Derslickmeister
Recycles dryer sheets
- Joined
- Feb 14, 2014
- Messages
- 249
Playing financial Russian Roulette. Is this the year the cancer cells awaken or you fall off the ladder cleaning out the gutters or you get hit by a bus or, or...
Update: I just received an email from our state insurance commissioner with rates for 2017. It looks like the rate increase we will be paying is 128% for a HDHP, more than double. We'll pay $1,555 per month from $682 this year. If I understand the subsidy calculations correctly, we will try to qualify for the subsidy. If not, it's back to work we go.
And if they refuse for "whatever reason"?
My thoughts (and experience) exactly. Recently, a family member, who hadn't had any serious (or even minor) medical problem in over 25 years, had a sudden two week hospital stay. The total bills added up to over 200k. The insurance paid about 1/3 of that, which was their negotiated rates, and the family paid 3k which was their max annual coinsurance rate. To me medical insurance is a major discount card, which you pay for and hope to never need.
It made me wonder why everyone was jumping all over the makers of EpiPens recently for their "pricing models" when the medical industry as a whole has been doing this for as long as I can remember. Somebody didn't get their cut!
Update: I just received an email from our state insurance commissioner with rates for 2017. It looks like the rate increase we will be paying is 128% for a HDHP, more than double. We'll pay $1,555 per month from $682 this year. If I understand the subsidy calculations correctly, we will try to qualify for the subsidy. If not, it's back to work we go.
No way. The financial risk is far too great. Not having health insurance was one of the few things that kept me up at night. Costly premiums irritate me but I sleep so much better.
Option #1: 100% chance of financial ruin by paying exorbitant health insurance premiums
Option #2: 1% chance of financial ruin by experiencing a major medical event without health insurance
What is the more attractive option?
(OK, I’m being a tad facetious. )
The $13k deductible is the family deductible. The individual deductible limit within the family plan is lower if only one person is sick.2017 Premium w/ $13k deductible - $12,800/yr
...but right now we are basically going to pay the first $26k in medical expenses.
Most without ACA compliant coverage are exempt from the penalty, especially if the cheapest Bronze plan is over 8.16% MAGI for 2017 (8.13% is the 2016 threshold).We are both pretty healthy.
Would anyone roll the dice and not get health insurance under these circumstances?
Q. When I compare health insurance plans in the exchange for our family, they all show total family deductibles and out-of-pocket maximums (OOPMs). Does that mean we’d have to meet the full family out-of-pocket limit, even for just one person?
A. As of 2016, no (and even before that, the answer was usually no).
Prior to 2016, family plans could have aggregate deductibles and OOPMs.
https://www.healthinsurance.org/faq...hat-full-deductible-even-for-just-one-person/
I cannot fathom how someone would do Roth conversions over taking the immediate benefit of the subsidies at that level. $15,000 a year free money now vs the possibility of RMD down the road?
My premium is going up 53% in 2017.
Definitely considering going with out insurance.
So have you read careful thru the pre-existing conditions clause, in particular where it says you don't even have to have prior treatment for an illness,
if it shows up anywhere in your medical history.
So for 3 years from the time you apply for insurance any things you have ever gotten treatment for won't get a full payment under this plan. Now if you are a 20 year old who have always been in perfect health it might not be a big deal. but I believe you do mention a few pre-existing issues.