We're all hearing about health insurance with the Affordable Care Act -- good news, bad news and all the politics, but if you're an American consumer, you're smart to listen to some of the chatter.
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| You're exposed if you don't have health insurance |
If you don't have health insurance
through your employer, you probably don't have health insurance. Even if you
have health insurance through your employer, you may not feel like you have
health insurance, as most employers are going to high deductible plans similar
to major medical. Maybe you pay the first $2,000 or the first $3,500. That
includes prescription drugs, office visits, medical diagnostic tests and
everything that isn't preventive medicine.
That's the kind of medical insurance
you need even if you aren't insured through your work, particularly if you're
young and healthy. You need a major medical policy that pays only if you have an
expense greater than a few thousand dollars. That's what you can get with the
Affordable Care Act, at a lower price than you'd pay for an individual policy.
Check out catastrophic medical coverage for high deductibles and low
rates. ACA also has the Platinum, Gold, Silver and Bronze plans, all with more coverage and higher premiums.
Why do you need medical insurance?
You're young, healthy, haven't been to the doctor in years, and have someone in
the family who can give you medical advice -- or you can find it online.
You need medical insurance for your
future. You have plans, dreams and future earnings. If you have a medical
expense that you can't pay right away, it will follow you until it's paid. That
may be the remainder of your life.
Having medical debt is a little like
having a child, but even children make a contribution while costing money. You
have the expense of children from before birth until at least age 18, but they
give joy and pleasure along the way. You won't get that from a medical expense
that isn't covered by health insurance. You'll get to pay every month with no
visible result. It's a drain on your future.
You're smarter than that. It's better
to pay for major medical insurance at a low cost than to risk your future
without it.
I went for a well visit last month,
and just got the bills. My doctor's charge was about $300 and the blood work was
$560. I can't even afford to be well without insurance. With my insurance coverage, I'll
only pay about $325 of the total charges. My cousin recently told me it cost
$25,000 to LifeFlight her about 100 miles to a large hospital for treatment.
Fortunately, she has Medicare and Medicare Supplement, with little of that cost
coming out of her bank account. Can you afford to be without health
insurance?
You can go to healthcare.gov and shop
for insurance, based on your state and county. Your shopping figures don't include
credits you may get on your federal income taxes or subsidies from the federal
government. A catastrophic insurance policy will probably cost under $200 a
month, and protect your future if you have to be life flighted, or if you are
hospitalized for a few days. You may get a credit or federal subsidy if your
income is below about $45,000 as an individual or about $62,000 for two. The break in pricing seems to be at age 50, so if you're under 50, your insurance will be less than those over age 50. The insurers for each state are different, but you'll recognize names like Blue Cross Blue Shield and Aetna.
Health insurance may also protect
your family, if you have assets. Generally, your debts get paid before your
family gets any assets -- and this includes medical debts. You may be gone, but
your failure to have health insurance lives on.
As a savvy consumer, keep an open mind and consider the risk of not having health insurance. Take a look at the website and see the cost of a catastrophic policy without any subsidy. Then, create an account and compare the cost with the subsidy. You may find it's a deal you can't refuse -- when you consider your future without it.
See you soon!
Linda
