a zero-dollar premium in 2024. More than a third won’t see their premiums go up if they stay with the same insurance provider.
Some enrolleeswill not have a deductibledue to a new budget package. This package will eliminate deductibles for those enrolled in a silver cost-sharing reduction plan. Copays and other out-of-pocket expenses may also decrease for eligible enrollees.
Overall, it’s important to know that the upcoming rate changes will affect people differently based on their income, location and circ*mstances. If you have any questions or concerns about your health insurance costs, feel freeto call us for guidance.
Find the Most Affordable Plan at Health for California
Although a rate increase might sound like bad news, it’s not an automatic cause for concern. The state will implement plans to reduce costs and ensure everyone can access affordable health care.
At Health for California, we have your back, too. Our simple application process helps you discover the most affordable health plans available. If you needassistanceshopping for a new plan or understanding rate changes, our agents are always happy to help.
Get your free quote todayto see your options, orcontact us for more information..jpg "2024 Covered California Rate Changes Are Out | Health For CA (1)")
