In their recent press release, Covered CA has released it’s preliminary California “On-Exchange” 2020 rate estimates. The average rate change for 2020 in the individual market will be 0.8 percent. This is down from the averages of the previous 5 years.
Covered CA is saying that the lower rate is based on two CA state initiatives in 2020:
- An estimated 922,000 consumers will be eligible to receive financial help from the state which will lower the cost of their coverage. This includes many middle-income families who were previously not eligible for assistance under the federal income requirements
- In addition, due to the State of CA restoring the individual mandate via the California Franchise Tax Board in 2020, the carriers were able to recommend a lower rate increase
All 11 carriers will be returning in 2020, and Anthem Blue Cross will be returning to several parts of the state too. Anthem is returning to Central Coast, parts of Central Valley, Los Angeles County, and Inland Empire.
Beginning in October (specific date not known at this time), consumers will be able to put in their personal information to learn about their gross premium, federal and state subsidies and estimated price in 2020.
If you want to read the full news release, just click here
If you want to find out more about Covered CA plans or get a quote, please contact us:
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