Covered California health insurance enrollment increases as premiums set to rise in 2024
SACRAMENTO, Calif. — Covered California announced an 18% increase in health insurance enrollment before their Dec. 31st deadline.
The state's health insurance marketplace says 161,670 people signed up for 2024 coverage just before Christmas Eve, marking an increase over the same period last year and the highest during the same period in four years.
“The robust enrollment we have seen so far highlights how much Californians value affordable health care coverage,” said Covered California Executive Director Jessica Altman. “California has strived to make health insurance more affordable for more people, and it is vital for the remaining uninsured in the state to look into their options before the end of the year and sign up.”
Covered California also announced another 1,571,559 Californians have renewed their coverage so far, urging consumers to sign up with open enrollment ending Jan. 31st, 2024.
Rate Increase
The increase in health insurance enrollment comes as premium costs are set to rise statewide by nearly 10% in 2024, becoming the highest rate hike since 2018.
According to Covered California, the average rate change consumers shop around and switch to the lowest-cost plan is -2.6% in their current metal tier.
Here is how California’s individual market rate has changed since 2020:
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 5-Year Average |
| Weighted Average | 0.8% | 0.5% | 1.8% | 5.6% | 9.6% | 3.6% |
As of March 2023, this is how the market rate looks for Santa Barbara County, San Luis Obispo County and Ventura County:
| Rating Region | Total Enrollment | Avg. Rate Change | Shop and Switch |
| Statewide Total | 1,604,630 | 9.6% | - 2.6% |
| Region 12 Santa Barbara, San Luis Obispo and Ventura Counties | 75,100 | 10.7% | 3.6% |
Covered California says the increase in premiums "reflects an average of proposed rates across all health insurers who offer individual plans." Rates, however, can differ greatly by plan and region.
“Increased competition benefits our marketplace and provides our enrollees with meaningful choices for their health coverage,” Altman said. “With Inland Empire Health Plan joining the marketplace and carrier partners like Aetna CVS and Health Net expanding their service areas, Covered California consumers will have more choices than ever to shop, compare and find a plan that best fits their family’s needs.”
California’s Department of Managed Health Care filed the preliminary rates with Covered California and are subjected to final review and comment. The final rates will go into effect on Jan. 1st, 2024, but may change slightly from the proposed rates.
Financial Assistance
Covered California says, come 2024, its offering a new program in order to reduce cost of accessing health care for consumers by lowering out-of-pocket costs when seeking medical care, including eliminating deductibles in all three Silver cost-sharing reduction plans.
The new cost-sharing reduction program for out-of-pocket costs will be available to Californians with incomes up to 250% of the federal poverty level, or $33,975 for single enrollees and $69,375 for families of four.
Currently, 650,000 existing Covered California enrollees are eligible to take advantage of this program, and over 80,000 new enrollees have qualified for cost savings benefits.
According to Covered California, nearly 90% of its over 1.6 million enrollees receive financial help, two-thirds of enrollees are eligible for health insurance for $10 or less per month and nearly half could get a comprehensive Silver plan for that price.
Covered California urges consumers to select a health plan by the Dec. 31st deadline to receive coverage for all of 2024.
To look at health insurance plans or premiums visit their website or call Covered California at (800) 300-1506.
