With Obamacare set to go into effect next year, I was curious to know how my health insurance will be affected. Mainly, I want to know how much it is going to cost, or how much it is going to save me.
I began looking for information, and I found an online Obamacare subsidy calculator, courtesy of the Henry J. Kaiser Family Foundation. The calculator tells you how much your Obamacare insurance will cost, and how much of a government subsidy you'll get. Cool.
Using this tool, I entered my data.
Without giving away too much of my personal information (because there are some certified loons out there), I'll clue you into my financial situation. I'm semi-retired. I'd say I was fully retired, because I don't work for anyone, but I don't collect a pension, so I'll say I'm semi-retired. I make a little cash now, but not that much. I'm going to have a low reportable IRS income this year, but I am not poor. I'm comfortable. My house is paid for, and I have cash on hand and investments. I'm not rich either. I get no government assistance of any kind, and I don't need or want any, not until I am eligible to begin getting my Social Security money back in drips (I wish the feds had a cash option for their SS life expectancy lotto). I am in the individual health insurance market, meaning that I pay for my own health insurance. I pay for my own everything. I am satisfied with my current coverage, which has high deductibles and covers catastrophic events in case I get hit by a bus. That costs me only $200 per month. It's exactly what I want, but President Obama knows better than I do what I want, I guess, because my current coverage will no longer be available as of January 1st, thanks to the Big O. I will have to play by the President's rules, which PO's me to no end, but maybe his Affordable Care Act has a better deal for me. That's what I want to find out.
I plugged my estimated 2013 income of $10K into the Obamacare calculator, and....drumroll, please...
The Obamacare calculator told me I was below the poverty line and was eligible for Obamacare's expanded Medicaid program. My health insurance would be free.
Medicaid ? A person in my situation, who has substantial assets despite a small reported income, should not be eligible for Medicaid. That would be highly immoral. I have run into a big glitch with Obamacare right off the bat.
On the other hand, if I do not go on Medicaid, which I can't believe I would even be eligible for, my Obamacare-approved insurance will cost $7,856 per year, according to the calculator. I'd have to pay every penny of that, which means my annual insurance premium would jump from $2400 to $7,856, costing me an additional $5,456 per annum. That's a 327% increase, thanks to the "Affordable" Care Act. Ouch.
According to the Kaiser calculator, either I have to go on Medicaid, which I'd consider to be welfare fraud, or my health insurance rates will go through the roof. Gee thanks, Mr. President. With friends like you...
I hope somehow I'm reading this wrong, and there's some other Obamacare option for me.
On top of the info I received from the Kaiser calculator, I recently read that Obamacare will increase Ohio's insurance rates by 88% next year. The Kaiser calculator used 2013 insurance rates. Does this mean my Obamacare insurance for 2014 will cost $7,856 PLUS 88% or so ? Then I'd be paying almost $15K per year for freaking health insurance !!!!! Someone please tell me this can't be true. I think I'm beginning to hyperventilate.
Breath...breath...breath. There. That's better.
This is only my experience with Obamacare, of course. Your situation could be vastly different. Obamacare subsidizes health insurance on a sliding scale until income reaches 400% of the poverty line (currently about $46K per year for an individual). That's where the subsidies end. Plug in your own numbers and see what Obamacare will do for you (or, in my case, do TO you). Over and out.
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