Some of The Results Are In on The PPACA
A little background information on my journey with health insurance...
My employer provides health insurance to his employees. He believes that since he directly benefits from the efforts of his employees that it is his responsibility to make sure that they are healthy.
Back in 2006, with the rising costs of insurance premiums, he found a policy that had a very high deductible ($15,000), that was affordable for him with regard to the premiums. It still cost him ALOT of money, though I forget exactly what the annual cost was, but it was over $50,000 per year. The monthly cost for this per employee was around $600.
A $15,000 deductlible was not acceptable to me. The insurance, unlike now, didn't cover anything until the deductible was met. So, I chose to seek out my own insurance.
I found a plan that had a more reasonable deductible ($5,000), and it covered preventative care at 100%. My monthly premium began at around $140. Every year, my premium has gone up to where it is now at $251 per month (costs on everything have risen, except wages, but that's a different article, lol).
I've been nervously waiting for the 'packet' of information that my insurance company has been promising. It finally arrived. Here are the results...
Wow! Lower premiums!!!
Now let's look at some of the details...
Current plan...$5,000 deductible and covers 80% after deductible. Montly premium, $251.
Plan right next to it...$6,350 deductible and covers 100% after deductible. Monthly premium, $234.
Both plans cover preventative care.
Now let's create an example of a catastrophic health situation...
Something significant happens and the bill for this health emergency is $100,000. Current plan would cost me out of pocket, $24,000. The other plan, out of pocket, $6,350, and the premium is lower.
The plans that are shown here are not through the exchange so they are not subsidized. What!!!!? You mean the premiums went down, and I'm better protected from a financial crisis!!!! That can't be! I've been told for a couple of years that the boogie man is coming in 2014, and I've been preparing for this!!!!
Hmmm, I guess there isn't a real boogie man. LOL
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I know this situation is particular to me, so other people may have different scenarios.
Play nice. I have to work today, but will get notifications through my email.