I think Obamacare was patently unfair in how the costs of covering the uninsured with pre-existing conditions were forced onto a tiny subset of the population while a majority of voters, including virtually everyone on this board, was protected from ever having to pay for those folks.
According to this the average cost of group coverage is $7,739.
Silver plans can run a LOT higher. For example, for a 63 year-old male non-smoker in Ohio (about my Dad’d situation when Obamacare went in, but today’s prices) the silver plan average is $1,064 a month, which is $12,678 a year.
That’s 65% higher. And obviously it can go up from there if you were 64 or a smoker or wanted a gold or platinum plan.
And of course, since he’d been on an underwritten plan pre-Obamacare, his premium went up WAY more than 65%. I think the premium quadrupled AND was a worse plan, although I’d have to double-check that with him.
It didn’t spread most of the cost to you or me though… it spread most of the cost to my Dad.
Also, IIRC, if you had qualifying coverage you couldn’t be denied for pre-existing conditions. So it was pretty within your control to keep coverage going. Lose your job and get an individual policy if you’re too rich to qualify for Medicaid.
I might be remembering that wrong. But I think the idea was that you couldn’t select against the insurance companies by waiting until you were already sick to buy coverage, but the insurance companies couldn’t not cover you because you got sick.
Yes, exactly, why would you buy more insurance than you need!??? Finance 101 bro, figure out your future medical costs and then buy whatever product will give you more than that. Otherwise you’re basically a chump.
What is really rich is that a bunch of actuaries who have underwritten insurance, and many of whom are involved in calculating underwritten rates, are acting like it’s evil for other people to prefer underwritten insurance.
Underwritten insurance is great for every single insurance product in existence except individual medical.