Is It Time To Switch To Covered California? What You Need To Know
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- Опубліковано 12 кві 2021
- Covered California will be dispensing bigger subsidies for health insurance under the American Rescue Plan, especially for higher income earners. But don't abandon your off-exchange health plan until you have considered what you might be giving up. Some people may be better off staying with the off-exchange plans. Other families may get substantial subsidies to lower their health insurance premiums.
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This is so useful! Thanks for all this info. I wish I watched this before I applied because I made the mistake of listing income that was too low in the month that I applied and was denied coverage and thrown into Medi-cal (I'm self-employed and have fluctuating income) In this case, do I appeal?
If you immediately contact Medi-Cal and explain your mistake, they can sometimes quickly reverse the Medi-Cal eligibility determination. It is a common issue. The Covered California income section is very date sensitive.
I was in higher Ed community college and have Kaiser, they can keep me on cobra and I'll have to pay $765 per month, the only reason I want to keep it is because it covers infertility treatment insemination as my husband and I are working on a family at our later 30s. Should I look into Covered California? Dental coverage I get through my husband's insurance. Together we make about $110,000
You need to find out the benefits of the fertility coverage and the cost savings. Additionally, you need to compare any savings from moving to your spouse's Covered California health plan. It's possible that your Covered California premium would be similar to your COBRA. If it is, having the infertility coverage might be worth keeping COBRA because the Covered California plans won't cover those treatments.
However, if you will be saving $300 - $500 per month with the Covered California plan, that might cover a large chunk of the treatments. You really need to put all the costs of the different options on paper and see how the numbers make you feel. Do you get excited saving several thousand dollars with Covered California, but no treatment help...OR...are the cost numbers so close (virtually no savings) you feel better sticking with the COBRA for the remainder of the year for the treatment benefits?
Hello! I just turned 26 so I’m out of my parent’s health coverage. I make no income. Would I try to have continued coverage via COBRA or should I settle for Medi-Cal?
It all depends on how you use health care. If you need to see specific doctors and providers to manage a particular health challenge, then a private health insurance plan may be a better option. Of course, depending on where you live, it will cost several hundred dollars per month for that plan.
Medi-Cal is pretty good health insurance and will completely cover you in the event of an accident and trip to the emergency room. If you are not a high user of health care services, then opting for Medi-Cal will save you money you can put toward other expenses.
@@KevinKnauss I see, thank you! Does Medi-Cal also cover Dental? I don’t use health services often above of a few prescriptions, but I might need teeth fixing soon. Do they cover that as well?
@@jackweiss652 There is Adult Medi-Cal, but it is nothing to write home about. It can be difficult to see a dentist. That is an area where you might want to pop for a dental plan. HMO dental plans are around $10 to $20 per month. A PPO Dental plan will start about $35 and go up to $60. Check what dental plans your dentist accepts before making any decision.
@@KevinKnauss I’ll keep that in mind thank you!
@@KevinKnauss Hello again! Sorry for the many questions, but I’ve been looking into HMO Dental plans. Am I right to say that they are essentially plans that cover the cost of dental services to an extent, but the reason they are cheaper is because I can only go to one dentist specifically?
Sorry again. I’m learning all this for the first time and wanted to make sure I’m assuming correctly.
If I have no income, but I convert my IRA to a roth Ira $18k per year would that qualify me for the benefits of earning $18k per year, or do I have to convert $18k and break it into 12 monthly incraments so I don't qualify for medical,
The Covered California income section allows you to characterize one-time lump sum distributions as annual amounts and then breaks the amount up into twelve equal increments. This spreads the income over twelve months to properly reflect the income and eligibility for the Premium Tax Credits.
@@KevinKnaussCan I wait till the end of the year to convert my $18k so if I get a job I could go on to my new jobs health plan?
@@1ael346 Many people include one-time lump sum distributions that they receive at the end of year. They characterize these as annual income.