As we approach the end of the year, our medical insurance systems “resets” itself under Obamacare. New insurance rates. New deductibles. New co-pays.
My first story comes from a 58 year old man (Mark). He has medical insurance that covers only himself. Deductibles are $5,000 per year, an amount that boggles my mind. In addition his monthly premium for medical insurance is $500. Mark got notice that his medical premium will increase to $850 per month starting in January. I am not necessarily a math whiz but by my calculation, that is a premium increase of 70%. Whoa, this Obamacare thing is really looking like a deal!
My second story is not as dramatic but a retiree on Medicare Advantage (a private provided Medicare plan) just got notice of a 29% increase in his monthly premium. That is a huge increase to the retiree and he still doesn’t know if his deductibles and co-pays will be increase.
The implementation of Obamacare is just in it’s infancy. The “sticker shock” on deductibles, co-pays, and month premiums is just starting. Check alternatives!
There are many “things” that come with being retired that aren’t even covered by insurance. Eye glasses for example. Add to that normal dental work along with hearing aids.
Hidden in all the talk about healthcare costs is the shocking costs of some of the treatments. It is not unusual for cancer chemotherapy procedures to run $20,000 per month. Imagine having a 20% co-pay or $4,000 as your share of the monthly chemo costs.
We are living longer as a society but there is a cost! The stories of financial ruin due to medical costs keep increasing. I guess that is appropriate. We all come into this world with nothing and the healthcare system is making sure we leave this world with nothing.
The “advantage” goes to those that don’t get sick. Eat your broccoli.
Love,
Dad