- Joined
- Dec 2, 2012
- Messages
- 5,635
- Reaction score
- 4,910
- Location
- Miles to go before I sleep
- Gender
- Undisclosed
- Political Leaning
- Independent
I agree, and I'm gonna be pissed if I can't keep my inexpensive high deductible major medical plan ($5k deductible). So far, no one has told me that I can't. I would hope that if I can't, my insurance company would offer me an alternative that does meet minimum standards, at a price not much higher than I am currently paying.
However, for whatever reason, most people don't understand the value of those types of plans, and most people don't even know that they exist, or realize how inexpensive they are. I think thats part of the problem with the current system. Our government gives tax deductions to employers for providing insurance, so it becomes cheaper for the employer to provide insurance rather than just to pay employees more (who would then have to pay taxes on the raise, plus both the employer and the employee would have to pay SS/medicare taxes on the raise). As an alternative to Obamacare, I would much have rather seen the guberment remove the incentive for employer provided insurance, and to encourage high deductible major medical plans by making them tax deductible (which currently they are not, except for contributions to HSA's, and the insurance can't be paid out of the HSA).
Unless the coverage coincides with the coverage listed in the ACA, such as the $5000 deductible which does not, you're going to be SOL. Depending on when your plan renewal date is, you'll receive a letter telling you it does not conform and will not be renewed as on the renewal date. Hopefully whoever you have coverage with will offer up some options.
Depending on where your coverage comes from, individual or through an employer, chances are the premiums either are part of a pre-tax setup (Section 125) which reduces your gross taxable wages for the year, or you should be able to include the premiums as part of your medical expenses if you itemize your tax deductions. That's as of right now. I'm sure the ACA will address that small benefit too, if not already, then very soon.