If You're Healthy and not on a Group Employer Plan, you're most likely paying too much for Health Insurance

With 476 days until the Presidential election, Health Insurance is once again at the forefront of our national discussion. 'Medicare for All' lately seems to be the most popular refrain, although a more measured approach, private + a medicare option, has been gaining traction.

While the ultimate result will largely depend up who's sitting in the Oval Office and in both Houses of Congress come January, 2021, the consensus is, not much is going to change.

A Mess That's Just Getting Messier

With the repeal of the 'Shared Responsibility Penalty' as of this past January, many younger (and healthier) individuals have chosen to go without Health Insurance, while those who really need it have been the main purchasers of Marketplace (ACA, Obamacare) policies. The insurance industry calls this phenomenon, 'Adverse Selection,' and it's the main reason that companies are either pulling out of the marketplace altogether (such as in the case of United Healthcare) or raising their premiums, on average, 30% year over year, pricing many individuals and families off insurance altogether.

For those who have chronic conditions and can get a government tax credit or subsidy (healthinsurance.org/obamacare/subsidy-calculator/), it's a great option. In order to get the highest possible subsidy, however, you must be at or close to the national poverty level for either individuals or families.

If a subsidy isn't an option (i.e. you make more than approximately $50,000 as an individual or $100,000 as a family of four), you're likely to pay around $800 and $1,700/month, respectively. As ACA plans are not underwritten and guaranteed insurable, it's still an excellent option if there are chronic conditions and serious illnesses present.

What if You Don't Have a Chronic Condition or a Serious Illness?

Health Insurance has evolved over the past couple of decades to better meet the needs of a changing population where a one-size fits all approach to insurance isn't the most efficient way to protect people (If you're a 30 year old single male, or a 50 year old couple, are pregnancy benefits something you want to be paying for?)

For those that are healthy, who don't find themselves needing lots of doctor's visits throughout the year, yet want a comprehensive major medical experience in the event of a major illness or accident, private (non-ACA) insurance options have emerged that offer a cost-friendly option to both individual and family protection.

Unlike ACA plans, these 'Exceptional Benefit' Private plans are medically underwritten and offer the benefit of year-round enrollment. Like Private ACA plans, some even offer No Maximum Payouts on major illnesses and accidents and nationwide PPO networks with deep provider and hospital memberships to choose from.

As a Health Insurance Advisor, I educate people on what options exist and which tailored plans are best for the specific situation - and with the insurance landscape continuing to evolve, so do the needs of individuals, families, and small businesses. Feel free to reach out if you'd like to learn more or if you have any questions about your existing coverage.