Healthcare.gov is open and working well…but is it worth it?

I went onto Healthcare.gov this morning to get a quote for my health insurance.

The POTUS said that it would be fixed by November 30th so I thought I would go check it out.

Here is what I found

There are three main sections:

1. Who is applying for coverage and how much is their income  (took about 10-15 minutes)
2. Choose the plan you want ( took about 10-15 minutes)
3. Finish application and submit    (took about 10 minutes)

 

The site was open and I found it very easy to use.  Very simple to understand and easy to navigate.  

Info needed:

• SS#’s ,  W2’s and/ or 1099’s of all income earners
• If self insured you will need your FEIN#
• DOB of all people to be insured

 

Section 1

Over all, it was painless and very easy to figure out.  Just like anything when having to fill out info..boring..but must be done.

I applied for coverage for a family of four. Me (35) wife (34) and son’s 14 & 8

The most important things you need are the SS# of the income earners and the amount of income you will earn BEFORE taxes in 2014.

This is a very important part because the amount of money you make for the 2014 year is what they base your tax credit on to offset your premiums.  When you file your taxes FOR 2014 IN the year 2015, if your income was higher than you originally said they will take away the tax credit and you will owe a portion of that credit back.

Example…

Let’s say you estimate you will make $50,000 in 2014 and that gets you a tax credit of $8,000 per year to offset your health premiums. But when you actually file in 2015 for 2014 you show you made $70,000 in 2014 (you estimated $50,000) the tax credit should have only been $5,000, so you now will owe $3,000 back to them.

So in summary…

They want you to estimate your income in 2013 for what it will be in 2014, to be paid in 2015. Doing it this way it makes it a retroactive tax.

SMH….but that is the way it is..

Section 2

Once again this part was really easy to read and navigate, but if you don’t understand health insurance, this could be rough…

And keep in mind…you can call the number or use the chat feature to help..but they can only do so much.

They said my kids didn’t qualify for a credit.  

Once you look at all the plans offered per coverage level you simply select it and move onto the last section.

Section 3

Once again, a very simple process.

You agree to the terms, review the application and plan you chose, simply e-sign it and you are done.  They give you the option to have all documents mailed or emailed and that is it.   

In those documents they send you ( I had mine emailed) they explain all the details for the process going forward.

Overall

I have to admit, the process was easy.  The website was well designed and built for an easy user experience.  You needed very little information to be able to answer all the questions.

I personally think that a majority of people will be able to get through the process and understand some of what they are buying…

But in the end, access and ease of use was not what Obamacare was about..it was about being affordable…heck…the real name of the healthcare act has the word affordable in it!

And so far I am not convinced of its affordability..

If I take the middle plan (only pays 73% of health expenses)….

• with a $4,700 deductible….
• $60 copay for doctors
• no prescription plan
• No dental or vision

For a family of four is $680.00 per month..or $8,160 annual…and keep in mind this is WITH THE TAX CREDITS!

Why this will not work

Once you get your quote you now have one of two things left to do.

1. Get health insurance and pay the annual premium of $8,160

or

2. Not get health insurance and pay the tax penalty.

For my family the penalty will be about $1,200-$1,800 annual

So let me ask you…What do you think those who don’t have insurance now are going to do?