[Lincolnian]

Health Insurance Exchange

Wondering if anyone signed up through Connecticut's Exchange? I entered the information for a family of 4 based on a $100,000 household income and do not know how most people would ever be able to afford these plans as the subsidies don't apply to many Connecticut middle-income families and the cost of the plan can exceed 25% of gross income with monthly payments, deductibles, and copays.

As more and more companies are eliminating or reducing coverage for their employees there are very few options left for many families. For instance a friend of mine works for a major corporation, headquartered in Connecticut, that requires employees who are married to go on their spouse's plan. Ironically, this company received a federal bailout and is cozy with the current administration.

Something needs to be done. This option is simply not feasible for most people. From the information I submitted, it indicated that the Bronze plan is about $900 per month, has a $6,000 deductible, a max out of pocket of $12,750 and some services have significant co-pays as well. That means that you are paying about $18,000 a year before even using any of the insured amounts. Am I missing something? Has anyone actually signed up for one of these plans and has better information?

[andthentherewere3]

We recently did, and it saved us at least a few hundred a month, we couldn't be happier. The amount you listed is just about what we used to pay. Then again we don't make 100k a year. Also, now we have dental insurance where we previously didn't, and our deductibles are lower than they used to be. All our doctors are on the plan. We haven't filed any claims yet, though.

[NewJeffCT]

The CT exchange, I believe, was the most expensive in the country as of a few months back?

The place I work for only subsidizes employee health insurance premium. So, if I wanted to also insure my family, I would not get any help paying for them. I'd also not get any help paying for dental, either. They recently hired a regional salesperson based in the Midwest with the promise to help reimburse him for medical & dental (he has several kids) and he signed up for the national exchange plan, as his state did not open their own exchange. But, his signing up for the national exchange ended up saving the company several thousand dollars in reimbursement fees over what the company would have had to pay him via their insurance normal plans.

(Thankfully, my wife's company has a pretty good health & dental plan.)

[Lincolnian]

My wife's plan is an HSA with a $6000 deductible. Besides paying $5,000 a year in employee contributions the plan only covers 80% of the prevailing cost of all medical services. Given the cost of surgery or treatment for cancer or any other costly procedures it is a little disconcerting knowing that with "insurance" you could still be facing tens of thousands of dollars of out-of-pocket expenses even after your deductible, contributions, etc. One unexpected illness for a family member and even with insurance a family could be wiped out. Additionally, the plan excludes coverage for autism, Down's or Cerebral Palsy which is a problem for any family with children with any one of these conditions.

[seymourct]

I did the exchange over the phone. That was easy. Saving a bit of $. That was easy. Once the application was finished, uploading financial docs was easy. Waiting for the state to process the app and get the new card= weeks of phone calls. For me, new card/plan is managed by the same dept that managed the now closed CharterOak program for individual adults with preexisting conditions. but yes finally got my card. All in all. Easy enough.

[mels]

One of my good friends is self employed (as is her husband) and they are saving a couple hundred per month, so they are beyond thrilled. I am guessing your mileage may vary based on income, family size, and other different needs.

[Lincolnian]

Originally Posted by seymourct

I did the exchange over the phone. That was easy. Saving a bit of $. That was easy. Once the application was finished, uploading financial docs was easy. Waiting for the state to process the app and get the new card= weeks of phone calls. For me, new card/plan is managed by the same dept that managed the now closed CharterOak program for individual adults with preexisting conditions. but yes finally got my card. All in all. Easy enough.

Is the real cost close to the one's you were quoted? I'm not seeing how at around $18,000 annually (including deductible) most people would be able to purchase this plan for their family, fund their own pension plans, and send kids to college based on expected FAFSA contributions let alone pay a mortgage and other costs necessary to maintain a family.

Am I missing something?

[andthentherewere3]

Originally Posted by Lincolnian

Is the real cost close to the one's you were quoted? I'm not seeing how at around $18,000 annually (including deductible) most people would be able to purchase this plan for their family, fund their own pension plans, and send kids to college based on expected FAFSA contributions let alone pay a mortgage and other costs necessary to maintain a family.

Am I missing something?

Yes, sorry to say, now you are discovering how self-employed middle-class families have struggled in Ct. the past decade or so. Some years as much as 1/4 of our income has gone to healthcare.

[mlassoff]

My entire company went on to the exchange-- I am now subsidizing 75% of each employee's choice of Obamacare options instead of having a group plan subsidized by the same amount. No one had a problem registering.

The result: All employees paying less for the health insurance.
My result: I save $20K per year.

Other employers-- at least the kind who put their business before their politics-- should be jumping for joy.

[Lincolnian]

This is not a viable nor sustainable option for a struggling economy and stagnant wage growth. It's beyond Connecticut as it's a national law. However, a sensible plan is a necessary component of our country's future in terms of mobility and a fair playing field for all businesses large and small. Our state representatives should have fixing this plan as a top priority on both sides of the aisle. It's not enough to point fingers, scare people or blame a website.

I can't see how the economy can grow once the full effects of this policy kick in and hit home. There has been so much misinformation about this plan that it is hard to tell what's the truth. That's why I'm posting here. It seems that given the structure of the subsidies in many cases it does not pay for two people to work for marginally higher income since apparently the net income is lower for the higher household income than it would be with a lower income with subsidies. Am I wrong here?