Between Obamacare and Affordable Care Act

When you ask people on the street a question about Obamacare versus the Affordable Care Act the answer reveals that many people are adamantly against Obamacare but are for the Affordable Care Act – yet, they’re one and the same thing. For years now, we’ve been bombarded with conflicting information, promises, opinions, legal challenges, and more, and the verdict is still out. Whether you’re for Obamacare, against it, or still confused about what it really is, turmoil in the marketplace will continue for years to come.

Here’s what we know for sure:

You have to enroll in a qualified health insurance plan or pay a penalty
Unless you qualify for subsidies, and even if you do, you’ll likely have higher than expected out-of-pocket expenses.

Health insurance was supposed to get better, and cheaper, right? Perhaps for some, but it looks as if employees are feeling the burden. According to Aflac’s 2015 Workforces Report, companies are continuing to shift the cost of healthcare to employees:

31 percent increased employee’s’ share of their premiums
30 percent increased copay amounts
21 percent switched to high deductible plans with HSAs
Some even dropped coverage for partners and spouses.

These figures translate into more out-of-pocket costs for employees. If you’re feeling the burden, it may be time to look at alternative solutions. Changing plan types may not provide enough financial protection. Regardless of what type of coverage you are interested in, individual or company sponsored there are somethings you can do right now to protect yourself financially.

Many people can’t afford the Gold and Silver plans for their families, opting instead for high deductible Bronze plans in order to keep their premiums affordable. What happens when they get sick or injured? Their insurance won’t kick in until their deductible has been met.

With an average 2015 deductible for a family enrolled in a Bronze plan being $10,545, the Affordable Care Plan is far from affordable. This leaves many in a very uncomfortable financial situation. One solution may be a pre-tax health care saving plan. The plan can divert monies pre-tax into a savings account that can be used to pay health care cost. Talk to your company’s human resources department to see if they can set it up for you. If not go to a qualified CPA to set one up.

The key here is preparation be prepared to cover the out of pocket cost when injury or accidents happen.

 

Stay Aware Of Sharing Insurance Cost

There are no substitutes for any type of insurance. There are Christian organizations that have totally missed the whole purpose why we all need health insurance, a cost-sharing program among believers to lower premiums is not the right solution. Ask yourself this question; why should you take the risk with your income and assets to save a few dollars on monthly premiums, knowing the fact this is not insurance?

In the event you had a catastrophic mishap that could cost tens of thousands of dollars a cost-sharing plan would only pay a certain amount of your medical expenses, and you could still find yourself with more than enough remaining expenses. We are to use wise judgments’ in our dealings with everyone. Just because some organizations are exempt from the new Affordable Care Act, this does not mean you as a consumer should go without the right protection. Insurance is in place to protect against financial losses. Think about this; if you are a homeowner, have a vehicle, rent a home, or have liability insurance for your business and family, do you not protect these assets? Sure you do.

It is no different if you were to have a material financial loss. Wouldn’t it make sense to recover from the loss by filing a claim with your insurance company to replace damaged goods caused by whatever reasons? It is the same in the event you found yourself with surmounting bills and needed ongoing care such as: physical rehabilitation or other medical services for a certain period of time; health insurance is there to limit medical cost providing the protection you need.

Although the premiums for this type of healthcare are extremely lower than traditional insurance, keep in mind this is a cost-share plan to help pay for healthcare services and not insurance. Just as you protect your home, your business, life and family with insurance products, do not neglect health protection as well. As with any endeavor; one of the best things you can do is to use sound wisdom to make an informed decision that will allow you to have peace of mind, knowing you are protected when something does happen and you have the right coverage in place.

The purpose of this article is not to bash any organizations, but is to make certain you and your family would not make the foolish mistake of going without the coverage you need to protect your finances. Though faith base ministries are ideal with strategizing to share medical cost; unfortunately we live in a day and time that does not resemble the early church as in the book of Acts. Cost share faith base ministries are a good way to help other believers pay for medical expenses when they occur to help others pay for someone else when needed.

With knowing the fact this is not insurance altogether, this should be a concern to all consumers regardless of your religion or faith beliefs. As Christians it is our responsibility to be good stewards of all that has been entrusted to us. To be spiritually rich and earthly no good, is not a good mix; by applying Godly wisdom, this will assure us that the right decision has been made when making such an important decision about insurance. Be encouraged and wise.