Let’s face it; buying health insurance is a drag. There are so many things to consider such as co-pays, deductibles, networks and of course your budget. The latter of which is the most important. “How much will my monthly payments be?” is one of if not the most common question that clients ask. And that’s where we come in, health insurance agents, that is. Any good health insurance agent is going to want to look out for his/her clients and get them the best rate. And the only place to do that is through the state’s market exchange a.k.a. Covered CA.
Firstly, let’s discuss what Covered CA is. It’s an application. That’s it. It’s as simple as that. You fill it out and continue with enrollment, except if you don’t input your information correctly. Then you end up with an incorrect eligibility or no eligibility at all. For example, you live with your spouse, 2 kids and your sister and her kid. Are you a household of 4 or 6? In this case, although you live under the same roof, you are two separate households and should not count her income as your own. Doing so affects your eligibility for premium assistance or enrollment into Medi-Cal.
Here are a few things to consider when getting ready to apply for insurance through Covered CA:
- Your tax household: Who will be on your tax return for the current year? Did you get married, have a child, or will you lose a dependent?
- Household income: Will you be receiving a year-end bonus, severance pay or a pay raise?
- Other Income: 401K withdrawals (taxable), property income or Social Security Retirement or Disability Income.
- Federal Poverty Level: Depending what your FPL is you may qualify for additional help or no help at all. Did you receive premium assistance and are contemplating withdrawing from your 401K? Consider what your FPL will be once you do so. You can end up having to pay back all of your premium assistance. Yikes
So maybe this application is not as simple as it may seem. Give us a call or email us. We’re here to help.