|2013 - 27 plans starting at $226/mo|
|2014 - 6 plans starting at $456/mo|
But won't I get a tax credit to help pay for my health insurance? At this exact point in time, NO. Why? Because I live in a Medicaid-expansion state and my income is below 138% of the federal poverty level, so I DON'T HAVE A CHOICE - in my current situation, if I want to avoid Medicaid, I can either buy health insurance privately or pay the penalty for being uninsured.
Now let's do the math...
The lowest-priced plan available for me in 2014 is $456/month, which comes to $5472 per year, which is a hefty chunk of change for a couple with an income of less than $20,000. If I refuse to play and choose to pay instead, my penalty for 2014 will be about $200. Hmm. Nearly $5,500 or $200 - sure doesn't take a financial genius to figure this one out!
Let me be clear - I am not currently eligible for premium assistance because I qualify for Medicaid. Well, that's great! It's free health care, right? NOT! I will not be forced onto Medicaid for one very good reason that you can read about in a previous post.
So...what to do? Well, fortunately I don't have to decide today. In fact, this first year only, I have until the end of March to figure it out. And I do have a few ideas, which I'll share as they unfold.
Have you figured out how YOU will fare under ObamaCare?