| New California Covered health insurance exchange releases rate calculator
by Brian Leubitz
The California Covered health insurance exchange released their rates this morning, and as you would expect, they are still pretty high.
For a relatively basic policy, known as a "silver" plan, the total monthly premium in the Sacramento region for a 40-year-old single individual would range from $332 to $476, with federal subsidies on a sliding scale for people with incomes up to $45,960. Individuals eligible for the highest subsidy, $276 per month, would face out-of-pocket expenses of $56 for monthly premiums.
Under next year's controversial national health-care mandate, often called Obamacare, nearly all Americans will be required to have health insurance next year or pay a fine of $95 or 1 percent of their annual income, whichever is more.(SacBee)
Now, this is still likely cheaper, and far less confusing, than what you would have found on the open individual market. But clearly more needs to be done to control health care costs, or the yearly rate increases will be unsustainable for all but the most wealthy.
The California Covered website has a nice calculator for what your general costs will be on the exchange, and a PDF table of benefits for the four levels of coverage.