Opting Out of Obamacare for 2019

[Chazm]

My grandfathered plan is still holding strong. For now...

 

[yorkriver1]

I have AOR'd a couple of grandfathered plans. Love them. Commish is great! PPO's, and although the prices aren't super bargains at all now, they are a security for those who can still pay. Both are folks within a couple years of Medicare.

 

[JeremySoper]

Message me about Ministry Plans

 

[LostDollar]

I doubt anybody needs to message you. There are a lot of threads about ministry plans with a lot of pro and con discussion. If you have something more to say about them, say it in the open, don't try to hide behind private messages.

 

[vic120]

Thank you! Good to know that there are other options. I may very well sign up at your site. But curious — how's the performance of those companies in actual claims? That's the real purpose of insurance. Otherwise it makes even less sense (more risk) to go with placebo premium payments.


Thank you. Funny! Although not really advice or helpful insight, you're offering the usual scare tactic but with some color and flavor. Your assumptions, however, are wrong as follows:


Not marginal income for me. But, of course not very wealthy either. Unless you yourself are self-employed (entrepreneur), you don't know what deductibles get your high gross income down to the AGI that qualifies. Also, being divorced and settled with my "habits" I'm pretty sure I got my life in order.


Funny ROI figure. Sorry you can't find good investments. You have horrible experience! By the way, I already own my home for life. The only next step is hospice many decades off, and that's another story.


Now you sound like an insurance agent sorely missing out on your potential commission! Wasting 7k every year, which has proven to increase dramatically every year, is in fact the core argument here -- of the flaws of Obamacare, of health insurance in general, of healthcare costs, etc. You're the one who seems deluding yourself by blindly payment any amount. Or wanting others to.


I would normally say "sorry to hear", but for you, too bad. Cancer sucks. Keep praying.


The thing is, I'm already, and have always, leveraged an HSA. All these rising premiums are already within the lowest benefit, highest deductible, catastrophic-only coverages! That's the outrage.

Again, in text format, here's what I've paid annually:
2011 $1196
2012 $1391
2013 $1735
--- Obamacare starts ---
2014 $546
2015 $1475
2016 $1694
2017 $1380
2018 $ unknown until filing my tax return
2019 $7376

That last jump is the outrage.

I feel the pain, I will pay this year over 25K with premium-deductible included, Worse in your state Ileagal immigrant with a family of 4 will get subsidy till $150K

If I got that I would be OK,

Had I not had a child with special needs I would go without till I got over the hump, Like you my income increases yearly but for not I play the game adding debt paying debt getting hit with more tax and premiums adding debt again

out of the $25 K would include $6K that will actually be paid back next year when I do my taxes, MY rewards for making a higher income

 

[tikibarrister]

Now if I look at the likelihood of a semi-catastrophic expense, say $100000, how long would I need to save up for that? How about 10 years at a clip of $7376 a year?! Which would no doubt increase by $1000 or so each year. Add investment gains. Voila. Self-insured.

Nice that you can schedule that problem 10 years out.

I have a cousin who filed bankruptcy over appendicitis, which was a high five-figure hit. If you have an appendix, you're as susceptible as any other human. Sub-catastrophic coverage is a financial choice, but running without catastrophic coverage is a reckless gamble.

"Add investment gains" seems rather questionable to me. At present, any investment gains will be offset by inflation. You can't put the money away and think "I'll make 10.5% in an S&P 500 index fund" because those swing wildly year to year, and you might need the money at any given moment. So you're stuck with very safe, liquid investments, which in the present interest environment are not keeping pace with inflation.

You can't scare me with "cost of unexpected accident" scenario.

If you have a perfect crystal ball, then that does simplify insurance needs considerably. I think you are ignoring risk in order to fit your preferred scenario.

 

[avila2k]

You lost me at "Risk are low for me".

 

[Dave020]

Just FYI, California has expanded the subsidy from 400% to 600% FPL for 2020. Depending on income, some will receive only state subsidy while others may receive both federal and state subsidies (200%-400%).

California has also brought back the individual mandate and tax penalty for 2020.

New forum member here.

I've just updated my info at CoveredCA (Obamacare in California). My income estimate for 2019 is a hair above the Obamacare cutoff. I'm self-employed. And income should continue to rise. So I did some number crunching to review.

Now thinking of opting out of health insurance entirely for a few years! See attached file.

I'm strong and healthy. No family history of disease. Grandmother passed away at age 98 — only by accident (many years ago). Father still strong at 92. Mother similar. Both still active. I eat right, exercise, don't smoke or drink. Most important is that, now at age 55, I'm as adult and responsible as ever. Risks are low for me.

Financially, health insurance doesn't make sense to me. I've always been properly insured for everything. But now I can't pay over 7k a year for unnecessary health insurance. Might be better to invest it. Ten years of compounding returns can do wonders.

Seem reasonable? Look at the outrageous cost increases. Advice? You can't scare me with "cost of unexpected accident" scenario.

What else am I missing?

People like me are squeezed out — and only because of a slightly higher income.
View attachment 4769

 

[Mike Siegal]

How the H**ll can your premium be 7k / yr if you make just over the ACA income limit (last yr it was 12.5k per single person) ???

If you make 12k in my state, you get full coverage worth about 10k plus a 6k deductible that you never have to pay should you be admitted to a hospital.

Whats the Deal with CA.???

 

[goillini52]

Massage me about Ministry Plans

I don't think you'll get any takers. Weirdo.