Covered California, California’s health insurance marketplace, has published on their site the standard benefit health insurance plan designs for the upcoming 2014 coverage year. Plans will be divided into Platinum, Gold, Silver and Bronze. Take a look at the chart here:
The big change to the current market is going to be the deductible levels. Currently, none of the major California health insurance carriers are offering deductibles less than $1,000. However, CoveredCA will offer both their Platinum and their Gold products with $0 deductibles. This is an uncommon feature of PPO programs especially- carriers have not offered $0 deductible PPOs in several years, and even when they did only two or three products were available.
Some other notes:
- All plans continue to have no copay for preventative care
- No deductibles for generic drugs, except for Bronze plans
- Brand name drug deductibles only on Silver and Bronze plans, much smaller than the average PPO brand name/high tier deductible today.
- No deductibles for most types of labwork, except for Bronze plans. This is a big difference as compared to current PPO plans which require you to meet your deductible first in most cases.
We will be curious to see how the pricing actually looks when carriers release their specific products sometime later this summer. At first glance, coverage is certainly increasing for the majority of Californians. However, many families in California looking for health insurance are extremely price sensitive, so ultimately the success of CoveredCA will hinge on matching these families with both quality coverage and affordable rates.
*For further information or to speak to a licensed professional, please visit www.quotebroker.com