2024 Covered California Rate Changes Are Out | Health For CA (2024)

FAQs

2024 Covered California Rate Changes Are Out | Health For CA? ›

The average health plan rate will increase by 9.6% in 2024. However, this is just an average, and rates vary significantly by region and insurance provider. For instance, Imperial, Inyo and Mono counties will see an average 15.8% increase in Covered California plan costs.

In 2024, an individual in a one-person household is eligible for some degree of Covered California subsidies if they earn up to $33,975 Meanwhile, that limit rises to $69,375 for a household size of 4. These numbers refer to your Adjusted Gross Income (AGI) as found on line 11 of your Form 1040.

Starting 2024, all Californians, regardless of immigration status, can enroll in Medi-Cal if their income qualifies. Over the last few years Medi-Cal has been expanding coverage to include undocumented adult immigrants. Californians under the age of 26 have received this coverage since 2020.

The rate change can be attributed to many factors, including a continued rise in health care utilization following the pandemic, increases in pharmacy costs, and inflationary pressures in the health care industry, such as the rising cost of care, labor shortages and salary and wage increases.

Monthly premiums for $10 or less per month with financial help. Apply today through special enrollment. Household size must be the same or more than how many need coverage. How many need coverage?

If you currently have a Covered California plan and become eligible for premium-free Medicare Part A (hospital insurance), you can keep your current Covered California plan, but you will have to pay the full cost. You must report your Medicare eligibility to Covered California within 30 days of becoming eligible.

The standard monthly premium for Medicare Part B enrollees will be $174.70 for 2024, an increase of $9.80 from $164.90 in 2023.

There are exemptions for reasons such as living only part of the year in California, reporting a hardship or going without coverage less than three months. People can also seek an exemption if health coverage is considered unaffordable, if that coverage would cost more than 8.17% of their household income.

What income is too high for Covered California? ›

According to Covered California income guidelines and salary restrictions, if an individual makes less than $47,520 per year or if a family of four earns wages less than $97,200 per year, then they qualify for government assistance based on their income.

If you or anyone in your tax household has offers of health coverage from a job or through Covered California that you cannot afford, you can apply for an affordability hardship exemption.

Every type of private health plan will see premiums increase in 2024. Platinum & Gold tier plans, along with HMO & PPO plans, will see the largest increase in premiums ranging from 6% to 10%. In 2024, health insurance will cost the most in Alaska, Vermont, West Virginia, New York and Wyoming.

Covered California is the best option for getting an individual plan. You are still allowed to get insurance through an insurance broker, but there are four big reasons it is better to use Covered California: It's the only place where you can get federal or state help paying for your premiums and other health expenses.

What is the difference in coverage between Medi-Cal and Covered California?​​​​ Medi-Cal is health coverage, just like the coverage offered through Covered California. Medi-Cal provides benefits similar to the coverage options available through Covered California, but often at lower or no cost to you or your family.

According to data from the Consumer Price Index, auto insurance rates went up 22.6% from April 2023 to April 2024.

The IRS announced that the 2024 health plan affordability threshold—which is used to determine if an employer's lowest-premium health plan meets the Affordable Care Act's (ACA's) affordability requirement—will be 8.39 percent of an employee's household income.

Any financial help you get is based on what you expect your household income will be for the coverage year, not last year's income. When you calculate your income, you'll need to include the incomes of you, your spouse, and anyone you claim as a dependent when you file taxes.

For most members, coverage is renewed automatically. Sometimes the county will send you a renewal form that you must review and return, along with any additional required information.