ObamaCare Clusterfuck: Escaping ObamaCare's health insurance with life insurance?
Eeew, wingers.* And the obvious agenda is to suck more "young invincibles" away from ObamaCare, thus making it less sound, actuarially. (And why in the name of sweet suffering Jeebus is a government concerned about actuarial soundness, as opposed to the health of its citizens?) All that said, this is an interesting idea:
But just because millions of Americans refuse to get ObamaCare-qualified coverage doesn’t mean they will be uninsured. There are policies available now that would work very well for the ObamaCare avoiders.
Some of these policies are built on a life insurance platform rather than health insurance — which, incidentally, means they are outside ObamaCare’s long arm of regulatory control.**
The customer buys a life insurance policy that pays up to $250,000 upon death, which I believe is the current maximum available for this kind of policy.
Along with life insurance coverage the policy includes what’s called a “critical illness” component. If the policyholder needs, say, surgery, the insurer writes the policyholder a check based on a schedule. Let’s say, for example, it’s $10,000.
The policyholder has $10,000 in hand to pay for the medical care — or, frankly, anything else since the money belongs to the insured — but the value of his life insurance benefit is reduced by the same amount, to $240,000. Thus the critical illness component simply accelerates the benefit payout.
One existing policy pays 100 percent for heart attack, stroke, life-threatening cancer, major organ transplant, kidney failure, Alzheimer’s and paralysis, among other medical conditions.
The policyholder could also be part of a provider network that provides a discounted rate for the care — one of the most important current benefits of having health insurance.
How much would such a policy cost? For one company, a 30-year-old male would pay $1,438 a year, and for a 50-year-old male it’s $3,234.
And remember, this isn’t just health coverage. In the event of a tragic accident or illness, whatever is left of the benefit goes to the estate upon death.
Frankly, I have no idea how to assess this idea (although gawd knows it seems simpler than ObamaCare). I wonder how it nets out, with ObamaCare penalties --- oh, I'm sorry --"shared responsibility payments")*** --- on top of the payments?
NOTE ** This is the sort of thing wingers are smart about.
NOTE *** The "shared responsibility" language is so Orwellian. The only responsibility I should have is to pay taxes which, since health care should be a right, and single payer the delivery mechanism, would be the beginning and the end of my "responsibilities." But n-o-o-o-o-o-o!!!!!!