Covered California's Health Plans and Rates for 2024
Carrier Updates
Thursday, August 03 2023
SACRAMENTO, Calif - Covered California announced its health plans and rates for the 2024 coverage year with a preliminary weighted average rate increase of 9.6 percent.
The rate change can be attributed to many factors, including a continued rise in health care utilization following the pandemic, increases in pharmacy costs and inflationary pressures in the health care industry, such as the rising cost of care, labor shortages and salary and wage increases.
"While this is a challenging year for health care costs, Covered California's market remains stable and continues to deliver more choices to our consumers," said Covered California Executive Director Jessica Altman. "Despite this year's increases, because of the extension of enhanced federal subsidies through the Inflation Reduction Act and new financial support from the state, Californians will have more help paying for their plan than ever. In fact, many consumers who received financial help will see no change to their monthly premiums, and some will see their deductibles eliminated entirely."
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The rate change can be attributed to many factors, including a continued rise in health care utilization following the pandemic, increases in pharmacy costs and inflationary pressures in the health care industry, such as the rising cost of care, labor shortages and salary and wage increases.
"While this is a challenging year for health care costs, Covered California's market remains stable and continues to deliver more choices to our consumers," said Covered California Executive Director Jessica Altman. "Despite this year's increases, because of the extension of enhanced federal subsidies through the Inflation Reduction Act and new financial support from the state, Californians will have more help paying for their plan than ever. In fact, many consumers who received financial help will see no change to their monthly premiums, and some will see their deductibles eliminated entirely."
Click here to read more