Monthly Archives: June 2013

Using the Calculators to Estimate Your Rates

The most important provisions of the Affordability Care Act (ACA) are in regard to coverage changes and consumer protections.  Many more sweeping changes will take effect January 1, 2014. It is imperative to be informed on the changes as they happen.  We at Jordan Financial can help keep you informed and assist you in navigating this ever-changing landscape of health care.

There are calculators designed to help you estimate how much it will cost you to purchase health insurance in 2014 and the amount of your financial assistance. If you already have affordable insurance from your employer or a government program like Medicare or Medi-Cal, you will not be eligible for these cost-saving programs and the calculator will not apply to you. This estimate will give you an idea of how much insurance will cost. Insurance rates for 2014 have not yet been finalized so keep in mind that, once you are ready to purchase a health plan, the actual cost will likely change from this estimate.

To use the calculator, simply enter several pieces of key information.

Enter household size and income for all individuals included on your tax return (yourself, your spouse and dependants, if applicable).

Enter age information only for those household members who need coverage.

The calculator will put all that information together and provide you with the estimated monthly cost for insurance, which appears in the calculator as “Your Estimated Monthly Silver Plan Premium” and takes into account any financial assistance you might receive from the government. The calculator will also indicate whether your income makes you eligible for Medi-Cal. You will also be able to upgrade to more comprehensive coverage with the other metal programs (see Metal Plans Post).

For information regarding your estimated savings call Jeremy at (310) 486-7625.

Metal level plans Available as of January 1

Beginning in 2014, all non-grandfathered Individual and Small Group health plans will be organized in four levels of coverage:

Bronze, Silver, Gold, and Platinum.

The levels are based on actuarial value calculations, and define the split between what the consumer pays and what the health plan pays. As the metal category increases in value, so does the percent of medical expenses that health plans cover.

Guaranteed availability and renewability

Health insurers must accept any individual or business group that applies for coverage.

Percentage of Expenses:

Paid by  health plan    Paid by individual

Platinum      90%                          10%

Gold             80%                          20%

Silver          70%                           30%

Bronze         60%                          40%

Participating Affordable Care Act Providers

 

Covered California has announced the plans that will be participating in California’s Individual Exchange, as well as rates for 2014 as of June 2013.  All information is subject to change as more providers are negotiated.

Anthem Blue Cross

Blue Shield of California

Alameda Alliance for Health

Chinese Community Health Plan

Contra Costa Health Services

Health Net

Kaiser Permanente

LA Care Health Plan

Molina Health Plan

Sharp Health Plan

Valley Health Plan

Ventura County Health Care Plan

Western Health Advantage

Rates have been submitted and are awaiting approval.

Let us discuss with you whether the Exchange is the most cost effective plan with the options and providers important to your specific needs.

Jeremy Smith

Jordan Financial

(310) 486-7625