There are a lot of specially noted days on the horizon in the next few months: Independence Day, Labor Day, and Columbus Day to name a few. And most Americans celebrate and commemorate these days with pride and joy. This year, we will be adding a new “day” to the lineup… but it’s not necessarily one that will bring smiles and fireworks.
X-Day, as it is called, will fall on October 1st 2013 and will mark the day that Obamacare’s subsidized health insurance exchanges will come into full fruition. Yes, some people may be rejoicing this day, but for healthy consumers it will likely mean a huge spike in insurance rates. According to a recent Forbes article by Avik Roy, an analysis done by the Wall Street Journal’s Louise Radnofsky looking at insurance rates in eight U.S. states showed that individual insurance rates for healthy consumers could actually double or triple under the new program.
Here’s the thing. The tax-credit subsidies will make health coverage affordable for tons of families who don’t currently have insurance, and would not be able to otherwise afford it. That being said, for all the healthy consumers out there who are not currently struggling with being able to afford health insurance, it’s looking like they’re going to get hit with some hikes in rates.
How these changes coming October 1st will affect you is going to depend on where you are at in your health and finances. The biggest recommendation we can offer for those who are paying for individual insurance right now is to try to get insurance through your employer, if they offer it. If they don’t, but have several employees who would like to have it, talk to your employer about getting group coverage and having it come out of your paycheck. The rates will still be lower and employees can’t be turned down because of pre-existing conditions.