Another in our informal series chronicling the sad state of ACA as it relates to previously insured ("grandmothered") folks:
First up, Ben and his family have been clients for many years. His current plan isn't fully ACA-compliant, but he's being "allowed" by the Rocket Surgeons in DC to keep it another year. It boasts a $3,000 per person ($6,000 family) deductible, then pays 100% for covered expenses. The plan just renewed, and the premium for his family of four is increasing by 45%(!), from $705 a month to just over $1,000.
But fear not, it's open enrollment season, so a great opportunity to shave some costs.
Right?
Um...
The cheapest alternative I could find has a $7,150 per person deductible, and clocks in at $926 a month. So they’d save about $1,200 per year in premium, but face an additional potential out-of pocket increase of over $4,000 each.
On the other hand, a comparable plan with a $2,500 per person deductible is over $1,200 a month, and includes 10% co-insurance, meaning an out-of-pocket exposure of over $6,500 per person (more than twice their current plan).
Sweet.
Meantime, Patty's plan (which is identical to Ben's) includes herself and her husband, and is increasing by "only" 12%, from $885 a month to just under $1,000.
The least expensive alternative I could find for them has a $7,150 per person deductible, and clocks in at $1410/month. So, an additional $4,800 a year in premiums plus $4,000 in potential additional out-of-pocket.
How's that old saying go again?
First up, Ben and his family have been clients for many years. His current plan isn't fully ACA-compliant, but he's being "allowed" by the Rocket Surgeons in DC to keep it another year. It boasts a $3,000 per person ($6,000 family) deductible, then pays 100% for covered expenses. The plan just renewed, and the premium for his family of four is increasing by 45%(!), from $705 a month to just over $1,000.
But fear not, it's open enrollment season, so a great opportunity to shave some costs.
Right?
Um...
The cheapest alternative I could find has a $7,150 per person deductible, and clocks in at $926 a month. So they’d save about $1,200 per year in premium, but face an additional potential out-of pocket increase of over $4,000 each.
On the other hand, a comparable plan with a $2,500 per person deductible is over $1,200 a month, and includes 10% co-insurance, meaning an out-of-pocket exposure of over $6,500 per person (more than twice their current plan).
Sweet.
Meantime, Patty's plan (which is identical to Ben's) includes herself and her husband, and is increasing by "only" 12%, from $885 a month to just under $1,000.
The least expensive alternative I could find for them has a $7,150 per person deductible, and clocks in at $1410/month. So, an additional $4,800 a year in premiums plus $4,000 in potential additional out-of-pocket.
How's that old saying go again?
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