It is up to us as consumers to take charge of our health care and locate a plan that meets our individual needs without breaking the bank. Health insurance premiums need to be made more affordable for all Americans under the Affordable Care Act, but particularly for those who can do so without government aid. Healthcare access should not be contingent on a person’s financial situation.
Pre-ACA
Before the Affordable Care Act, insurers could refuse to cover patients with pre-existing diseases or charge them exorbitant rates.
Post ACA
Today, a person’s health is not a factor in the law’s evaluation of them. Unfortunately, insurers cannot accurately assess risk without underwriting. Because of this, insurance companies that want to safeguard their customers can’t make an accurate evaluation of risk. Why? Only because nobody knows what the consumer’s personal health risks are. The approach is to ignore the hyperbole from politicians, media critics, and various other political organizations about the expense of coverage as well as how it is paid for via taxes.
A Different Strategy for Insurance
Health insurance companies need to reinstate the underwriting process for clients who are financially stable and in excellent health so they may accurately assess the risk associated with providing coverage. Insurers must provide policies to consumers that take into account their individual health status. Under the existing framework and legislation, there is no justification for treating all Americans the same when determining their health insurance rates.
Acceptance of the ACA
Medicaid would continue to provide health coverage for low-income Americans and their families who meet certain criteria.
- suffer from a history of health problems
- in need of monetary aid
Insurers will cover those whose healthcare costs are very high in comparison to those of low-risk individuals under the conditions described above. In the scenarios outlined above, insurance firms may seek recompense from the government in the form of lower premiums or higher risk premiums. Since insurers voluntarily assumed the risk, they are eligible for government compensation.
As you may have heard in the media, many insurance companies are leaving the healthcare “exchanges” because of the unpredictability of the existing government regulations. There’s no reason for you to freak out as customers. Before anything bad occurs to our bodies, we need insurance that protects our lives and our finances. Feel encouraged to keep looking until you discover the appropriate strategies. Think of it like this:
- If your deductible is $5,000, get insurance that equals or exceeds that amount.
Have accident protection in your plan in case of an accident. - If you or a member of your family has a history of a fatal disease like cancer, heart disease, or a stroke, it’s important to obtain health insurance that will provide coverage in the event that you get one of these ailments.