Courtesy of Mish.
Risk of Opting Out
In response to Gambling On No Healthcare Insurance: Is it a Good Deal? Here’s the Math; Obamashock! Work More, Get Less! “Money Multiplier Man” replied…
If you get a heart attack, you cannot wait until open enrollment. You need treatment now. And the hospital will send you a bill for $92,000. So if you are without insurance, you’re in big trouble.
That is precisely the risk (actually one of them). Yet, how likely is that scenario for someone under 30 and in good health? For those in good health, an auto accident may be more likely. Still – accidents happen.
But for someone with little money or assets, why not take the chance? Bankruptcy is always an option.
Ultimately, this line of thinking may cause millions to opt out. And it is not just the young who will opt out.
Nearly Retired? Facing a Huge Increase in Healthcare Costs?
Reader Lynn faces that unwelcome prospect.
Her solution, yet one she really would prefer not to be forced to make, was to “opt out” and pay the penalty.
Lynne writes …
Hello Mish,
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.
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