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It makes no sense to pay more for a lower deductible unless you already know you will be a heavy user of healthcare.
The problem with this is that it is "backwards-looking" - you always have to factor in a future unknown. My best friend, 54 years old, went through breast cancer treatment this last year and the bills were north of $250,000. It was totally unexpected, as there is no family history of it and no prior evidence.
In my family we have a family history of cancer (on both sides) and a Parkinson's-like neurological problem, so I can never afford to NOT have insurance.
That kind of thing is why we kept our Pre-ACA, extremely expensive "catastrophic" plan ($1350 per month, $7500 deductible, $15,000 OOP per person). Add that premium up over the last 7 years and you get around $100,000 - the most expensive things we had in that time frame were a broken ankle at $6,500 and a recent cornea transplant at $34,000, so we "lost" the gamble on net. (Although we did get the insurance's preferred rate for visits, procedures, etc, which was cheaper than a cash discount payment, so there is some savings not accounted for.)
Last edited by PNW-type-gal; 03-01-2014 at 12:14 PM..
Reason: typo
KaraG. Here are the figures I get from the South Carolina (where you live) web site for 3 people (two aged 56 and one 24) making $65,000 a year. The subsidy is substantial.
Bronze plans with subsidy for the three of you start at $$333.45
Silver plans with subsidy for three start at $509.09
Gold plans with subsidy for three start at $752.73
I just priced out plans in Vail, Co, which according to the Kaiser Foundation is the most expensive place to get insurance plans for 3 smokers of the above ages and the premiums end up in the price range you are quoting--so, either you all live in Vail and smoke or something isn't adding up here....
If you smoke and your premiums are that high, that's no one's fault but your own.
<sigh> I didn't really post this to have anyone argue with the rates we found, just stating our family situation in regards to this law. What a sweet thing to say, especially when I said we are all 3 non-smokers.
I did the Kaiser calculator too and it came out just about the same as the actual rates I found:
you could enroll in a Bronze plan for about $12,347 per year
Silver Plan $15,541 per year
Maybe some of the pro-Obamacare talking points are just wrong. Maybe those of us that are required by law to pay more should just keep our mouths shut.
We will keep our current plan through the end of the year, but we are investigating the Christian health care sharing ministry option, which is allowed.
KaraG. Here are the figures I get from the South Carolina (where you live) web site for 3 people (two aged 56 and one 24) making $65,000 a year. The subsidy is substantial.
Bronze plans with subsidy for the three of you start at $$333.45
Silver plans with subsidy for three start at $509.09
Gold plans with subsidy for three start at $752.73
Thanks for checking that out, but no subsidies. We are self employed and our net income varies widely year to year so we need to find a plan that fits our budget without depending on a subsidy that could be clawed back if we estimate wrong.
Lowest Bronze plans from this calculator, no subsidy $1025 - $1240 month
Thanks for checking that out, but no subsidies. We are self employed and our net income varies widely year to year so we need to find a plan that fits our budget without depending on a subsidy that could be clawed back if we estimate wrong.
Lowest Bronze plans from this calculator, no subsidy $1025 - $1240 month
So, self-employed--so no "subsidies" but you can write off your premiums on your taxes....so your real costs are much less than what you are stating....and your daughter, given her health issues, assuming she is not employed, could qualify for free coverage....reducing your costs even more.
You may also want to look at group plans vs the individual plans..you may save some money that way....
Like I've said to other posters though, unless you are comparing apples to apples, you really can't say that your premiums have gone up or down....your previous plan did not have good coverage, was not ACA compliant so you are getting more coverage....
Thanks for checking that out, but no subsidies. We are self employed and our net income varies widely year to year so we need to find a plan that fits our budget without depending on a subsidy that could be clawed back if we estimate wrong.
Lowest Bronze plans from this calculator, no subsidy $1025 - $1240 month
Well I checked income at $70,000 a year and at that you are entitled to a subsidy of $6,952 bringing a Silver plan down into the $525 territory, so unless you earn upwards of $100,000 a year, it is going to be difficult for people to swallow you can't afford it even without subsidies. You live in South Carolina, not New York City.
You continue to quote figures without subsidies. Why?
Well I checked income at $70,000 a year and at that you are entitled to a subsidy of $6,952 bringing a Silver plan down into the $525 territory, so unless you earn upwards of $100,000 a year, it is going to be difficult for people to swallow you can't afford it even without subsidies. You live in South Carolina, not New York City.
You continue to quote figures without subsidies. Why?
I agree, South Carolina has a VERY, VERY low cost of living. Heck, a friend of mine was telling me that on her house valued over $200,000 her property taxes are $600. Yes Six Hundred.....even at an income of $70,000, that is VERY affordable and quite a comfortable living there.
Well I checked income at $70,000 a year and at that you are entitled to a subsidy of $6,952 bringing a Silver plan down into the $525 territory, so unless you earn upwards of $100,000 a year, it is going to be difficult for people to swallow you can't afford it even without subsidies. You live in South Carolina, not New York City.
You continue to quote figures without subsidies. Why?
I think that Kara is saying that they qualify for subsidies but they will not be taking the subsidies due to the variable nature of their families' income. She said that it changes, sometimes drastically, from one year to the next.
Well, this is just me, but I would take a plan with a subsidy based on the previous year's income. Do tax planning throughout the year - which, if you're self-employed I'm sure you do, anyway. At some point, you will know if you will need to repay part or all of that subsidy - and you then adjust your quarterly estimated tax payments going forward accordingly. There is no penalty for the clawback if you pay it timely - i.e., either 100% of 2013 tax liability or 90% of 2014 tax liability must be paid by 1/15/2015. Meanwhile, you can use that extra money for other things. I never have been one for giving the IRS free money if I don't have to and have always done tax estimates several times a year, making appropriate adjustments to withholding and/or estimated payments when necessary.
The problem with this is that it is "backwards-looking" - you always have to factor in a future unknown. My best friend, 54 years old, went through breast cancer treatment this last year and the bills were north of $250,000. It was totally unexpected, as there is no family history of it and no prior evidence.
In my family we have a family history of cancer (on both sides) and a Parkinson's-like neurological problem, so I can never afford to NOT have insurance.
That kind of thing is why we kept our Pre-ACA, extremely expensive "catastrophic" plan ($1350 per month, $7500 deductible, $15,000 OOP per person). Add that premium up over the last 7 years and you get around $100,000 - the most expensive things we had in that time frame were a broken ankle at $6,500 and a recent cornea transplant at $34,000, so we "lost" the gamble on net. (Although we did get the insurance's preferred rate for visits, procedures, etc, which was cheaper than a cash discount payment, so there is some savings not accounted for.)
Jesus Christ that's expensive! How many people is that for? You pay $1350 a month and still have a high deductible? You couldn't find anything cheaper? That just sounds ridiculous to me and I don't know how people can afford it.
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