What if Obamacare Goes Away? What About My Health Insurance?
The latest news about Obamacare, or the Affordable Care Act (ACA), is that the Cadillac tax is on the chopping block. The Cadillac tax was designed to reduce benefits and control costs. Many argue that the tax was the only way to keep costs down and that by repealing it, we’ll be driving up costs, possibly exponentially.
It’s not just the controversial Cadillac tax that’s in question now with the ACA: Its very existence is in question. Slowly but surely, we are whittling away at it and what laws will replace the ones being removed are uncertain. The court decision that the individual mandate is unconstitutional in requiring enrollment affected many people who would’ve otherwise owed a tax penalty this past April. Beginning in 2018, people were no longer fined for not having health insurance and it’s probable that the penalty won’t be coming back come next tax season. Still, some people are afraid because for every person who bemoaned the hefty fines that went hand-in-hand with the ACA, there were those with pre-existing conditions who were finally able to get healthcare coverage for the first time in years and they fear going without health care at all with these changes.
Naturally, people who buy insurance on their own are nervous about the upcoming elections and how the outcome will determine their insurance in the future. Joe Biden wants to dismantle more than half of the ACA provisions and other democrats seem to be getting on another track altogether, with talks of expanding Medicare for all. We don’t have to dig too far too see how the current president feels about Obamacare. It’s not exactly a wild guess to assume that he may dismantle entirely if he’s re-elected.
Yes, the future of health insurance is uncertain but a few things are clear. For one, the uncertainty of the ACA won’t mean that there will be any earth-shattering amendments come tax season. It’s also unlikely that you will be stripped of your health insurance entirely but there will probably be even more competition among insurers, which means that you will have more options and lower rates. It’s not easy (or even pleasant) to shop for health insurance. It takes days, even weeks, to compare rates and plans. You should compare rates by shopping health care insurance quotes in one quick search.
Millions of people are going to be shopping for health insurance during open enrollment come November 2019. Health insurance companies will be counting on folks switching up their carriers based on savings and incentives so you should really consider changing providers if you can get better coverage for less money. Also, if a last minute vote does dismantle ACA, it would mean no more medicaid for millions of shoppers. It’s likely that there may be insurers offering lower prices, hoping to absorb these people.
Comparison Shopping for Insurance
Buying healthcare isn’t very different from buying car insurance, but there are some distinctions, especially when it comes to deductibles. With car insurance, you pay the deductible and then coverage begins. With healthcare, you have a deductible only if you have PPO plan. You pay for your own medical services until you meet the deductible and your health insurance pays your claims going forward. You can comparison shop both car and health insurance and get multiple free insurance quotes if you visit SmartFinancial.com.
Medicare Supplement Plans
Yes, Medicare gets affected whenever there are changes in the health insurance markets. Right now most Medicare beneficiaries get free preventive care, which may not remain free, depending on how laws will be affected by the next presidency. This is why Medicare supplement plans may become even more necessary than ever for those who may have had minimal supplemental insurance or had none at all.
If you are already 65 or will soon be 65 and are about to start coverage with Medicare, it’s important to know that copays and prescription costs may become overwhelming without the help of Medicare Supplement insurance, which alleviates the burden of these expenses. If Obamacare is completely overturned, Medicare may become even more limited in its capacity to provide adequate healthcare for the elderly and disabled. Costs to individuals will rise.
SmartFinancial can help shop and compare affordable Medicare Supplement quotes for you. You will then be in touch with an agent who can sign you up with the plan of your choosing.
If you are 26 years old or older, or if you are under 26, you may have counted on your parent’s healthcare plan. Some of you are worried if this provision will disappear in the coming months. If it does you’ll need to shop around aggressively to find the best rates. The good news is that on average, young adults have fewer pre-existing conditions and for that you may be able to score a low rate if you need to strike it out on your own. However, you’ll want to compare health insurance quotes. You’re best off using SmartFinancial, where your comparison shopping will be done in minutes. SmartFinancial’s comparison engine will use your information to compare multiple health insurance rates at once, and you will be paired with an agent offering the best coverage for the lowest rate
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Whether you’re interested in Obamacare open enrollment or if you want coverage from a private health insurance company like Humana health insurance, you’ll want to compare rates after you approximate what your healthcare costs for the coming year will be.
Comparing rates, you may find that buying a health plan through the marketplace is more affordable than COBRA. Furthermore, you may even find that a private health insurance provider can provide better rates and coverage.
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A 65-year-old retiring in 2019 will spend about $135,000 to $150,000 in out-of-pocket medical costs during their retirement. This astronomical figure has gone up about $2500 since last year. Of course, these costs would be higher if you have an existing condition or if you live longer than the average American.
Like auto and homeowners insurance healthcare insurance also has a deductible which needs to be paid before insurance begins to cover expenses. However, healthcare deductibles work a little differently. For instance, your healthcare insurance will pay for some services even before you meet your deductible.
You may be shopping for health insurance because you got a new job, which doesn’t offer health insurance. Some people even prefer to have a health plan separate from their jobs. It’s usually a more expensive option to buy an individual health insurance policy when an employer offers to pay a portion of your premiums each month. However, some people prefer to choose their own insurance company and a plan that fits their needs.