Changing Health Insurance Plans During Open Enrollment 2020
Every year, families and individuals are given an opportunity to change their health insurance plans for any reason. This period is called Open Enrollment, and it falls at the end of the year. For most states, Open Enrollment 2020 extends from November 1, 2019 through December 15, 2019. California’s Open Enrollment period is longer and extends from October 15, 2019 through January 15, 2020. As the day approaches, you may be wondering if you should change your Covered California insurance plan. Here are a few things you should consider before making such an important decision.
All About Covered California's New Income Limits
Covered California is the name for the health insurance marketplace in California. It allows eligible small businesses and individuals to buy private health insurance policies at subsidized rates. Some families may qualify for up-front tax credits when they enroll in the Covered California Health Exchange. In order to qualify for such credits, certain household income limits must be met. Here’s what you should know about Covered California income limits before keeping or changing yours insurance plan during Open Enrollment 2020.
Open Enrollment 2020 Is Here
Though the federal government repealed the health insurance mandate penalty via the Tax Cuts and Jobs Act of 2017, Covered California plans to restore it in 2020. This is just one of many reasons individuals should not miss open enrollment, which is, once again, upon us.
Covered California Open Enrollment 2020 is Just Around The Corner
When California residents sign up for health insurance during open enrollment 2020, they will have access to new discounts and subsidies under the state's new Covered California program. This initiative is designed to expand on the Patient Protection and Affordable Care Act to help more state residents access high-quality health care through affordable health insurance coverage. Read on and review the answers to all your open enrollment questions before you sign up on October 15.
New Changes to Covered California: Expansion of Financial Help, Mandate Reinstated and More
In an effort to reduce the cost of health insurance for consumers and increase enrollment rates throughout the state, the Governor and Legislature enacted initiatives designed to bring quality health care within reach of a larger demographic through Covered California. Though bold, estimates suggest that the new initiatives will save California residents hundreds of millions of dollars in monthly premiums and ensure that middle class individuals have access to financial assistance. It is hoped that by lowering the cost of health care for Californians, small businesses will be able to expand, hire more personnel, buy new equipment and realize their full potential.
Save Time With an HR Platform for Benefits Administration and Compliance
Managing employee benefits and human resources the old-fashioned way is time-consuming and making errors is far too easy. Fortunately, technology may provide a way for HR administrators to save time and money while also ensuring greater accuracy. Sackett & Associates Insurance Services’ HR platform may help you supercharge your human resources operations.