Author Topic: Should I stop my Health Insurance  (Read 18125 times)

Offline Bosco

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Should I stop my Health Insurance
« on: June 28, 2012, 10:03:06 am »
Now that Obama care is "constitutional" (I guess it's not my constitution anymore) I am thinking of cancelling my health insurance now.

Here is my reasoning:

I pay $1650 per month for me (57) my wife(57) and one son(22). As of 2014, based on my income, we can opt into the state’s exchange and have a maximum "Annual" premium of just $5700, or $475 monthly.

That is a lot of money I could save over the next year and a half. That could be a lot of farkles. I figure if I get sick I can just sign up then.

Here is a link for the premium calculator: http://www.washingtonpost.com/wp-srv/special/politics/what-health-bill-means-for-you/#
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Offline gPink

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Re: Should I stop my Health Insurance
« Reply #1 on: June 28, 2012, 10:19:12 am »
The fed gov, as it is now constituted, will force the end of the private insurance market.
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Offline Strawboss

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Re: Should I stop my Health Insurance
« Reply #2 on: June 28, 2012, 10:22:41 am »
I'd wait a bit.
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Offline Awaz

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Re: Should I stop my Health Insurance
« Reply #3 on: June 28, 2012, 10:32:11 am »
Now that Obama care is "constitutional" (I guess it's not my constitution anymore) I am thinking of cancelling my health insurance now.


I have not following this all that closely. For now, I will stick with private insurer through work as I am not sure of service from a gov offering. But out of curiosity, are you referring to the clause to force anyone to take insurance as unconstitutional or the fact that they are offering a gov option?
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Offline Bosco

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Re: Should I stop my Health Insurance
« Reply #4 on: June 28, 2012, 11:00:07 am »
I have not following this all that closely. For now, I will stick with private insurer through work as I am not sure of service from a gov offering. But out of curiosity, are you referring to the clause to force anyone to take insurance as unconstitutional or the fact that they are offering a gov option?


I currently pay $1650 per month for my health insurance. Based on my income and the calculator (http://www.washingtonpost.com/wp-srv/special/politics/what-health-bill-means-for-you/#) I can get health insurance through the state for about $475 monthly in 2014. I have not until now stopped the very expensive and almost unaffordable health insurance because of a preexisting condition from a long time ago. But now, I can stop the health insurance and not be worried about the preexisting condition.

I could buy a lot of farkles with that money I am paying monthly to the health insurance company.
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Offline VirginiaJim

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Re: Should I stop my Health Insurance
« Reply #5 on: June 28, 2012, 11:07:44 am »
I don't understand (a bit thick sometimes).  Are you saying the new laws will help your situation?  In my case, I don't know yet how it will affect me but it should help my daughter tremendously with her premiums.  Her employer does not offer health benefits so she pays out of her own pocket.  Based on the calculator I think she'll be better off.  What's the down side of this?
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Offline Mal

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Re: Should I stop my Health Insurance
« Reply #6 on: June 28, 2012, 11:25:27 am »
I don't understand (a bit thick sometimes).  Are you saying the new laws will help your situation?  In my case, I don't know yet how it will affect me but it should help my daughter tremendously with her premiums.  Her employer does not offer health benefits so she pays out of her own pocket.  Based on the calculator I think she'll be better off.  What's the down side of this?

As with most things, you can have something cheap, you can have it fast, or you can have quality, but you only get to chose two of the three...

If socialized healthcare anywhere else is an example you can expect rationing, long wait times and a severe drop in quality... which is why most of the European countries are starting to swing toward free market healthcare.

As far as dropping your private insurance, you might want to wait until after November. If the GOP doesn't win, then I would go ahead and enlist in the govt option...


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Offline Bosco

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Re: Should I stop my Health Insurance
« Reply #7 on: June 28, 2012, 11:28:05 am »
I don't understand (a bit thick sometimes).  Are you saying the new laws will help your situation?  In my case, I don't know yet how it will affect me but it should help my daughter tremendously with her premiums.  Her employer does not offer health benefits so she pays out of her own pocket.  Based on the calculator I think she'll be better off.  What's the down side of this?

What I am saying is:

Right now I pay $1650 monthly. If I stop, then I can't get back on because of preexisting condition
by 2014 (according to the calculator) I would pay $475 monthly no worries about preexisting condition.

So should I just stop my health insurance now, since I won't have to worry about the preexisting condition. I looks like I would just be throwing money away if I keep paying $1650 monthly, since if I get sick, I could just sign up then.

Just saying. Maybe it is time to get on the dole like everyone else. I am fed up paying when a lot of others are not.
« Last Edit: June 28, 2012, 12:00:35 pm by Bosco »
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Offline VirginiaJim

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Re: Should I stop my Health Insurance
« Reply #8 on: June 28, 2012, 11:57:00 am »
As with most things, you can have something cheap, you can have it fast, or you can have quality, but you only get to chose two of the three...

If socialized healthcare anywhere else is an example you can expect rationing, long wait times and a severe drop in quality... which is why most of the European countries are starting to swing toward free market healthcare.

As far as dropping your private insurance, you might want to wait until after November. If the GOP doesn't win, then I would go ahead and enlist in the govt option...

I guess from that explanation, which is more speculative in nature, I need to do some research of my own to see what's around the corner.  I'll report back what I find.
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Offline stevewfl

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Re: Should I stop my Health Insurance
« Reply #9 on: June 28, 2012, 12:21:57 pm »
If you cancel now you won't be insured.

Plus the repubs are going to repeal this crap anyway soon enough
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Offline gPink

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Re: Should I stop my Health Insurance
« Reply #10 on: June 28, 2012, 02:14:43 pm »
Look at the bigger picture than just obamacare. What the scotus just did was remove any constraint on government intrusion into your life. Taxes have always been used for behavior modification, but up until now we were always taxed on a received product or service. John Roberts has now given us a tax on NON-COMPLIANCE. Get it? We now get taxed for doing nothing. This is wrong on so many levels.
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Offline sherob

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Re: Should I stop my Health Insurance
« Reply #11 on: June 28, 2012, 02:20:07 pm »
Are you contributing to a 401k or IRA?  New tax for that coming soon!  You have Dental Insurance?  You have Mental Health Insurance?  You have Accidental Life Insurance?  What about substance abuse insurance?
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Offline VirginiaJim

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Re: Should I stop my Health Insurance
« Reply #12 on: June 28, 2012, 02:34:31 pm »
News to me about the taxes but then I don't follow this stuff much.  Can you point me to where those taxes are discussed.  I'd like to learn more about it.
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Offline Stasch

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Re: Should I stop my Health Insurance
« Reply #13 on: June 28, 2012, 03:28:12 pm »
Much of this is poorly written and poorly thought out.  It appears that completely within the rules, another option is to simply pay the 'no insurance' penalty and not carry any insurance at all - until you need it.

When / if a large event occurs where coverage is needed, buy the insurance then since you cannot be denied for pre-existing conditions. 

Why pay $475 a month when you can pay ~$120 / mo. in no-insurance penalties ($1,400 per year for penalties using rounded numbers based on limited info I saw) and bank the difference until you NEED insurance. 

Of course if everyone does this, it drastically skews the premium vs. expected claims ratios meaning - rate increases eventually.

Each family would have to evaluate the gov't coverages is in the form of limits/ costs / copays / deductibles compared to your ongoing normal needs.
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Offline Nosmo

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Re: Should I stop my Health Insurance
« Reply #14 on: June 28, 2012, 03:30:50 pm »
Renounce your citizenship.  You then become an illegal alien.  If you get sick you can go to the Emergency Room for free.
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