sign of things to come....dead end for retirees.... Your articles are always a well-written source of insight, wisdom and common sense for me. Thank you for providing excellent current event commentaries! I am a 61 year old self-employed woman who received notice from Anthem Blue Cross on November 4th that my individual health insurance plan was being cancelled because of the Affordable Care Act. My health plan currently costs $225 per month and I am happy with it. The notice goes on to say that unless I elect something else by December 15, 2013 I will be automatically enrolled in a new ACA-compliant health plan at a cost of $530 per month, a 136% percent increase in premium. My annual health plan cost will increase from $2,700 to $6,360 for 2014. The bottom line for me is a choice between reducing the amount of my retirement plan contributions by $3,660 per year or going without health insurance and paying the penalty. As a self-employed person who couldnt afford to start saving for retirement until my mid-forties, Im equally afraid of either choice. In trying to understand what caused health insurance plans to skyrocket in cost, I found out that to be ACA-compliant they must now cover things like maternity care and pediatric dental -- even if youre a 61 year old empty nester! After researching my states exchange web site it appears that Im ineligible for any premium subsidies or cost-sharing assistance. My husbands income (hes on Medicare) must also be counted and our combined income is over the $62,040 threshold. And after speaking with my long-time insurance agent, there arent any other health insurance options available to me next year for much less than $530 per month. So, what to do? Im healthy now and Ill be eligible for Medicare in less than four years, can I make it that long without a serious ailment? Im inclined to go without health insurance, even knowing its a huge financial risk. But so is not having enough retirement savings. Update: this week I received another notice from Anthem Blue Cross. Theyre allowing me to opt into continuing my current health coverage through February 28, 2014. Of course Ive already signed up for this, but it only postpones my gut-wrenching decision by two months. The Obamacare mess reminds me of the 2008 presidential platform slogan Hope and Change -- his changes have me hoping that US citizens can regain freedom from a meddling, control-freak government. Thanks again for your insightful writings,
Posted on: Sun, 24 Nov 2013 12:18:00 +0000
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