Quote:
Originally Posted by blueash
Warning Will Robinson
There is pending before the Supreme Court a decision on the Affordable Care Act (Obamacare) brought by several GOP controlled states to have the whole thing declared unconstitutional. Your financial advisor certainly used the cost of health insurance with the ACA intact in making his projections.
If the SCOTUS tosses the law as has been demanded by those several states, there will be no more balancing of cost based on age so older people will pay WAY more as there are caps in the ACA on age based premiums. The present cost is well over 1000/mo/person for a Silver plan which has a fairly high out of pocket and/or coinsurance requirement. There also will be cost determined by pre-existing condition so if you or your spouse have an elevated BP or cholesterol be prepared to get slammed or refused coverage at all.
Now if you are a multi-millionaire this will all be pocket change. |
Hmmmm, you need to get your facts straight. When I retired Obama Care did not exist. I had to pay full load to buy private health insurance. I had Health New England and was paying about $300 per month for an excellent plan, with a $500 deductible and a $1,000 max out of pocket. Them came Obama Care and my premiums skyrocketed to over $1,000 per month for a plan with both a higher deductible and max out of pocket. Why did Obama Care absolutely torpedo the cost of my health insurance? Because I can afford it and those that were responsible and worked hard and saved their money have to pay for all those that are getting subsidized or free insurance under the so called affordable care act.
Your two points on capping premiums based on age and pre-existing conditions are good points. Since I was a Massachusetts resident when buying insurance pre-Obama care, I was protected by Romney Care. Massachusetts was the first state to provide a state insurance exchange, well before Obama Care, and they did have protection to cap risk pricing of older folks. However, I don't buy your point on pre-existing conditions. As long as I can ever remember, insurers could not deny or add a risk premium to people with pre-existing conditions, as long as they had prior health insurance without a break. The point is to not allow healthy people to not have insurance and then be able to immediately sign up when they get a serious medical condition. That is not how insurance works. That is why Obama care had penalties for not having insurance. Healthy people opting not to have insurance throws off the balance of risk pricing a large population of both healthy and not so healthy people. People who are responsible and have always carried health insurance do not have to worry about being denied because of pre-existing conditions. That is just a talking point of a certain party to push their agenda.