California Health Benefit Exchange

California Health Benefit Exchange

 Enrollment begins in October 2013 for California residents to be a part of the Covered California, the State of California’s implementation of a Health Benefit Exchange as part of the Affordable Care Act. This program will go into effect in January 2014. Before then, it is important to read the essential facts, learn how it will affect your health care plan, and find out how Terpening Insurance will play a role in this program. Learn more about Covered California in our Complete Guide.

The Marketplace

Essentially, you will be able to choose and compare plans offered by private companies in “The Marketplace.” This will give you the option of finding an affordable plan for your lifestyle. The plans offered will cover health care essentials, outpatient care, emergency services, hospitalization, mental health services, and much more. You will not be turned away if you have a pre-existing illness and women will not be charged more for their plans. The purpose of the Marketplace is to simplify the search for health care.

Coverage for All

The main goal of the California insurance exchange is to make health coverage affordable for all people. The marketplace will help you discover if you are eligible for the sliding scale option, which will lessen the cost based on income.

Additionally, there are three options that will help reduce healthcare costs.

  • Tax Credit: tax credits may be applied to the insurance plan you choose which will help offset the cost.

  • Cost- sharing subsidies: these may reduce the out-of-pocket expenses for health care, using options such as co-payments.

  • Medi-Cal assistance: in the state of California, people under the age of 65 with an income under $15,865 for single and $32,499 for family of four, maybe be fully covered by the state.

Other Possibilities

The new health insurance exchange in California will not only benefit individual health insurance plans. The plans will also extend to small business owners, who will have the similar options and benefits as individual policyholders. Covered California will also cover families of many sizes, those with disabilities and illnesses, as well as children and children’s dental plans.

For more information and to get started in your application, please contact Terpening Insurance. We will get your started on your application so you can have the most affordable insurance plans available!