Posted on 11/14/2015 8:38:09 PM PST by Brad from Tennessee
It is time to come to grips with the inevitable health insurance price increases being caused by the federal Affordable Care Act (ACA) known as "Obamacare."
Obamacare's short-term sweeteners and phase-ins are behind us, and the fundamentally flawed structure of Obamacare and its true costs are exposed. The result: substantially increasing individual and small-group health insurance prices.
Given the mandates required by the ACA law, these are not likely to recede any time soon.
In Minnesota, small-group prices skyrocketed by up to 94 percent in 2014. Individual plans are up by an average 31 percent, and up to 60 percent in 2016, according to the Commerce Department. Minnesota insurance companies providing individual policies have already lost over $394 million since the implementation of Obamacare. They have no choice but to increase premiums to cover increased costs of care.
Why is this happening?
Think about it. If someone asked you to pay for all their future health care in exchange for a fixed monthly price, wouldn't you want to know what you would be liable for so you could set the appropriate price? What if you were required to pay their claims, but they were not responsible to continue paying you once you had paid out your part of the deal? You would lose big, just as the nation's insurance carriers have.
Obamacare tells health insurers it is illegal to ask health questions before providing insurance and illegal to deny claims for those who apply for insurance after the conditions occur, including for all future claims as well. Incentives for healthier behavior and better consumer decision-making are eliminated. . .
(Excerpt) Read more at twincities.com ...
If you’re referring to HSAs, no. But not all plans support HSAs.
My point concerned getting a cheap, legitimate catastrophic plan for the family, but be prepared to pay for the plan’s absolute deductible (which in my example is $12k/year.)
I’d definitely go with the catastrophic plan if I had the cash. But availability of catastrophic plans might depend on the state and insurer.
I actually ran the numbers on that and decided to pay the penalty. WAY cheaper.
People are literally dying.
But snowflakes and other leftards who voted for Obama are ignorant and unconcerned. They instead focus on BS issues such as “micro aggression,” “white priviledge,” “global warming,” and other drivel.
Well, they deserve the pain that is coming.
I assume that firms with that many employees are getting the best rates for their employee coverage, because with pools that large, insurers can more accurately predict their costs.
It is likely your wife's firm is self insured. I saw a report that said close to 90% of firms over 5K employees go that route. They don't have to meet all the requirements of ACA, just some of them.
Yup. Its $695 this year and for most people that’s a lot cheaper than Obamacare.
this is the whole idea, it is a tax penalty they would have otherwise not been able to pass
After paying the penalty we joined a Christian health sharing ministry (CHM). $150.00 per month per person. $450.00 for a family.
We now will not pay the 4% of our income penalty - 2% for each for the Misses and I - and we have affordable coverage with a $500.00 deductible.
It’s not for everyone but if you earn $100,000 a year the CHM coverage is less expensive than the $4,000 penalty.
And the penalty goes up to 2.5% in calendar year 2016.
BTW, there is one plan with a $5,000 deductible that is only $45.00 a month - less than the ‘$695.00’ penalty - and it exempts you from the Obamacare mandate.
All those insurance agents, getting rich on those big
commissions for those insurance policies that people
have to buy. I figured I’d just drop my policy, bankroll the cash, then
get insurance, by the month, no annuals, when I need it
and drop it when I don’t. What could go wrong?
LROTGISASWTHTS.
“Yup. Its $695 this year and for most people that’s a lot cheaper than Obamacare.”
And you get no healthcare either way.
There are a lot of people yet who will react with indignation if you tell them that Obamacare is a disaster.
Good point!
I had insurance for our son until ObamaCare. They raised the monthly premium from $80s to $160s. Then from $160s to $244 per month. annual premium from $4500 to $6350 per year. And he hasn’t been to a doctor since 2005. He is healthy, eats right, works out at gym, doesn’t smoke, etc. I dropped his insurance.
We tried to sign up for gov. subsidies. I figure IF they are forcing him to buy this, they can help pay for it. He is a single guy, it is just him, no wife etc. Single insurance policy. The fed gov, ObamaCare, in So Calif quoted him $80s per month. The bill came in at full price $244 a month. I am retired and cannot pay that. He doesn’t make enough money to afford that. He is in his first real job this year... and it doesn’t furnish health insurance.
I will advise him about paying the penalty instead of buying insurance for this year.
How can costs not rise steeply in a system that has multiplied the number of bureaucrats who must live off the proceeds of the system and multiplied the amount of paperwork that must be accomplished?
With judicious attention to your level of tax withholding or quarterly payments you can avoid the penalty. With the Christian health co-ops you can get out of the way altogether and have good albeit what used to be called catastrophic health insurance.
That's because it was the good intentions that counted - and you are ridiculing their good intentions. :)
They need to hear that old story about what is paved with good intentions.
Most people pay into Medicare for 30-40 years, 10 years at least, before they can begin to be eligible for benefits. How you think that would work out for tens of millions of young people and chronically unemployed welfare recipients who have paid little or nothing?
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