Is Health Insurance Really Getting More Expensive?

September 17, 2018
1401 Views

As we head towards the open enrolment period this year, the big news is that Obamacare premiums are going up, and this has led to some fear in the market that insurance is going to become too expensive.

While President Trump’s administration has led a coordinated effort to repeal Obamacare, the reality is that the Affordable Care Act (ACA) is still very much in place. Those who need an affordable insurance policy will still be able to get one.

As is often the case, the headlines don’t tell the full story, and the following will answer your basic questions about Obamacare and the ACA moving forward.

When is the Open Enrolment Period for 2019 Health Insurance?

You can start purchasing health insurance on the private market from November 1st up until December 15th of this year. You can start exploring your options today, to find the most affordable health insurance ahead of the enrolment period.

Is There Still a Tax Penalty for Being Uninsured?

The controversial individual mandate penalty is no longer in place. Trump’s removal of this penalty through tax reform was a huge win for those who weren’t happy with some of the Obamacare-era health insurance rules.

If you are generally healthy and don’t require medical attention, then this could be a huge advantage for you. However, if you don’t have the financial means to pay for emergency medical care (most of us don’t), then catastrophic health indemnity is recommended.

This is a more affordable, high deductible/low premium type of insurance designed for use in the worst-case scenario. It means you can have some coverage even if you don’t hold a regular policy.

How much Will Insurance Actually Increase?

Premiums will increase by up to 15% across the country. However, there are some types of coverage (most notably bronze insurance plans) that will not increase, and in some cases the premiums will decrease. If you have previously been eligible for federal rebates, then the chances are that you will still receive them.

Health is an Investment in Your Future

Health insurance is something that everybody needs. A low-premium policy is recommended even if you’re in good health, as emergency medical care can be financially devastating when you don’t have coverage.

As an investor, invertion will protect you and your family from potential bankruptcy in the worst-case medical scenario. As you look ahead to 2019, a health plan should be one of the first investments that you consider.

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