Covered California Premium Increases Expected To Be Smallest On Record
Next year, people buying insurance through California's health insurance marketplace could see a smaller price increase than they're used to.
Covered California officials announced Tuesday that premiums are expected to rise just zero-point-eight percent on average in 2020. CapRadio’s health care reporter Sammy Caiola explains what this means for consumers.
Premiums have risen every year … sometimes by a lot. In 2017 they spiked 13 percent on average. The price jumps, and a Trump administration move to drop the fine for people who don’t carry insurance, led some to leave the marketplace.
But Governor Gavin Newsom’s push to reinstate that fine, plus a major state budget investment to make Covered California cheaper, could draw people back in. Experts say more people with insurance means lower costs for everyone.
The premium rates will vary by region, and may be higher in places where few health plans participate. Those final rates will come out later this month.