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Obama¢are – bronze, $ilver, or gold?

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October 28, 2013 – Comments (6)

First, I cite my source:

http://www.ctmirror.org/story/2013/08/06/obamacare-premiums-are-what-about-deductibles-and-copays

Why Connecticut? Cuz it came up first on Google.

 

Case Study #1

I choose a 21-year-old on the bronze plan, since this is the sort of person Obamacare must attract by the millions: healthy young people putting into the kitty, but rarely, if ever, using medical care.

Yearly premium = $2,436

Deductible = $3,250

max out-of-pocket = $6,250

Can you imagine being 21, having to pay more than 2 thousand dollars in premiums, and be told that the first 3 grand of your medical bills is not covered? After that, the policy only covers 60%. The insurance does not full kick in for 100% of expenses until you have paid out 6 grand?

So, this youngster with a bronze plan can pay out:

total = $2,436 + $6250 = $8,686.

And this is per year.


Case Study #2

This time, a 64-year-old on the family plan with a gold policy.

Yearly premium = $10,728

Deductible = $2,000

max out-of-pocket = $6,000

total expense per year = $6,000 + $10,728 = $16,728.


Note well: people are saying well, this is not that bad, because I even get a subsidy since I am low-income. This applies to the premiums only, not the out-of-pocket expenses. If you do end up with an Obamacare health insurance policy, you had better pray that you will need to use it.

6 Comments – Post Your Own

#1) On October 28, 2013 at 9:12 PM, awallejr (79.56) wrote:

Well I was willing to give it a chance.  But I just reviewed the new choices to me. My choice is to pay more for similar coverage I already had or to pay similar to what I was paying to get less coverage.

I can't deny it, Obama flat out lied to the American people.  I hate having to say that.

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#2) On October 28, 2013 at 9:16 PM, awallejr (79.56) wrote:

And when I say more I mean substantially more.  Went from $510 to $710 per month and still have to now pay $10 per generic when before I paid nothing.

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#3) On October 29, 2013 at 10:00 AM, ValueInvestor747 (81.04) wrote:

A little fun fact about the subsidies. There is a big misconception out there regarding who will get them. Although we were all told (another lie) that subsidies would be available for individuals earning up to 400% of the FPL, it is not that simple. The subsidy calculation is tiered and is calculated based on the percentage of your income spent on premiums. For example, if you earn 300 - 400% of the FPL, your expense for premiums is capped at 9.5% of your income. The calculation is tied to the cost of the silver plan in your area. If the silver plan cost exceeds 9.5% of your income, the difference will be made up by a tax credit.

A quick scenario I ran using CT again: 1 Adult living in CT earning $40,000 a year (348% of FPL). The silver plan annual premium is $3,084. As this does not exceed 9.5% of your income, you will get no subsidies. So in the year, if God forbid you are hospitalized, have to see the doctore frequently, etc., you will be responsible for $3,084 + a max OOP of $6,350 totaling $9,434, or 23.5% of your gross income, with 0 help from the government. 

Of course Obama lied...about several things regarding this legislation. It's a shame people are just now realizing it when it is much too late. 

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#4) On October 29, 2013 at 10:38 AM, Schmacko (55.10) wrote:

"A quick scenario I ran using CT again: 1 Adult living in CT earning $40,000 a year (348% of FPL). The silver plan annual premium is $3,084. As this does not exceed 9.5% of your income, you will get no subsidies. So in the year, if God forbid you are hospitalized, have to see the doctore frequently, etc., you will be responsible for $3,084 + a max OOP of $6,350 totaling $9,434, or 23.5% of your gross income, with 0 help from the government"

But that's still better than if God forbid you were hospitalized and you had no insurance at all.

@ The OP the things that will affect most people and therefore should be the biggest concerns are monthly cost, prescription drug costs and copays for routine appointment.  Everything else is somewhat misleading/disingenious.  If you want to argue that a 21 year old now has to pay $X per month for health insurance they may not use where as before they could gamble with their health and pay $0 then cool.  But your #1 case study would have to show how much a 21 year old with no insurance would have to pay for a serious hospital visit before the numbers you present have any real meaining other than shock value.

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#5) On November 05, 2013 at 11:13 AM, oldfashionedway (36.00) wrote:

http://money.msn.com/health-and-life-insurance/article.aspx?post=35353927-9b86-4569-9152-1dc8dc88f169

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#6) On November 06, 2013 at 1:04 AM, Mary953 (76.55) wrote:

A couple of months before the healthcare vote, my husband told me that one of the first things to happen would be that companies would start dropping their healthcare packages.   It would be a bad business practice to provide or subsidize employee healthcare if a government alternative was available.  It would be cheaper to pay the fine and let the government provide healthcare the law was passed.  

Unfortunately, it made sense then and still does.  This is unfolding as he predicted (or should that be unravelling?)  He was looking at this from a purely management point of view.  No politics.

All of these figures bring this home in a chilling way.  Facts and figures have a way of doing that.  I am concerned mainly for my kids and for others in the young, healthy group that must now support everyone else, no matter what choices the "everyone else" group makes.

My next prediction is that people who are making poor health choices (smoking, obesity, etc) will be discriminated against in our society because they are taking "healthcare dollars" away from the rest of us.

More frightening - Is there an age at which people will be essentially cut off from health care?  As in, you are 95 and have cancer but a strong will to live.  Does such a person still get to fight the cancer or will they be considered "too old" and just put into hospice care?

We are accepting one more step toward the Big Brother oversight described in 1984, a book that always terrified me. 

OK, guys.  This is the point at which you reassure me and tell me that my concerns are groundless.  Tell me how wrong I am and why this will not come to pass.  I am waiting and hoping for your comments to that effect.  A little reassurance please?   

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