You can buy an individualhealth insurance plan that will last up to a year. But under the latest political influences, the duration may extend. These are not comprehensive plans. Like ACA plans, they do not take any pre-existing condition into account. These are off-market plans you will find with private insurance companies. You won’t receive any tax credit or subsidy. But you can most definitely look for short-term COVID-specific coverage here.
Who will benefit from this?
There are no limitations for eligibility. Any resident of California can enjoy the benefits of health insurance. It includes,
- People who have no insurance yet – Nearly 810,000 residents of California, or even more are uninsured. They will be eligible to get the coverage. This is a golden opportunity for uninsured residents to select the most suitable health plans from the top 11 insurance companies in the ACA Marketplace.
- People who got insurance off the marketplace – More than 270,000 people who got their insurance through off-exchanges will now be in a better financial position by switching to Covered California. Off-exchange plans, especially the premium ones like the silver plans, tend to be expensive. One can expect to cut their insurance expenses in half by switching to a Federal plan.
- People who already enrolled through ACA Marketplace – If you have a previous plan purchased from the Affordable Care Act marketplace, you will receive the savings through annual tax credits. You can stick to the old plan or shop for cheaper high-quality insurance.
- Unemployed residents – Because of the new law, The American Rescue Plan goes out of the way to give financial relief to the Californians who got insurance benefits because of unemployment. The states will oversee their income and provide the $1 premium per month opportunity to them.
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Whether you are planning to shop from the State exchange marketplace or off-exchange platforms, if you are a healthy and young individual, then you can buy a health insurance plan that has a high deductible. Since these plans generally have low premiums, you can afford to pay them for a short unemployed period.
It is not advisable to drop your coverage assuming that it will eat up all your savings. The Federal Government is putting enough effort to bring back the count of 8 million jobs available in the U.S, which was there just two years ago.
Concerning the healthcare, American Rescue Plan Act was passed in May this year, which will lay off substantial funds ($1.9 trillion approximately) as a pandemic relief package. It will have a positive impact on the medical insurance forunemployed.
This will be the right time to scan through your options and purchase state health insurance as soon as possible to receive the maximum benefits.
People who still aren’t getting the Covered California eligibility will receive Medi-Cal benefits free of cost with enhanced personal care services. California received about $17,502 of Federal funds for Medi-Cal through the year 2019-20. It is likely to increase in 2021.
