California Health Insurance Rates Revealed
California health insurance rates will be increasing dramatically for individual and family ACA plans starting in 2017. Aside from rate hikes, one can also expect decreases in benefits and increases in out-of-pocket-costs.
As a prime example, a 21 year old female (born in September of 1995) living in Los Angeles with an Anthem Blue Cross 2016 Platinum 90 D PPO plan paid $239.73 per month. Starting in January of 2017, her plan rate will be $494.88 per month! That is a 106% increase in premium! This quote was generated 10/18/2016 utilizing the shop and compare tool on Covered California.
Not only will her plan rate soar, but her plan will change from a PPO to an EPO. This means that her plan will no longer have any out-of-network benefits.
Open enrollment for 2017 begins November 1, 2016 and ends January 31, 2017. If you are in need of an individual/family health insurance plan, make sure to apply during open enrollment. Also, if you are unhappy with your current plan, open enrollment is the time to switch plans. Changing the tier level of your plan, changing carriers, or changing from a PPO to an HMO are all potential ways to mitigate the price increases.
Make sure to get several quotes for comparison and have your insurance broker review them with you. Health insurance plans have varying premium amounts, deductibles, copayments, coinsurance costs, out of pocket maximums, and drug benefits. You are going to want to find the right plan for your needs and budget.
Keep in mind that to establish a new group plan, there is no open enrollment period. A group plan can be put into place at any time throughout the year.
If you are a California resident in need of an individual/family plan or a group plan, please contact us at Secureterminsurance.com. We are insurance brokers dedicated to helping you find the right plan for your needs!