What coverage will you get for 1,000 a year from your state? I mean what would you do if you had a heart attack? Do you have 50,000 dollars to pay out of pocket? If you pay the 1,000 dollars, do you get 100 percent coverage in case of a heart attack? I know some here don’t like this, but I wonder what most would do if they have a hospital bill that they did not plan for and do not have insurance. It just seems so risky to me.
There’s no insurance. It’s just the fine they have to pay to the state because their policy doesn’t meet the minuimum standard. They will continue to pay $3oo per month for the IBM-issued catastrophic policy + $1000.00 fine to the state ( undoubtedly more in future years, if their insurance is even available).
"Medicare we still buy our health insurance through the company.
Obviously it is a subsidized retirement benefit. Probably at one time it was no cost to the retired, but now IBM requires token payments, higher co-pays and so forth.