HEALTH INSURANCE PRICES RISING

Your health insurance price is going higher.  Since July 2015 there have been reports of health insurance premiums rising in 2016.   Prices have risen by 25 per cent or more with many health insurance plans.  It may actually be cheaper to be uninsured especially if you are healthy and stay that way.  Since the Affordable Care Act took effect in 2014, insurance premiums are on the rise again.  If deductibles are included, it resembles prices of yesteryear.  The premium may be less, but adding the deductible balances out to about the same yearly amount as before the health law was passed. 

With premiums likely to rise as much as 25% again next year this could set the stage for more uninsured as patients find they may be able to do better without insurance. The 2016 yearly penalty imposed if one declines to be insured by a health plan is $695 per adult and $347.50 per child but can be no more than $2085 per family or 2.5% of family yearly taxable income.  This increased over 50% from $325 and $162.50 respectively in 2015 with total to be no more than $925 or 2% of yearly taxable income. In 2014 when the Affordable Care Act went into effect the penalty started at $95 per adult and $47.50 per child with total to be no more than $285 or 1% of yearly taxable income. 

Many are paying between $200 to over $1000/ month for “affordable” health insurance.  If health care could be attained at less than $2085 a year, could it be to your advantage to opt of health insurance coverage and pay the health premium penalty? The choice is yours to make for health coverage.  With or without it, price increases continue. Though it may appear cheaper and healthier to be uninsured it may be more risky.  One unexpected consultant visit or diagnostic test can easily exceed $2085 for the year! 

If you are without any major illnesses or chronic disease, and have a healthy genetic predisposition, do you really need health insurance?  Should you save your money in a medical fund until you need it instead of having health insurance?  There are folks doing this, and they are spending less on their medical care than the price of what health insurance would cost.  Many are able to afford their medicines (if they are taking any) and other treatments as well as routine screening tests that may be needed.  Their own health savings account is their “insurance”.  Saving enough money for your health care is difficult because health changes as unexpected health challenges arise especially with aging. 


Should you have health insurance?  Do you have enough money in your budget for health insurance and/or a health savings account? It is prudent to have some type of coverage solely because your health is so important.  Health insurance is prevention intervention as well as diagnosis and treatment coverage.   As more insurance companies focus on wellness and prevention, more services are covered at much less than what you will pay for them yourself. Health insurance benefits do seem to give you more bang for your buck and your body.
The choices for your personal health maintenance are there.  Health insurance is important like home and car insurance.  You are your most important asset.  To keep the car and house  while maintaining financial stability, you must stay in good health.  Find a plan to fit your needs medically and financially.  Even if you have health insurance, unless it's the "gold" plan you will most likely have to pay some out of pocket as well (deductibles, copays, full pays for services not covered).  Saving your health can help save your money. Best health!