Although the ACA (Affordable Care Act) has helped many Americans get previously unaffordable health coverage, many wonder if it will help them save if they don’t qualify for government subsidies. Before anyone declines enrollment, they should evaluate these factors in order to make an educated decision.
Monthly Premiums
Many justify their failure to buy health insurance plans Asheville NC, by saying that the benefits received don’t justify the premiums they pay. In some situations, it could be true as the prospect of paying hundreds per month for coverage may seem unreasonable if no one in the family is sick. Once deductibles, non-covered services, and copays are considered, a good deal may not be as good as previously thought.
Prices for coverage depend on location, and some buyers can find lower rates through the exchange than through an employer. If one finds themselves spending thousands on insurance that doesn’t meet their needs, self-insurance may be a viable option.
Consider the Potential Penalty
Failure to buy a plan that meets ACA standards can lead to a fine assessed at tax time. For the 2015 tax year, the maximum fine per family is $975. While it may seem cheaper to pay the fine than to buy a plan if one doesn’t qualify for subsidies, the story isn’t over. In addition to the tax-time penalty, a person could be responsible for costs such as:
* Doctor and ER visits
* Chiropractic care
* Family planning
* Hospitalizations
* Immunizations
* Urgent care
* Checkups
The costs for such services are typically higher for the uninsured. If someone in the family has a chronic disease that requires medication and regular doctor visits, out-of-pocket expenses could be very high. Without lifetime maximums provided to those with Employee Health Insurance Asheville NC, a cancer diagnosis or car accident could leave a family bankrupt.
If a family crunches the numbers and determines they do not need expensive covered services, they should put some of the money they’re saving on premiums in a savings account. If a crisis does happen, self-insurance can be a reality. Catastrophic insurance policies are another option. The high deductibles make them a poor choice for regular healthcare needs, but these policies from Integrative Family Medicine are good when the unexpected happens.
