The Inflation Reduction Act extends the increased financial help initially provided by the American Rescue Plan through the end of 2025.
The increased subsidies expanded health care coverage, leading to record enrollment in California and across the nation, and lowered insurance costs for people who signed up through an Affordable Care Act marketplace.
The landmark legislation will continue to make coverage more affordable at a time when many individuals and families are facing increased challenges in the current economic environment.
With Congress scheduled to recess at the end of July, and health insurance marketplaces finalizing their rates for the 2023 coverage year, timely action to decide on the future of the American Rescue Plan’s benefits is critical.
The law, which provides increased and expanded federal financial assistance and helped millions of Americans sign up for health insurance through the Affordable Care Act, is set to expire at the end of this year.
An estimated 220,000 Californians could become uninsured, with premiums doubling for 1 million low-income consumers.
Middle-income consumers would lose all federal financial help, and their premiums would increase by an average of $272 per month if Congress does not act to extend the law.
On the 12th anniversary of the signing of the Affordable Care Act, Covered California reminds consumers that eligible Californians can sign up through special enrollment if they have a qualifying life event.
Californians who have recently lost their health insurance, got married, had a baby, have been affected by the COVID-19 pandemic, or paid a penalty for not having coverage are among those eligible for special enrollment.
Coverage is more affordable than ever thanks to the increased financial help available through the American Rescue Plan, and consumers can benefit from lower premiums throughout 2022.
A new Covered California analysis describes the potential impact to consumers if the increased health insurance subsidies that were part of the American Rescue Plan are allowed to expire at the end of 2022.
In California, all consumers would face premium increases, including 1 million lower-income consumers (individuals earning less than $32,200 per year), who would see their premiums more than double.
In addition, middle-income individuals and families (for individuals, those earning more than $51,520 per year), would no longer be eligible for any financial help and would face higher monthly premium costs that for many will mean annual cost increases in the thousands of dollars.
The increase in costs could force more than 150,000 people in California and more than 1.7 million nationally to drop their health insurance.
Hmmmm...a few weeks ago I posted a press release from Covered California which seemed to indicate that total 2022 Open Enrollment Period (OEP) plan selections had broken 1.8 million people.
Today I was directed to Covered CA's official 2022 OEP Executive Summary report, and it turns out the final numbers were a bit lower than that...but still record-breaking and impressive:
AMERICAN RESCUE PLAN LEADS TO HISTORIC OPEN ENROLLMENT
Covered California Names Jessica Altman as Its New Chief Executive Officer
Jessica Altman comes to Covered California from Pennsylvania, where she currently serves as the Commonwealth’s insurance commissioner, regulating the fifth-largest insurance market in the nation.
Altman brings a wealth of experience and knowledge from serving as chair of the Pennsylvania Health Insurance Exchange Authority and having led the establishment of Pennie, Pennsylvania’s state-based marketplace under the Affordable Care Act.
Altman will step into this new role following the planned departure of Peter V. Lee, Covered California’s founding executive director, who has led the organization since its inception more than a decade ago.
Covered California’s first open-enrollment deadline is this week: People need to sign up by Dec. 31 in order to have their coverage start on Jan. 1.
The deadline comes as the omicron variant is spreading across California, with the average cost of COVID-related hospitalizations and ICU care at $127,000, underscoring the importance of having insurance to avoid medical debt.
Having health care coverage, staying COVID-safe and getting vaccines and booster shots are critical to protecting your health and the health of your family and community.
An estimated 1.1 million Californians are uninsured and eligible for financial help from Covered California or Medi-Cal, and the majority could get comprehensive coverage at no cost.
The virtual tour will reach into media markets across California to promote open enrollment and the increased financial help that is now available, which is lowering the cost of coverage for more people than ever before.
An estimated 1.1 million Californians are uninsured and eligible for financial help, including 83,000 in San Diego County, with the vast majority able to get coverage at no cost through either Covered California or Medi-Cal.
New data from Covered California shows how much protection and peace of mind insurance provides, with the uninsured facing staggering out-of-pocket costs if they visit an emergency room or are admitted into a hospital.
People who want their coverage to start on Jan. 1, 2022, must sign up by Dec. 31, 2021. Covered California’s open-enrollment period runs through Jan. 31, 2022.
