I wouldn’t say the group market is a failure.
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.
Last I checked, Obamacare premiums were not wildly different from the group market.
Also premiums and cost shares are subsidized by the federal government, so it’s incorrect to say we aren’t paying for them.
Again, imo, Obamacare is like Group, as a huge wealth transfer from the healthy and wealthy to the sick and poor. Group insurance just did a better job of hiding it.
Or you had diabetes. Or …
Yes, Obamacare spread the cost of massive misfortune that is totally outside your control, and that means the fortunate need to pay more. What a horrible tragedy.
You know, it’s almost what the religious figurehead many of the Rs claim they follow would advocate.
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.
Naw, Jesus never advocated forcible charity.
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.
The average age of employees is a lot younger than 63. What does Obamacare cost for a 35 year old?
Irrelevant to my 63 year-old father.
Nevermind. I am not interested in getting involved today.
So you’re telling me you’re angry that young people aren’t subsidizing your father as much as I’m subsidizing old people at my job?
Did you look at average silver across all ages?
Also, did you look at employer contribution for group plans because, pro-tip, employees pay for that too.
To be fair, I’ll look for the exact funding mechanisms and medical burdens some time next week for both, but I’m suspicious that your father is being no more screwed than the rest of us.
Yikes.
We shouldn’t have insurance unless and until 100% of people pay less than they benefit. I’m surprised a group of actuaries haven’t figured this out.
I’m heading out to crash my Vespa now. Been subsidizing others way too long here.
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.
No, he’s subsidizing sick people more than you are.
I assume that figure is employer + employee.
Just curious… the insurance on your Vespa… is it underwritten?
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.
One could argue “Render unto Caesar…” fits the bill.