In 2013 the United States personal savings rate was 4.20%. That means that a little over 4% of a household’s income is saved over a period of time.
4%
The median household income is about $51,017 1 with an average household size of 4.16 people 2………………
That means that about $2,000 is saved a year (yeah right) and that is to be used for retirement, emergencies, hospital bills, and child expenses…………
With the new policies for the Healthcare Exchanges rolling out, it will not be odd to see a deductible of $4,000 for the Silver plans (the “benchmark” plan offering the federal savings subsidy). In general, before Obamacare arose, the Kaiser Family Foundation found that the average deductible was $2,0863 for a single person. That number is already outside of the bounds of the average American’s savings. Now double that………….
Imagine one doctor visit eating up years of savings for you and you have health insurance………..
The funny thing is that the deductibles for most Silver plans is $4,000, but the maximum annual out of pocket is $6,350. So the Affordable Care Act does greatly help with preventive care, which all human beings need to improve their quality of life, but for the emergencies it only pays out about $2,000 which is what “we” save on average!
The creation of national healthcare is a novel idea, but we all now need to intelligently plan our income and expenses so that we protect our futures.
It’s great to have fire and pet insurance, but now you should look into income insurance, because if something disables you will you have the ability to pay your bills?
Have a plan not a plea.
1. Median Income Falls For 5th Year, Inequality At Record High http://www.huffingtonpost.com/2013/09/17/median-income-falls-inequality_n_3941514.html2. The demographic evolution of U.S. households http://smartblogs.com/leadership/2013/02/18/the-demographic-evolution-of-u-s-households/3 . High-deductible health plans are a growing trend for employers http://www.star-telegram.com/2013/09/28/5200346/high-deductible-health-plans-are.html
I live in New Jersey and we have Silver Plans with $1300 and $2000 deductibles. And $15 copays for Dr visits etc...I dont understand why people are so negative. I make good money and was paying $340 a month for a sub par plan now I have a better plan paying $195. My state has one of the highest rate but what helps me is they go by your modified adjusted income not my gross. I am an independent counselor. I think too many people are listening to fox news instead of finding out the facts. Thats all i'm saying.
ReplyDeleteThat's awesome for you! I'm not bashing Obamacare and nor do I watch Fox news (there shouldn't be 20 women in miniskirts on a news show......), but there are more cases of high deductible than yours. Here in Georgia the silver plans have $3-4000 deductibles.
ReplyDeleteI love that people can actually get health insurance and how a lot can save money, but I'm urging people to proceed with caution and plan for emergencies just in case they have a huge deductible.
Truth be told, even if your deductible is $1,000 you should still prepare for tomorrow.
I priced multiple plans in Nevada and used faked names and ages. One of the things Obamacare was supposed to do was spread the costs over the entire country... so why the higher rate at an higher age? Those young folks are supposed to share the cost.
ReplyDeleteThe monthly premium was $200 more a month than I pay now for the full premium of my private plan. (BCBS PPO). The annual out of pocket maximum was double. The office visits cost more. There was no PPO option, only HMO.
The bottom line is that if you use your health care, you have to pay the monthly premium plus $6,000 before you get any advantage... which makes the monthly premium actually $1,100 Not exactly affordable with average income $51,000 and at least a third of that will be consumed by taxes.... but then Obamacare is really just one huge new tax.
If I lose my policy, I'll just not get one, demand "free" health are and they can fine me. It's cheaper.
I'll say one thing for Obama, he the best snake oil salesman in history.
If you want a way to improve things so income is not an issue, let me know. We have helped families pay off $3 million in debt, 100 families become stay at home parents, 400 families make over 6 figures.
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