As a family of four, making approximately $50,000 a year, I fear that Obamacare will render us homeless or bankrupt.
Currently my family has a private health insurance policy which covers critical illnesses. I quite like it. It’s affordable and allows me to economize under my own risk analysis. If one of my kids gets sick, I pay a high deductible and the rest is covered. I choose this high deductible plan so that I can basically self insure the rest of my family’s healthcare needs. If one of my kids needs to go to the doctor or I need to go to the doctor, my plan grants me the repricing discount, so the office visit isn’t much more than many deductibles offered by large corporations. However, if something catastrophic happens, I take responsibility for a high deductible and am covered.
Problem is — my plan doesn’t meet the requirements of the Obamacare mandate. So, if were to continue with my plan, I would be charged the $2,500 penalty on top of my health insurance coverage, which is expected to rise significantly under the lowest coverage required. If I cannot afford both, I will still be charged the $2,500 and have NO insurance.
So, in short, I will be paying twice as much if I continue with the coverage I have now, or I will have to upgrade to the minimum plan to which nobody can tell me what the costs are. Let’s say that the minimum coverage is $500 a month, even $300 a month. I can’t afford this, so I will have to drop healthcare altogether AND pay a penalty of $2,500.00.
If I qualify for a government subsidy, I will still have a higher out of pocket monthly expense with subsidized benefits that are no better than the coverage I have now. Insurance premiums are expected to rise as much as 30% under Obamacare compared to the 5% – 6% increase before Obamacare.
So, how is this helpful?