Question: As minimum wages increase it puts me in a different wage bracket. Is there going to be a adjustment with Covered CA as wages increase? So many things are going up right along with the wage increase in which I am paying out more and saving less.
Answer: The increase in minimum wage in California for 2020 is $1.00 per hour. Assuming you work a full 40 hours for 50 weeks next year, your annual income will increase by $2,000. Your share of the cost for your insurance premium will go up by about $25 per month if you are a single taxpayer or less if you have dependents.