The way ObamaCare is working, it’s quite possible that a third of Americans who currently HAVE health insurance may lose it. This includes people who had employer-funded coverage who stand to get dropped, as well as those who have private plans that are no-longer in compliance and who now must sign up for one of the “better” plans.
Whatever you do, if you lose coverage, think long and hard before signing up for one of the other plans. If, after reviewing those plans, you decide that you can afford a plan that will prevent you from going broke if you have a medical disaster, then by all means do what you must do to hedge yourself against that eventuality.
But let’s say that you fall into one of the following categories:
(a) You cannot afford any of the new plans;
(b) You can afford the premium for one of the new plans, but the plan you can afford will not be sufficient to provide the financial hedging that you need if you have a medical event.
In such a case, you’re damned if you do and damned if you don’t. In that event, the rational decision is to take the path that allows you the most control over your own money.
(1) Don’t bother purchasing insurance.
(2) Take the amount you would otherwise spend on premiums and save it. You can still put up to $2,500 into a Health Savings Account (HSA), pre-tax. If your employer has Flexible Spending Accounts (FSAs), you can sock pre-tax money away into those. And with some new rules coming down, you may be able to carry $500 in FSA money over to the next year. Beyond that, stick as much money as you can into an envelope.
(3) Be proactive in seeking physicians with whom you can arrange private payment in the event you will end up needing to do this. Many will work with you. Try to cover as many bases as you think you will need–a primary care doc, a dentist, a pediatrician, a general practitioner, a cardiologist, an orthopedic surgeon, a neurologist, a dermatologist–and get ahead of the curve.
While ObamaCare is a disaster, it can also be a great opportunity for Americans to seize the initiative and become a free country again. Breaking the chains of the financial-medical complex–while not the only step necessary–is an integral step toward that end.