Can Health Insurance Be Affordable

How Affordable is the Affordable Care Act?

In my Think Advisor newsletter I read an article on the state of heath insurance. What I’ve been telling anyone who will listen was verified in congress publicly. Things have to change in a major way with the Affodable Care Act (Obamacare). It’s in no way affordable for the average family, especially a two income family. Below is an excerpt from the article.

“Chris Pope, a senior fellow at the Manhattan Institute, gave that assessment Tuesday (Oct 20, 2020), during a hearing that the House Ways and Means oversight subcommittee organized to review how the administration of President Donald Trump has been administering the ACA health coverage enrollment programs.

The ACA subsidy system has made ACA coverage an important safety net for low-income people and people with health programs, and any alternative proposals should continue to provide safety net protection, Pope said.

But Pope said, in the written testimony and at the hearing, that policymakers have to acknowledge that the individual major medical policies are a bad value for healthy people who have to pay full price for the coverage.

“They’re far too expensive for what they are,” Pope said.

In many cases, Pope said, a family of four that qualifies for no premium subsidies will have to go to providers in a limited provider network, and pay a total of about $22,000 in premiums and deductibles before getting coverage for anything other than routine preventive care.”

My take….the promises of the Affordable Care Act advocates were false from the start. Only low income people, and those with pre-existing conditions, benefit with low premiums and low to no deductibles. Most of the country is stuck with very expensive plans they rarely ever use, and that have limited networks of doctors. This is why so many families don’t have health insurance. It’s too expensive. The poor get subsidized and the middle class takes it in the shorts. Even many group plans are too expensive because of Obamacare mandates. Many employees can’t afford their group plans.

I’m all for helping people with pre-existing conditions and the poor obtain health insurance. But to do it at the expense of most families in American doesn’t make any sense at all. And it never has. We can provide affordable health insurance for the low income and pre-existing conditions without adversely affecting the entire health insurance industry.

What can we do about The High Cost of Health Insurance?

Fortunately there are alternative heath insurance plans that work well, and ARE actually affordable. But most people don’t know about them. There are share plans, short term medical plans, and health insurance indemnity plans.

Share plans are usually religious based, although some secular based share plans are starting up. Medi-share is the oldest and most reliable share plan. It started in the 90s and is very well funded with several hundred thousand members. It works like health insurance but isn’t considered health insurance. Your monthly premiums go into a bank account. When you need healthcare, your costs are paid by the premiums of other members…shared. And your premiums are used the same way to help others. After a deductible of your choosing, all your costs are paid 100%. Medi-share coordinates all the payouts.

You must be a professing Christian to be a member. You want to make sure you use a well-funded share plan. Some people aren’t confident with these plans, and some people have complained about the ability of these plans to pay out. But Medi-share is a safe choice. You will save money over Obamacare using this plan.

Another plan is called Short Term Medical Insurance. This works like traditional health insurance. And they have deductibles. But the plans are limited in duration…one to three years. So if you get a three year plan, you have to requalify in three years. If you have health issues, your plan may not be renewed. If you’re in the middle of treatment at the time, you lose all coverage. You are then forced onto Obamacare but have to wait until open enrollment. They can work well. Even though you can save money over Obamacare, it’s a risk buying such a plan. You need to stay fairly healthy to keep the plan.

Then there is the medical indemnity plan. This is the plan I recommend. Like the others, you have to medically qualify for the plan. An indemnity plan states what it will pay for any and all procedures specifically included in the plan. With the right plan, these payouts are quite generous. Most of what you need health insurance for is included in the plan. It pays first dollar coverage. The plan I recommend has a deductible only for when you’re hospitalized. So when you have a medical situation, the plan pays out whatever stated. In many cases this will be more than the procedure cost you. You get to keep the difference.

This is a simple example. Let’s say you go see your primary care physician. His fee is $80. This plan pays $120 to see your primary care physician. The doctors gets paid and you receive a check for $40, the difference. Or if you have a surgery that cost $20,000 and the plan pays $25,000, you keep the $5,000. If the procedure cost more than the plan payout, you pay the difference. But remember, with conventional insurance you pay a deductible which can be $7,000. Everything will come out of your pocket up to that $7,000.

So in cases when you come out of pocket with an indemnity plan, it will probably be far less than having to pay a deductible first before receiving any care. There is also a medical concierge service built into this plan where your medical cost will be negotiated down as low as possible to minimize or eliminate any out of pocket cost. Great service! Remember, first dollar coverage except when hospitalized. It’s a plan you actually use.

The indemnity plan is very affordable and can save you up to 50% over Obamacare. The plans are customizable allowing you to pay for the exact coverage you want. So it can fit almost any budget. You can bundle the plans with accident and critical illness plans to create a truly comprehensive plan. Once you qualify for the plan, you are guaranteed renewable until age 65. You never have to worry about losing your plan no matter how much you use it. And the price doesn’t increase no matter how much you use the plan.

There are many other aspects of the indemnity plan I don’t have time to go into here. Medical Indemnity plans are a very attractive alternative to Obamacare, the affordable care act.

Your Next Step

Well, there you have it. Your choices in health insurance and a short explanation on how they work. I can help you with indemnity plans, share plans, and short-term medical plans. But I recommend the indemnity plans. For more information on the indemnity plan I recommend, go to www.victor4healthinsurance.com. You can also email me at victor@victor4advice.com. After viewing the information on my website, you can even book a phone appointment for a quote HERE.

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Victor Cuevas

Skype: victorcue

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