Name:   MartiniMan - Subject:   My experience with Obamadon'tcare Date:   12/23/2023 11:23:24 AM

So as of January 1st my COBRA expires and I am not eligible for Medicare until November 2024.  So I dipped my toes into the world of the ACA and it was an ugly experience.......far worse than it used to be to get individual coverage.  So for about two months I looked around on my own and finally decided to get a broker to help me.  There are only two options anymore.  1) Short-term insurance; and 2) Marketplace plans.  Short term is less expensive but no pre-existing conditions.  ACA plans are wildly expensive because they do cover pre-existing conditions as mandated by law.

So the monthly cost with no subsidy for the cheapest Bronze plan is $1,700 a month.  The cost for the most expensive Gold plan with no subsidy is over $3,500 per month.  The plan we chose has an individual deductible of $7,500 and an out of pocket max of $9,400....that's correct, as a couple our combined deductible is $15K and OOPM is $18.8K.  Our premium without subsidy is $1,980 per month with no dental or vision!!! Compare to my COBRA policy through my former employer which was an HSA with dental and vision and a $3K family deductible and $7K OOPM that I paid $1,400 per month premium.  But I also got to write off the $8,700 I put into the HSA account which saves me around $5K on my taxes.  So basically the cost for no insurance unless something catastrophic happens is annual premiums of $24K and the potential out of pocket costs of another $19K for a potential total of $43,000 before coverage kicks in.

Now you know why insurance companies were all in for the ACA.....they have become government contractors and will keep raising rates to keep the money flowing in.  No wonder my son called it Obamadon'tcare and went from being an independent sound designer to working for a gaming company so he could get actual insurance at a much more reasonable price.  And no wonder so many younger people forgo signing up at all.  It's so unlikely that they will ever need it and financially ruinous to pay the premiums and deductible/OOPM.  And I saw an article today that a record number of people have signed up......it's no wonder.  Other than short term policies there is NO OTHER OPTION.  It's one of the two....period.