Here is a personal look at the impact of the impact the Affordable Care Act has had on me and my family. For reference, in the beginning of 2016, I was 45, my wife 42 and my kids 13, 10 and 5. Unfortunately, we are all a year older going into 2017.
I am using Blue Cross of Louisiana’s most popular Gold-level plan for my unsubsidized premium comparison. The plan has a $1,000 deductible ($3,000 for the family) and and out of pocket maximum of $5,000 going down to $4,800 in 2017 ($10,000 going down to $9,600 in 2017 for the family).
- 2016 Premiums – $1,583.70 per month or $19,004.40 for the year
- 2017 Premiums – $2,023.05 per month or $24,276.60 for the year
That is an increase of $439.35 per month or $5,272.20 for the year. It also represents a 27% rate increase. OUCH!!!
My wife and I both work (pretty hard, I might add). To be fair, if our combined income was lower, we would qualify for some help with this premium. You can check your own subsidy availability here. At $113,000 in combined family income, we would qualify for $303/month in help. At $114,000 or more, we do not qualify for any help. I think this is what President Clinton referred to as “the craziest thing in the world.”
Some more broad trends of note:
- the % increase on some “more affordable” plans (silver and bronze level) is as much as 44%
- there are more “narrow network” plans this year – both in total number and more drastically in % of total plans available.
- comparable small group plans are significantly better priced and offer significantly more coverage options. See – The Small Business Health Insurance Roller Coaster – What is Next? – If you have a business or influence with your small employer, it may be time to run some numbers.
I hope our next President and Congress work together for a better solution for all of our sake. This is not sustainable.
Benefits @ Work 