CoveredCA releases new health insurance plan rates for 2016 Open Enrollment period

CoveredCA, California’s state-based health insurance exchange, has today released their 2016 rates and carriers.  We’re still poring over the details but here are a few quick reactions:

  • Two new carriers will enter the market- UnitedHealthcare and Oscar Health
  • The weighted rate increase is a moderate 4%
  • 2016 increases are less than the corresponding increases for 2015
  • Plan benefits have been reduced in many facets of coverage
  • Rate increases for Southern California are less than those for Northern California, attributable to a more competitive provider market in Southern California
  • Federal Poverty Levels, the amounts to which your household income is compared against to calculate your health insurance subsidy, have increased slightly across the board

 

Check back later this week for more coverage and analysis of CoveredCa’s 2016 rates and carriers release.

July 27th, 2015 by QuoteBroker Insurance Services