Medical costs are going up again, specifically for those who run small businesses and buy coverage on the individual market.
Here are some important snippets:
"Some 15 million Americans, or about 6% of non-elderly adults, currently buy coverage on the individual market."
"Just over half of the individual plans currently on the market do not meet the standards to be sold next year, when many key provisions of President Obama's Affordable Care Act kick in, according to a University of Chicago study. That's because the law sets new minimums for the basic coverage every individual health care plan must provide."
"
Most individual plans sold next year, even the lowest-level "bronze" plans, are likely to charge higher premiums than today's most bare-bones individual insurance. "
"The insurance industry's trade group counters that some people may wind up with more coverage -- and higher monthly costs -- than they want. Some individuals may choose to simply pay the fine instead, said Robert Zirkelbach, a spokesman for America's Health Insurance Plans."
As a healthy 30 year old, at what point do I just put all of my assets into a Trust, pay the 1% fine and put the $600-800/month I would be paying for insurance coverage into a mutual fund and roll the dice. ERs are obligated to treat me regardless of ability to pay and if I have some catastrophic medical episode, merely declare bankruptcy. This is a no-brainer for any healthy 26 y/o being kicked off their parents coverage that makes more than $45k and has to find individual coverage. Pay the
fine "tax" and save upwards of $5000 - and that's even *with* paying out of pocket for yearly physicals.
For the full article:
http://money.cnn.com/2013/04/03/news...html?hpt=hp_t2