Now that some more information has come out, I am getting a clearer picture of the financial impact of the changes coming from Health Reform.
Before I jump into my summary, I must commend ehealthinsurance.com for having the most complete summary information available today. I was able to quickly and easily access a number of carrier summary options in only a few minutes. I was also able to run a quote for both a 12-1-2013 effective date and a 01-01-2014 effective date. I encourage everyone to go through this process as well. I am curious to hear some better news scenarios than mine. Here is a breakdown of how my personal options came in:
In 2013, I have 67 plans to choose from with the least expensive plan being $65.60 per month (the most expensive option is $480.26). Deductibles range from $500 to $10,000 and plans include options to eliminate certain types of coverage – like maternity or office visits.
In 2014, I have 34 plans to choose from with the least expensive plan being $218.67 per month (the most expensive is $443.28. Deductibles range from $0 to $6,300 and there has been considerable standardization of essential benefits included in these plans – like wellness paid without cost, unlimited lifetime maximums, etc.
I have been on a High Deductible Plan with a Health Savings Account for years, so I narrowed my search to HSA eligible plans. That is where I pulled the comparisons of 2013 and 2014 plans. As you can see from the summaries, the premiums are about 60% higher and the out of pocket maximums are about $800 (or 13%) higher on average.
This is not the best news for me. However, I would qualify for financial assistance (subsidies) if I earned less than $37,000 per year AND I do not have to answer medical questions or stress about getting approved for coverage in 2014 like I do now.
Benefits @ Work 