Trump had plans of repealing Obamacare even before he became President. Although Obamacare was not repealed, Trump cut subsidy payments for Obamacare to health insurance companies.

An estimated $7 billion of federal funding was designated to cost-sharing reductions (CSR) with the intention of reducing the out-of-pocket expenses for low-income families. So now that there’s no federal funding, how will your health insurance be affected?

Let’s take a look at the five most important and frequently asked questions.

 

1. What are cost-sharing reductions?

In simple terms, the government provides money for residents to pay for their out-of-pocket expense or annual deductible limit. They are extra savings you can get if you qualify. With a basic Silver plan, it would cost a co-pay of $35 to see a doctor and $35 to get a blood test. With a Silver 94 plan, you would only pay $5 for a doctor visit and $8 for a blood test. But of course, it also depends on your household income as well as which range it falls under. You could receive cost-sharing reductions for Silver 94, Silver 87, and Silver 73 plans.

Annual Household Income
Single☺ $16,644 – $30,150
Family of 2☺ ☺ $22,413 – $40,600
Family of 3☺ ☺ ☺ $28,181 – $51,050
Family of 4☺ ☺ ☺ ☺ $33,949 – $61,500
Family of 5☺ ☺ ☺ ☺ ☺ $39,718 – $71,950
Family of 6☺ ☺ ☺ ☺ ☺ ☺ $45,486 – $82,400

 

2. Do I qualify for premium subsidies?

As long as you are a United States citizen or have a green card, and your annual household income is within a certain range, then you are eligible to apply for premium subsidies.

How much subsidies can I receive? For example, for Mr. Chang, a single, 45-year old living in Rowland Heights with an annual income of $20,000, if he were to purchase a Kaiser Bronze 60 HMO plan, his premium would be around $280 a month in 2018. However, he would only end up paying $1 a month because the rest are subsidized by the government.

If your family’s reported annual household income is within the following range you may qualify to receive premium subsidies!

Annual Household Income
Single☺ $16,644 – $48,240
Family of 2☺ ☺ $22,413 – $64,960
Family of 3☺ ☺ ☺ $28,181 – $81,680
Family of 4☺ ☺ ☺ ☺ $33,949 – $98,400
Family of 5☺ ☺ ☺ ☺ ☺ $39,718 – $115,120
Family of 6☺ ☺ ☺ ☺ ☺ ☺ $45,486 – $131,840

 

3. Will my premium increase?

If your family’s annual income is within the federal assistance range, you will not face any premium increase this year and can even get a premium of $1! (Click to learn more!)

For higher middle class income families, especially those with select PPO plans, you may still deal with premium increase because you do not qualify for federal assistance.

 

4. Do I need to change plans?

In 2018, Anthem Blue Cross is withdrawing from the healthcare marketplace in Southern California. Blue Shield is also terminating several plans. Whether you are satisfied with your current health insurance coverage or not, we encourage you to contact a certified Covered California health insurance agent to do a price and plan comparison. Different regions have different benefits, and different insurance companies and income levels may receive different benefits as well. Talk to a live agent today, do some price comparisons, save more on 2018 premiums, and gain even more subsidies!

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5. Enrolling in health insurance or changing plans? Who can I trust?

Covered California is California’s health insurance marketplace, so you can purchase insurance directly from them. Click here for more information. You can also contact certified Covered California health insurance agents—KCAL Insurance works with Covered California and consists of many certified, licensed agents. Call our health insurance line at 888-851-5889 to speak to a representative or chat with an agent online. Feel free to walk in to any of our offices too! No appointments necessary. Our services are available seven days a week!  (For business hours and to find a location near you, click here!)