For me, “affordable care” will actually be double what health insurance would currently cost. And if that’s not bad enough, my choices in 2014 are just a fraction of what they are today – a measly six options after January 1st compared with 27 now. I can live with fewer choices but am I missing something? Where is the “affordable” part of the Affordable Care Act? Why is there higher cost and less choice with Obamacare?
Higher Cost And Less Choice With ObamaCare
According to eHealth.com, a person my age in my location can currently choose from 27 plans that start at $226/month. Beginning January 2014, however, my choices drop to just six plans and the price jumps to $456/month for the cheapest option.
To summarize my current and future options:
- 2013 – 27 plans starting at $226/mo
- 2014 – 6 plans starting at $456/mo
If I were eligible for premium assistance, I could get the lowest level plan on my state’s insurance exchange for $1/month. Or I could opt for higher-level coverage for as little as $43/month. But since I don’t currently qualify for premium assistance, at this very moment in time, I have just two choices for 2014: Buy health insurance privately or pay the penalty for remaining uninsured.
Considering the numbers, do I really even have a choice? Well, let’s see…
My lowest-priced health insurance option for 2014 comes to nearly $5,500/year while the penalty for being uninsured will be under $200. On top of that, it appears that the IRS doesn’t even have a way to collect the penalty if you’re not getting a refund – so for me, the $200 fine is looking more like $0.
I haven’t yet decided what I’m going to do – but what I WON’T do is be forced onto Medicaid. How about you? Does ObamaCare make your health coverage more affordable? Or has the Affordable Care Act created a financial nightmare for you, too?
Below are the screen shots which illustrate my dilemma:
Compare that to 2014 options:
Readers, are you finding higher cost and less choice with ObamaCare?
Crystal Marie lives by the philosophy that needing less rather than earning more is the key to happiness and financial serenity, which allowed her to “retire” from formal employment in health education at the age of 44. She can be found making the most of the second half on her blog, The Best 50 Years.