Affordable health insurance is one of the most sought after needs of the people of California. But before we go into that, let’s give some background information.
In 2010, the Affordable Care Act also known as the Obamacare was passed with the aim of making American health insurance accessible for its citizen. The major privilege associated with this Act is that, Obamacare created the ACA health insurance marketplaces.
Insurance market places
The insurance market places is an opportunity for all American citizen to be able to pick from a myriad of health care plans. Eligible candidates can also be able to use health exchanges that would reduce the cost of their health plans.
It was a medium through which states could create their own local health exchange system and take part in multi-stage exchange or federal exchange. All these and many more has the ACA act provided to make health care insurance for all American citizen.
For 2020, some changes have been implemented and we would want you to be aware of them. These changes are listed and explained below. More details!
Tax penalty has been returned
Californians without insurance in 2020 will be fined for an amount. This amount depends on the number and age of people in your household, how many uninsured people are in your house, the tax filing threshold of your household and the gross annual income of your house hold.
The amount is usually 695$ per adult and $347.50 per child. The government is trying to get the health insurance California to be taken very seriously. To avoid payment of this fine, do yourself a favor and get you and your family members registered and insured.
Financial aid will be available for more Californians
I am proud to say California is the first state in this country to experience a financial aid expansion. With the new subsidy program, financial aid is now open to more Californians.
This news means that you have the opportunity of saving extra cost by reduction in insurance prices. Over 1 million Californians and 235,000 middle income earners are eligible for financial aid. Amazing right?
An increase in plan prices
There is an increase in insurance plan prices by low rates all over the state. And this is the lowest rate in the history of exchange rate. This rate depends largely on your location.
The average increase in rate plans is 0.8 percent. My personal advice to Californians is to choose a plan that is cheap and apply for financial aid. If your plan is cheap, you get to save an average of 9 percent.
In conclusion, 2020 is going to be a better year for all Californians health wise. As people have always said, health is wealth, the affordable health insurance in California, I think we would be able to achieve wealth.
Always remember to select an insurance plan that suites your income. Also, apply for financial aid if need be. With the affordable health California, citizens would now have better access to health care. For more details read our article: https://www.idahoheadstartassoc.net/effects-of-the-affordable-care-act-in-west-virginia/