Sunday 23 October 2016
Blue Cross Blue Shield of Georgia is raising the monthly health insurance premium on my current health insurance plan to $338 for 2017. That's a 27% increase from monthly 2016 payments. I should probably be thankful it's that low. My 2016 premiums represented a 100% increase over 2015.
Perhaps you're thinking that $338 isn't a lot of money each month. If you can afford better, good for you. However, the Affordable Healthcare Act has destroyed insurance for self-employed professionals like me. The insurers are complaining that they're loosing money on individual plans, and I can understand why. No independent can afford their rates.
I don't think I'm being unreasonable. I don't mind paying for health insurance coverage; I've done it for years. But I don't see why the monthly amounts have grown so out of line with what I can afford. (Especially when it still won't pay for hospital visits!) We're not experiencing rampant inflation, and there doesn't seem to be any shortage of services. So what's driving these impossible costs? Perhaps its a liquidity crisis. We can't save anything for the future if we have to spend every penny paying for right now.
In the past year, my insurance has been billed for $479 worth of doctors fees. Comparing that number against the $4,056 or more I'll have to pay in premiums in 2017, it's clear to me that my best economic option is to cancel my insurance and pay the "individual shared responsibility payment" — the government's name for the ObamaCare penalty tax. At my income bracket, the government will penalize me $695 for the whole year. That leaves enough leeway for eight doctor's visits next year, and I'll still come out ahead!
So if you see me grab my chest and collapse, don't call an ambulance. There's no way I can afford that.
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