Sunday, January 26, 2014

Cannot Resist This

Anecdotes are not data. But I couldn't resist retelling these stories about health insurance.

Time magazine featured a cancer patient and his wife, small business owners to boot, who were able to get nearly free health insurance through the Affordable Care Act's health exchanges ('Obamacare'). Because of the law, his pre-existing condition didn't preclude him from being getting insurance. And it was better insurance than they had before, which allowed him to continue treatments.

I know another person who saved 10% on their out-of-pocket premium through the health exchanges. Besides that, the spouse's employer, a non-profit organization, saved $4,000 per year when the coverage through that organization was dropped. In other words, this person was able to get similar health insurance for less than half the cost coming through the organization's group plan. Because of the new health insurance exchanges, this person was able to find out that the group plan wasn't very cost effective. Not only did this married couple save themselves some money, but they also saved a non-profit from having to raise several additional thousands of dollars.

If only the savings to the non-profit could be taken as a charitable tax deduction. Oh well, can't have everything.

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