My husband and I are among the millions of American’s who are losing long standing health insurance policies due to ObamaCare. You can read why we no longer will be insured in this previous post Obama Care War on Family Business. Since posting this blog and talking about our healthcare dilema on social media I have had several request for information about what we decided to do.
We made our decision about new healthcare based on pure math. Basically we chose to be uninsured with a backup plan. No need to send the IRS after us because our backup plan makes us exempt from the mandate. Below I have listed what our choices were and the math involved in our decision.
A. We were eligible to stay on our current policy for the recently increased price for a few more months
- Monthly Premium: $1576.94 = 18,923.28 annually in premiums
- Co-pay: doctor visits ($25), urgent care ($50) and emergency room ($100)
- Deductible: $3000 individual with $6000 family maximum
- Percentage paid on all things above & beyond co-pay: 80%
- Will no longer be eligible for soon due to ObamaCare’s War on Family business
B. We could move to the individual market where I got quotes from $1528.12, $2985.21 and as high as $4655.16 per month!
- Monthly Premiums: $1528.12 or $2985.21 or $4655.16 = $18,337.44 or 35,822.52 or $55,861.92 annually in premium
- No co-pays available for doctor visits, urgent care and emergency room
- $5500 deductible with $11,000 family cap
- Not a dime of our medical bills would be paid until we reached our deductible amount
- Percentage paid after deductible is met 60%
C. Christian Care Ministry Medi-Share program is NOT health insurance, but does except you from the fines associated with the ObamaCare mandate. The examples below are what came up when I put in my zip code and family size – your results may vary.
- Monthly Share Choices (like a premium): $612, $513, $432, $380, $303, or $236
- Annual Household Portion Choices (like a deductible): $1250, $2500, $3750, $5000, $7500 or $10,000
- We chose to have an Annual Household Portion of $1250 at a cost of $612.00 per month.
- Monthly Share Choices (like a premium): $612 monthly = $7344 annually
- Annual Household Portion Choices (like a deductible): $1250
- Medical bills after Annual Household Portion are matched with available shares – How it Works.
There were multiple other choices for family share and Annual Household Portion, but we discovered that if you had any medical costs the annual cost for a family would be cheapest with the highest monthly cost. After paying our Annual Household Portion ALL eligible medical bills will be submitted for sharing for the ENTIRE household. Not per person or per event, but one amount for the entire family for the entire year!
Several families have reached out to me to find out what we found after learning that we would be losing our small business health insurance plan. I can’t say if this is the right choice for you family or not. Honestly, it is a math problem for your family as well. It was the right choice for our family.
Follow this link to Medi-Share if you need to look into other options for you family.