California Families Win Big in Major Health Insurance Announcement
|Targeted News Service|
The announcement was made by Covered California, the state's new health insurance marketplace created as part of the Affordable Care Act.
"Today's announcement shows that competition among health insurers in an open and transparent marketplace makes a difference - affordable options for millions of
In addition, for those who qualify, individuals purchasing health insurance through the state's marketplace will be able to receive federal tax credits that will immediately reduce their premiums even further. For instance, an individual who earns
Specifically, Covered California announced:
* 13 health insurance plans will participate in the state's marketplace, with most regions offering five to six plans. In
* Annual maximum out-of-pocket health expenses will be limited to
* Health insurance premiums for individuals and families in the insurance marketplace will be comparable to current rates in the small-group market today and in some cases 29 percent lower.
Today's announcement was the first of several major announcements that will be made between now and October when the new insurance market is scheduled to be fully operational. Many benefits of the Affordable Care Act are already in effect, particularly those protecting children and young adults and seniors, but the main thrust of the law affecting adults takes effect beginning in 2014. States, the federal government, and health providers and insurers are in the process of gearing up now for the law's full implementation.
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