SAN DIEGO — Deductibles, premiums, subsidies, oh my! This time of year can be very confusing when it comes to health insurance.
Perhaps you are not covered, or you are not sure if you qualify for the state’s healthcare plan, Covered California. Did you know that if you make up to $154,000 a year, you could qualify for financial assistance?
Here is what you need to know to protect you and your family.
Barry Kaplan is the proud dad to twin toddler boys, Benjamin and Joshua. Everyone is happy and healthy now, but the two boys were born premature, spending the first few months of their life in the hospital.
Barry says the state’s insurance plan, Covered California, helped lower the medical bills from the hospital stay. Right now, Barry, a clinical psychologist who makes a minimal income pays around $400 a month for his plan. Barry said, “I am a single dad with nanny’s and a lot of expenses, and I needed some assistance with healthcare.”
Peter Lee, Executive Director of Covered California, says that is what the Affordable Care Act as done. “It lets people like Barry know that if something happens to his twins he can’t be turned away and will get the best healthcare possible.
Here is what is different this year.
Rates are going up .2% in our region and if you don’t have insurance in 2020 there is a state penalty which will be assessed come tax time. Lee claims that “by everyone getting insurance, it lowers the cost for everyone.”
Now there is state financial help on top of federal help. That means middle income consumers who did not get help previously, may now be eligible.
Individuals qualify if they make around $49,960-$74,940 a year. A family of four would be eligible with a household income between $103,000-$154,500.
Barry says it is worth it for consumers to go through the application process. “People think that if they are middle class, they won’t be eligible, but you actually are eligible and you can get a substantial reduction on your health insurance.
Lee says one in three middle class San Diegans are eligible for financial help, which averages about $400 a month to lower their costs.
Open enrollment lasts a few more months, but if you want insurance to begin January 1, you need to sign up by the December 15 deadline.
For more information or to apply for Covered California, click here.