#aptc

Competition Increases Health Insurance Premiums in Contra Costa County for 2022 through Covered California.

It is counterintuitive, but for 2022, increased competition in the health insurance market for Contra Costa County will increase the premiums for Covered California members in the region. How is this possible? The subsidies are based on the Second Lowest Cost Silver Plan. Bright HealthCare, a new health plan, will offer Silver plans in 2022 with rates lower than the previous Second Lowest Cost…

Fundamentals of the ACA Health Insurance Subsidy. A simple example of how the subsidy is calculated using income, consumer fair share percentage, and the second lowest cost silver plan.

The fundamentals ACA health insurance subsidies, technically known as the Advance Premium Tax Credits, are relatively straight forward. The calculation itself is simple math. What makes grasping the concept of the subsidy difficult are all the conditions and data necessary for an individual to crunch the numbers. But let’s focus on the basics. There are three inputs for the subsidy…

Unemployment + Covered California = Big Subsidy

For Covered California members who have received unemployment benefits in 2021 the subsidy to reduce health insurance premiums can increase dramatically. The catch is that you have to have reported you received unemployment insurance benefits on the income section of your Covered California account. Unemployment benefits translate into big subsidies in Covered California. The enhanced…

Is It Time To Switch To Covered California For The Larger Health Insurance Subsidies? Do you even earn enough income to qualify? Can you transfer accumulated deductible amounts? COBRA? Are the subsidies large enough? What about grandfathered plans?

Covered California is making a big advertising blitz to get off-exchange health plan members and people with no health insurance to enroll through Covered California with the larger health insurance subsidies authorized by the American Rescue Plan. But is it the correct time to switch and what are the draw backs to enrolling through Covered California? Estimated reading time: 9 minutes Is it…