California has received another Federal Grant for $674 million bringing the total received from the Federal Government to $1 Billion since the PPACA was passed back in 2010. According to the Sacramento Bee (1/18/2013 Cynthia Craft) these funds are being used to set up the California Health Exchange, known as Covered California. The exchange has been working with the health insurance carriers to set up four tiers of coverage that will be known as metallic plans. In a nut shell, the four tiers will be called platinum, gold, silver and bronze. Platinum coverage means that the insured can expect to pay 10% of their expenses and the insurance plan will cover the other 90%. Gold plans will cover 80% of the expenses and the insured will pay the other 20%. Silver will be a 30% - 70% split and bronze will be a 40% -60% split. Platinum plans will have the highest premiums and bronze will be the least expensive to purchase.
California is still on track to have their exchange up and running on January 1, 2014. We will keep you updated on the progress as we approach the sign up period which will be starting in October 2013. If you have any questions regarding the exchange or your current insurance plans, you may call us at 714-680-5900 or email us at info@ansainsuranceservices.com .
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