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.