Curious about what’s new for Covered California Open Enrollment 2020? Well, we have great news! Good things are happening with healthcare access in California for 2020! Here’s the low-down:
More financial assistance is available
Covered California has dramatically expanded financial assistance in 2020. Previously, financial aid was only available if you were making less than 400% of the federal poverty level – that’s less than $49,960 for a single person or $67,640 for a couple. In 2020, California will be contributing state dollars in addition to federal funds to make assistance available to even more Californians. Now, you may be eligible for help if you’re making less than $74,940 as a single person or $101,460 as a couple. I’ve already seen this additional aid be a HUGE help to many middle-class families. You can check out the full eligibility chart here. Make sure you get the help you need during Covered California Open Enrollment 2020!
The income tax penalty is back
Starting in 2020, Californians who don’t have health insurance will once again be subject to an income tax penalty. These fines are steep – make sure you’re not caught without coverage!
It’s a bummer to have to pay a fine for not having insurance, but the upshot is that this “individual mandate” helps round out the insurance pool by making sure that healthy folks enroll in addition to sick folks. That keeps prices lower for everyone. As a result of the reinstated tax penalty, next year’s insurance rates are only going up by 0.8% – the lowest increase we’ve seen yet.
Anthem is reentering many rural markets
In 2019, many rural areas only had one option for health insurance: Blue Shield of California. In 2020, Anthem Blue Cross is reentering many less-urban service areas like Placerville and Santa Barbara. The competition is great for rates! If you only had one option last year, it’s worth checking in to see if you can get a better rate for 2020.
It’s worth your time to shop around
If you’re happy with your Covered California plan from 2019, you don’t need to do anything to keep it – it will automatically renew. But it’s worth your time to reopen your application and make sure your info is still current. If you weren’t eligible for aid last year, you might get financial help this year. And there may be new options in your service area that could save you a lot of money.
Covered California Open Enrollment 2020 Updates
- The tax penalty is back!
- Anthem has expanded to more markets!
- Financial help has expanded to help more individuals and families!
We’d love to help you do a check-up on your account during Covered California Open Enrollment 2020 and make sure you’re enrolled in the best possible plan for you! If you’d like help enrolling or checking up on things next year, you can book a free phone appointment here.