November 5, 2013

Obamacare Vs. ‘Scam Insurance’ Comparison of the Day (110513)

Filed under: Health Care,Scams,Taxes & Government — Tom @ 9:01 am

TeaPartyTweetObamacare defenders have taken to calling the individual insurance plans terminated because they couldn’t survive the strict rules for grandfathering “substandard” policies. One particularly fevered troll at one of my NewsBusters posts called them “scam insurance.”

Well, here’s a comparison of Obamacare and “scam insurance coverage” detailed at RedState from Charles in Alabama:

I have struggled to pay $735 per month to Blue Cross Blue Shield for health care insurance for my family, but I am a believer that it is important to guard against catastrophe, so I have paid that large amount, completely out of pocket, ever since going into business for myself. This means I write a personal check for the entire amount every month.

We received our Affordable Care Act letter from Blue Cross Blue Shield this week, and were informed that our new monthly premium starting January 1, for much reduced benefits, will rise from $735 to $1,114.61, with our yearly deductible tripling; this monthly premium is more than my house payment. Upon further investigation, we have found that for our benefits to stay the same as they are today, our premium would be about $1,600 per month. The cheapest alternative for us in an ACA compliant policy is $870 per month, with a yearly deductible of $12,700; in this plan, our family would have the ability to go to a doctor three times in a year (per family) and pay a co-pay; after that, all medical expenses would come 100% out of pocket until the deductible was met. Under that scenario, I don’t foresee any circumstance where any of us would ever again get health screenings, or participate in tests such as colonoscopies. Preventative medicine will no longer be an option for us.

I have struggled to understand how this law is fair. I am now compelled by federal law to pay for this enormously expensive product that I cannot afford.

So Charles will have to pay thousands more per year out of his own pocket before any insurance coverage kicks in (other than a couple of things like annual physicals, perhaps). And to be able to do even that, he’ll have to pay $4,560 more per year ($380 monthly difference times 12).

If he wants to match the benefits he has today — repeat, IF HE WANTS TO MATCH THE BENEFITS HE HAS TODAY — he would have to pay over $10,000 more per year ($865 difference times 12).

I think we all know who is providing the real “scam insurance.”

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UPDATE: Wait til Charles learns that his “best” financial options are to work less and get divorced.

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1 Comment

  1. [...] I noted in response this morning at my home blog: Charles will have to pay thousands more per year out of his own pocket before any insurance [...]

    Pingback by BizzyBlog — November 5, 2013 @ 10:41 am

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