bogey21
TUG Member
Before I start, understand that I'm not passing judgement here, just passing on the facts. I bought the cheapest Bronze ObamaCare Policy for my underemployed Son and his wife for two reasons, (1) so they can avoid next year's $1,390 penalty for not having insurance and (2) to have coverage in the event something really bad happens to either of them.
These are rounded numbers from memory. The total cost of the policy is $6,000 with the Government paying $3,600 of it (the subsidy) and me paying $2,400 on behalf of my Son and his Wife. With the exception of a couple of little things (primarily preventive care) the policy pays nothing until the deductibles (roughly $6.500 each) are met.
IMO this is a great deal for the Insurance Company as they get premium income of $6,000 and essentially don't pay anything out until each insured has covered the first $6,500 of his/her medical expenses. It is also a reasonable deal for us as our cost for catastrophic coverage is only about $1,000 (our $2,400 share of the premium paid minus the $1,390 my Son and his wife won't have to pay for not having insurance). The big loser appears to be the Government;i.e the taxpayer who is paying $3,600 for what?
Yeah, I know there are a few things benefiting my Son and his wife like a small amount of preventive care; maybe a flu shot and some birth control pills and getting the benefit of the Insurance Company's negotiated rates rather than the rack rate if/when they ever go to the doctor.
What am I missing here?
George
These are rounded numbers from memory. The total cost of the policy is $6,000 with the Government paying $3,600 of it (the subsidy) and me paying $2,400 on behalf of my Son and his Wife. With the exception of a couple of little things (primarily preventive care) the policy pays nothing until the deductibles (roughly $6.500 each) are met.
IMO this is a great deal for the Insurance Company as they get premium income of $6,000 and essentially don't pay anything out until each insured has covered the first $6,500 of his/her medical expenses. It is also a reasonable deal for us as our cost for catastrophic coverage is only about $1,000 (our $2,400 share of the premium paid minus the $1,390 my Son and his wife won't have to pay for not having insurance). The big loser appears to be the Government;i.e the taxpayer who is paying $3,600 for what?
Yeah, I know there are a few things benefiting my Son and his wife like a small amount of preventive care; maybe a flu shot and some birth control pills and getting the benefit of the Insurance Company's negotiated rates rather than the rack rate if/when they ever go to the doctor.
What am I missing here?
George