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Every time I write about the Affordable Care Act, I get legitimate hate mail. And, I get it. I totally get it. After all, people who stand to benefit from the law are passionate about it for a variety of reasons. First, no one can be denied for pre-existing conditions…which is something that I’ve always felt strongly about. Second of all, the law makes insurance companies stop discriminating against women through higher premiums, which is something that I’ve thought was unfair forevah. (I mean, every baby born is some guy’s baby, right? Why should women bear all of the healthcare costs for birth?)
Anyway, what I’m trying to say is that although I get hate mail and understand your concerns, I’m not going to stop talking about Obamacare and the law’s detrimental effects on my state. Why? Because I think it’s interesting and because it affects my personal finances. And since this is a personal finance site, the topic seems to fit, am I right?
Anyway, If you want to read my other posts about Obamacare, you can check them out here:
In case you don’t want to endure every last detail, here is a quick summary of the shenanigans the law is imposing on my personal finances as well as on my state:
- My old health insurance plan ($377 per month) is not ACA-compliant. Therefore, it was cancelled and our health insurance costs will double to at least $738 per month under the law and that is for a plan with a $10,000 deductible. Neither of us are eligible for an employer-sponsored plan through work either since I’m self-employed and Greg works for a very small business.
- Our state did not set up its own exchange, so people are stuck using the crappy healthcare.gov site. Furthermore, several health insurance companies are offering ACA-compliant plans off of the exchange but it’s hard to get information from them. As of today, I have tried to get a quote from three different health insurance companies….but they say they don’t have quotes for next year yet.
- A lot of the ACA-compliant plans in Indiana aren’t eligible for a health savings account (HSA), even though they have deductibles of 8K, 10K, or even 12K. (Question: Who wants a plan with a $12,000 deductible and no HSA?)
- A lot of hospitals in Indiana are not accepting Affordable Care Act plans, including some of the best hospitals in the state. (You can read more about that in the Indianapolis Star by clicking here) This means that my children will not be able to go to Riley Hospital for Children or Peyton Manning’s Children Hospital if we chose a plan that was accepted by the local hospital in town. (Our local hospital is only taking Anthem ACA plans and the bigger, fancier hospitals are not taking Anthem)
Anyways, I started by doing my fair share of health insurance research online at ehealthinsurance.com, I discovered that we may be able to get a small business health insurance plan instead of one of the jacked-up plans in the individual market. Apparently, the state of Indiana only requires that a business have two employees to become eligible for a small business healthcare plan. And strangely enough, those two employees can actually be husband and wife. I didn’t believe what I was reading, so I called Anthem to confirm. And they did.
After that, I called an independent agent and got the hookup for some small business quotes. Basically, I could pay slightly less than $800 per month (similar to the cheapest plan on the exchange with a 10K deductible) for a group plan with a $6,000 deductible. Or, if I wanted to stay with a sky high deductible, I could pay $651.82 per month for a plan with a $10,000 deductible. If I wanted to add vision and dental and supplemental life insurance coverage for our family, the grand total for the plan with a $10,000 deductible would be $753.23 per month. But, most importantly, group plans aren’t bound by the same wonky narrowed-networks as the Obamacare plans in my state, meaning that I don’t have to choose between access to my local hospital and the ability to go to a specialized children’s hospital if one of the kiddos got real sick. So there’s that.
Screw You Guys, I’m Outta Here
So, after all of the complaining I’ve done about Obamacare and the Affordable Care Act, it turns out I found a way to avoid the crazy individual market aspect of Obamacare after all. I’m still going to pay more than I was before, but at least I have more options. And as far as I’m concerned, the more options…the better.
I have no idea why the state of Indiana allows a husband and wife to get a group health insurance plan, but I’m going to spend zero hours investigating it. The Affordable Care Act is a slow-motion tragedy in the making, and I am thrilled that I have the option to avoid its effects on the individual market.
So, if you’re still in the path of Obamacare, sorry about ya. I found an escape hatch and I’m getting the hell out of dodge.
Screw you guys, I’m outta here.
What are the group health insurance rules in your state? Do you think I’m being selfish by getting the hell out of the individual market and getting a group plan?