Do you buy your own health insurance?

[roadfix]

To those who're not under Medicare or company sponsored health care program do you buy your own private health insurance?
I do, and have been doing so for my wife and I for the last 20 some odd years. Being self-employed, I really didn't have a choice. And now that I'm making a lot less income than what I used to make the monthly premiums have been tough on me these past few years......about 30% of our gross income going towards paying health insurance premiums.

Now, The Affordable Care Act which goes into effect come Jan 2014 almost sounds too good to be true and seems to have been written for folks like myself and others in similar situations. When enrollment begins starting Oct here in California I will qualify for the "tax credit", be able to stay with my current provider (Kaiser Permanente), and my current out-of-pocket insurance premiums will decrease by at least $1,200/month according to calculations. That's gonna be a huge relief.
Anyone else in the same boat?

 

[Andy M.]

I'm on Medicare but SO is self-employed and buys her own insurance.

I agree. Her monthly premium is a killer. I haven't seen anything on the ACA but will check it out for her.

AFAIC, the outrageous costs for health insurance is one of the embarrassments this country has. The cost of higher education is another but that's a discussion for another day.

 

[Fos87]

When enrollment begins starting Oct here in California I will qualify for the "tax credit", be able to stay with my current provider (Kaiser Permanente), and my current out-of-pocket insurance premiums will decrease by at least $1,200/month according to calculations. That's gonna be a huge relief.

I hope to not be rude, but how much cost a health insurance now? Here the health system is quite different.

 

[roadfix]

I hope to not be rude, but how much cost a health insurance now? Here the health system is quite different.

The health care system in the US is broken.
My wife and I are both about 60 years old so we're not old enough to qualify for Medicare. As a couple we currently pay over $1,300/month for our medical plan which has been steadily increasing close to 10% annually.

 

[Fos87]

At least are you covered for everything?

The health care system in the US is broken.

Italian health care system is really good on paper, but there are a lot of differences between the North and the South and too much people who eat public money.

 

[roadfix]

At least are you covered for everything?

Not the best plan, but pretty much covers everything, except dental.
$25 per visit, $100 emergency room visit, $25 co-pay prescriptions, $100 surgery co-pay, $25 CT-scans, for instance.

 

[Aunt Bea]

I have been trying to figure out the new plan.

I currently pay $913.00/month for a plan that still has an annual deductible and various copays.

I am still unclear on how the new tax credits will work and also the new insurance exchanges.

I guess I know what I will be doing in September and October!

 

[bethzaring]

same boat here. I retired in 1999 and lost my insurance benefits through my employer. The next year we purchased a high deductible plan (Golden Rule) which also offered a Medical/Health Savings Account. In 2000 our monthly premiums were $165/mo (family plan). Now they are $533/mo. (single plan)

I have not had the energy to look into the Affordable Care Act. I hope to learn something from this thread.

 

[roadfix]

I don't know how actively each state is participating but here in California the official insurance exchange website is up and running:

Affordable Health Insurance | Covered California?

 

[Aunt Bea]

It is up in New York also. The thing I can't understand is the income tax credit.

I don't have any income, to speak of, so a credit to reduce my tax liability won't really help me
reduce my out of pocket.

The new premiums appear to be lower for plans similar to the one I have now.

Can anyone attempt to explain how they work?

 

[roadfix]

It is up in New York also. The thing I can't understand is the income tax credit.

My understanding is that the "tax credit" is actually the balance the gov pays directly to your insurance provider. You only pay your adjusted share, the gov pays the rest, and does not involve your tax return.

 

[Aunt Bea]

My understanding is that the "tax credit" is actually the balance the gov pays directly to your insurance provider. You only pay your adjusted share, the gov pays the rest, and does not involve your tax return.

Things are looking up!

 

[GotGarlic]

My congressman, Rep. Bobby Scott, is holding a series of information sessions about Obamacare. They're being recorded and available for viewing on C-Span. I haven't watched it yet, but I intend to. Here's a link, if anyone is interested: Representative Bobby Scott Town Hall Meeting, Aug 12, 2013

 

[jennyema]

My understanding is that the "tax credit" is actually the balance the gov pays directly to your insurance provider. You only pay your adjusted share, the gov pays the rest, and does not involve your tax return.

That's not how I understand the tax credit. You can get it in advance to help pay your premium. I dont think it's paid by the govt to the health insurer (but I'm not sure) but it does involve your tax return. There are other subsidies available to lower out of pocket costs.

"The ACA provides two forms of subsidies to help pay for health insurance. First, a monthly premium assistance tax credit will lower the premium amount an individual or family must pay. Second, cost-sharing assistance will limit a person's maximum out-of-pocket costs, and for some it will also reduce other cost-sharing requirements (i.e., deductibles, coinsurance, co-payments)."

Health Insurance 101


This is from healthcare.gov which explains things very well.

https://www.healthcare.gov/glossary/advanced-premium-tax-credit/

"The Affordable Care Act provides a new tax credit to help you afford health coverage purchased through the Marketplace. Advance payments of the tax credit can be used right away to lower your monthly premium costs. If you qualify, you may choose how much advance credit payments to apply to your premiums each month, up to a maximum amount. If the amount of advance credit payments you get for the year is less than the tax credit you're due, you'll get the difference as a refundable credit when you file your federal income tax return. If your advance payments for the year are more than the amount of your credit, you must repay the excess advance payments with your tax return. Also called premium tax credit."

 

[roadfix]

And as far as funding the ACA my thinking is they're hoping the younger, healthier population's contribution into the system will generate enough funds to pay for all this. The healthier population, while pumping money into the ACA, is less likely to use the health facilities.
But on the other hand, how many 21 year olds can afford to pay $100/month for health care? I think health care is the least of their concerns. I believe this is part of the reason why participation is mandatory.

 

[jennyema]

And as far as funding the ACA my thinking is they're hoping the younger, healthier population's contribution into the system will generate enough funds to pay for all this. The healthier population, while pumping money into the ACA, is less likely to use the health facilities.
But on the other hand, how many 21 year olds can afford to pay $100/month for health care? I think health care is the least of their concerns. I believe this is part of the reason why participation is mandatory.

You are 100% correct.