Should I cancel my insurance policy?

Message Author
ampm-bookmark
delicious-small Add to delicious
yahoomyweb-small Add to YahooMyWeb
blinklist-small Add to BlinkList
PostPosted: Mon Dec 02, 2013 12:35 pm   Post subject: Should I cancel my insurance policy?  

My insurance company told me that my premiums are scheduled to rise by up to 140% next year. I don’t want to step in this kind of trap. What if I just cancel the policy now and settle the thing by paying some penalty? If Obamacare makes it mandatory to have healthcare, I can have that in 2014 if I get sick. That’ll be absolutely legal and I won’t be required to pay any fees for that, right?


_________________
Register Now to have your Insurance queries solved.
Latvia
Guest







PostPosted: Mon Dec 02, 2013 10:00 pm   Post subject:   

Quote:
If Obamacare makes it mandatory to have healthcare, I can have that in 2014 if I get sick. That’ll be absolutely legal and I won’t be required to pay any fees for that, right?


LMAO!



Unfortunately, you have fallen into the large trap of misconception about Obamacare and the Affordable Care Act. If you fail to have health insurance for more than three months in 2014 you will pay a minimum penalty of $95 or a maximum penalty of 1% of your income. If you make more than $9500 per year, you will pay more than $95. For example, if you earn $40,000, you will pay $400.



Will that be less than your annual premium for health insurance? Probably. But without health insurance of any kind, even if you pay a $95+ penalty, you are responsible for 100% of the costs incurred. One trip to an emergency room can cost $500-$50,0000 or more.



Obamacare is nothing. It is a term of "endearment" (or "rage") for the Patient Protection and Affordable Care Act (PPACA). The PPACA does not provide "free insurance" to anyone, it simply eliminates most of the obstacles many people had faced in the past (such as preexisting illnesses or disorders).



The PPACA also eliminates "cost sharing" for certain "preventive health service" but that does not make health care free.



Depending on your income, you could qualify for tax credits to pay a portion of your premiums, or you could qualify for Medicaid if your income is below 133% or 138% of the federal poverty level. There is no premium for Medicaid, but there are limited out of pocket expenses.


_________________

CA-licensed Life & Disability Analyst. CA Insurance Lic #0596197. Also investigating insurance company abuses, and providing litigation support/expert witness services. Send me your questions, and I'll send you my answers.
MaxHerr
Forum Expert
Leave a quick message

MaxHerr
Forum Expert

Joined: 29 Nov 2009
Posts: 7888

Location: Pomona CA
107.61 Dollars($)

PostPosted: Tue Dec 03, 2013 10:36 am   Post subject:   

Do you think yourself an young immune and invincible guy? If yes, then go ahead. But if you have dependents who need medical attention, then you should think about them.



You could have think about higher deductible plans where the premiums would be less expensive.


_________________
Register Now to have your Insurance queries solved.
yahollo
Guest







PostPosted: Sat Dec 28, 2013 9:09 am   Post subject:   

I think, Health Insurance is one of the requirements for many of us. In these days, Many companies are offering these services with minimum payments. Before we can invest in any company, We must go through its complete portfolio or-else we may any kind of risk after at a certain period of time.

caddariclarry
New member
Leave a quick message



Joined: 28 Dec 2013
Posts: 1


1.09 Dollars($)

PostPosted: Sat Jan 04, 2014 7:44 pm   Post subject:   

You cant really afford to cancel it because if takes more than 3 months then penalty is very huge and if you get a cheaper plan than you should go for that but that one should fill all the obligations.

fxaddictor
New member
Leave a quick message



Joined: 04 Jan 2014
Posts: 13

Location: amritsar
1.85 Dollars($)

Quick Reply
Your Name
Subject
Message body
All times are GMT
Page 1 of 1


Get a Quote
Ask Community Experts

flash plugin

Quick Links

Must See

Community

Hot topics in forums

Latest in blogs

    Connection Error: Connection refused