In some states, they have the power to review and reject premiums increases that they find unjust. However, in California and 12 other states, they only have the right to review rate nature hikes. Meaning, they can only give you transparency if the company imposes excessive premium increase. They do not have the power to stop increases that are deemed uncommon.
However, despite the implementation of the rate reviews in California, little effect is seen by consumers. Health insurance premiums are still out of reach for millions of Californians and business owners. There are few strategies you can do to battle rate nature hikes, though.
How can Consumers Afford California Health insurance When Premiums Continue to Skyrocket?
Over the past 10 years, health insurance premiums had doubled much faster than wages and inflation combined. The cost of CA health insurance premiums is too much to handle that having a job is no longer security to get health care coverage.
Since health insurance premiums have escalated so fast, a lot of consumers who are living on a tight budget think that going without health coverage would be more beneficial on their part. However, no matter how healthy you are, illness can strike anytime and medical costs can be pretty overwhelming.
Even though premiums continue to spike, you can still find affordable health care coverage. You don’t have to get a “Cadillac plan” just to get health coverage. There are other plan types that meet your health needs at lesser costs.
When your health is good, going for a plan with a high-deductible might be a wise choice. High-deductible CA health insurance plans offer low premiums compared to co-pay plans. The Affordable Care Act had made high-deductible plans even more appealing for plans post health care reform offer full coverage on preventive care even before meeting your deductible. If you need health monitoring checkups and lab works, you can surely enjoy this added benefit without worrying about high out-of-pocket costs.
When you constantly check on your health by means of the free preventive care screenings, it can surely save you a lot of money. Early prognosis of diseases can greatly decrease our out-of-pocket costs. Keeping track on your current health condition can stop the development of chronic illnesses that can lead to costly medical bills.
If you delay getting a California health insurance plan and you develop a pre-existing condition, you might end up with higher premiums or worse, no coverage at all to help you pay those huge medical bills. All applicants undergo a process called medical underwriting wherein your health status is being scrutinized. Insurance companies can charge higher rates to people with pre-existing conditions.
You still have to wait until 2014 when adults with pre-existing conditions can get guaranteed acceptance when they enroll in a California health insurance plan. While you’ve still got a clean bill of health, take advantage of getting lower premium rates. Compare rates from various insurance companies to get the one that will provide you your health care needs.