This is a general post to knowledgable FReinds. I’ve gotten good feedback about insurance questions at FR.
The business that I share with my wife, marketing and web development took such a hit back when the market went arseways in ‘08 that I had to go out and get a certification as a Nurse’s Aide just so that I might have access to healthcare. This has been a significant pay cut for me, though we now have an excellent plan and I am in a pretty stable industry. My wife’s side of the business has come back a bit and I work on the side as well and teach at the local Community College ~ all this just to make ends meet. I ain’t complaining. I’m one of the lucky ones.
Under these circumstances ~ I am hearing estimates of 15 million Americans currently being knocked out of their plan and expect for this number to grow ~ Why should I expect that there will be ANY private healthcare provider. I am trying to plan for what may occur in the future and I guess that I don’t know why I would expect any private programs ~ including my own, the main reason that I work as a GNA ~ will survive.
What may happen to my dental ~ I have 2 kids in braces ~ particularly if my plan gets pulled midway through ortho therapy?
Any comments or observations?
I don't have an answer but that is a very good question. Obviously there is a very big potential there to destroy the insurance industry.
Privately held policies, the catastrophic plans, are a money maker for the big companies. I carry my own plan, not because I ever use it, but to protect my assets if we get into a car wreck. Its a win for me, and a win for Blue Cross. I truly believe after a year or so of turmoil, there will be a big reset for policy year 2015. Companies will actively pursue people like me and you, to balance out the high risk disaster pools they’re being forced to take on now.
I got a letter offering to continue my policy until Dec 2014. The premium increase was negligible. I accepted. I expect they will try to keep my business at that time.
Just make a short term plan to get your family through the end of next year in the most financially smart way. Someone makes money on the braces, and they want to keep making money, and they will fight for the ability to do so. We may be nobody, but this law is so huge, and so encompassing, that it will inevitably hurt someone along the food chain with influence and power. If I had to guess, that is exactly what the meeting of the ins company heads with the admin last week was about.