In the news, you will see and hear information on the State Health Insurance Marketplace (or Exchange), called Covered California. They just announced the four insurance carriers and the plans that they will be offering in OrangeCounty: Anthem Blue Cross HMO & EPO, Blue Shield PPO, Kaiser HMO and Health Net HMO
There will be four tiers (metal levels) of coverage available with choices of carrier and plans in each level:
- Platinum 90% benefits paid by plan 10% paid by consumer
- Gold 80% benefits paid by plan 20% paid by consumer
- Silver 70% benefits paid by plan 30% paid by consumer
- Bronze 60% benefits paid by plan 40% paid by consumer
Let’s say I want a PPO and choose the Silver Plan 70/30 with Blue Shield.
Some premium figures have been released however rates will not be finalized until July.
There will also be Financial Assistance in the Marketplace. With the expansion of Medicaid, individuals earning less than $16,000 could qualify for free insurance.
Federal Subsidies are available on a sliding scale for Individuals earning less than $46,000 and Families earning less than $94,000, to be applied to monthly premium.
The Marketplace does NOT replace private insurance, its not socialized medicine, there is no death panel – it is a State run agency using private health plans as another channel to secure coverage – or simply another place to shop for insurance.