Depending on your income, you may be eligible for subsidies to lower the cost of your individual health coverage purchased through Covered Calfornia. Families and individuals whose income is below 250% of the Federal Poverty Limit may qualify for a cost sharing reduction (CSR) health plan. With a CSR plan, you pay less out of pocket expenses towards copayments, deductible and coinsurance.
Cost sharing reductions only apply to health plans purchased through the exchange, Covered California. At this time, these reductions are only available in Silver Plans. There are three distinct levels of Silver-CSR plans, all of which depend on your income for eligibility. The lower your income, the higher reductions you can receive.
All reductions are administered by the CSR health plan for which you qualify. In the event a change of income makes you ineligible to continue with your cost-sharing Silver plan, you are not required to reimburse the health plan for the reductions you have received.
Qualifying for a Silver-CSR plan enables you to receive quality health insurance coverage at a much reduced cost. For more information on health, Covered California, disability or life insurance coverage in Los Angeles, contact Stacy My Insurance Lady, your southern California independent insurance agent.