During the COVID-19 pandemic, an influx of $3 billion from the federal government helped dampen the effect of rising health care costs in California. Covered California premium increases held below 2% between 2020 and 2022. The federal government extended assistance for two more years, but the 2024 increase reflects post-pandemic inflationary pressures, such as higher drug costs, more people going to see the doctor, labor shortages and wage costs, Altman said.
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