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Many americans opt to skip health insurance in 2016 By Floyd Arthur Business Insurance New York
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Transcript of Many americans opt to skip health insurance in 2016 By Floyd Arthur Business Insurance New York
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Many Americans Opt to Skip
Health Insurance in 2016
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According to the provisions of the Affordable Care Act, as of January 1,
2016, most
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Americans are required to have health insurance or pay a penalty of
up to 2.5 percent
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of their total household income to the IRS. Nonetheless, according to
Obama
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administration sources, about 10.5 million adults who were eligible for
health
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insurance coverage remained uninsured as of fall 2015.
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Health Insurance in 2016
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According to some of those who have chosen to pay the penalty
rather than purchase
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health insurance, the decision makes financial sense. Susan Reardon, 61,
of
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Kalamazoo, Michigan, for example, said in an interview with the NY
Times that after
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calculating the cost of the cheapest plan available to her, which included
a $500
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monthly premium and a $6,850 deductible, she was most likely going
to forgo health
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insurance this year. Like many others, she believes it will be cheaper to pay
out of
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pocket for her doctor visits and medications, even after paying the
approximately
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$1,500 penalty.
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And if something catastrophic occurs?
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“I feel like it’s better just to die,” she said.
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High Deductibles A Barrier to Health
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Insurance
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For many Americans, it seems that high deductibles rather than monthly
premiums
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are the biggest obstacle to being insured. Said Tim Fescoe, a California
resident who
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purchased health insurance on the state’s healthcare marketplace,
Covered California,
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in 2014, “It literally covered zero medical expenses,” because the
policy included a
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$6,000 deductible for both him and his wife. As a result, they opted to
drop their
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insurance and pay the penalty in 2015.
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The cost of going uninsured is going up this year, to $695 per adult family
member or
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2.5 percent of the total household income, from $325 per adult or 2
percent of the
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household income in 2015. Nonetheless, according to an analysis
by the Henry J.
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Kaiser Family Foundation, about 7 million Americans would pay less in
penalties
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than they would for the cheapest insurance available to them on the
federal health
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insurance exchange. Furthermore, over half would not qualify for
subsidies because
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their incomes are too high.
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Going Without Health Insurance -- A
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Big Risk
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Going uninsured is a big gamble, however. According to the Health
Care Cost and
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Utilization Project of the federal Agency for Healthcare Research and
Quality, there
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were 36.5 million hospital stays in the United States in 2012, which
averaged four and
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a half days and cost about $10,400 each. Nearly 50 percent of those
hospitalizations
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involved Americans between the ages of 18 and 64 -- the demographic
that is most
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likely to skip health insurance coverage in the hopes of staying
healthy.
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What’s more, participation in the health insurance marketplace by the
majority of
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Americans is a prerequisite for the long-term viability of the Affordable
Care Act ,
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according to insurance industry experts. Younger, healthier people
offset the high cost
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of caring for the sicker, older patients who have already signed up.
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Whether higher penalties will encourage that increased
participation remains to be
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seen. According to administration sources, about 2.5 million new
enrollees purchased
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health insurance on the federal exchange since open enrollment
began on Nov. 1,
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2015 -- a 29 percent increase over last year at this time.
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Open enrollment for this year ends Jan. 31, 2016.
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Health insurance decisions are complex and difficult, and making a
bad choice can
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spell financial ruin for you and your family. So don’t try to navigate the
system alone.
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Our health insurance experts will provide you with sound advice and
guide you
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through the process. Just call us at 516-292-3780 any weekday between
9 a.m. and
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6 p.m. ,or request a free consultation online now.