For most healthy people, going uninsured before Obamacare, at least for a time, was already a safe bet. They saved thousands of dollars per year. The odds that they would have to deal with unmet medical needs or unpaid medical bills were low.
Obamacare makes going uninsured an even safer bet. It increases premiums for healthy people and the penalty for not buying health insurance is largely toothless. So if you earn too much to qualify for subsidies or you take steps to avoid paying the penalty, going uninsured will save you even more money than before.
Obamacare even more dramatically reduces the downside of going uninsured. For example, suppose the day after you cancel your health insurance, you receive a serious diagnosis like diabetes, or cancer. Pre-Obamacare, you would not be able to buy coverage for that illness. Under Obamacare, however, insurers are required to cover you at the same premium they charged when you were healthy. You may have to wait until January for that coverage to take effect, but even so the downside risk of going uninsured is much smaller.
And in many cases, you can get coverage before January.
Today, at 11:20 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for October 29th, 2014 | John Ransom
Today, at 11:20 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for October 27th, 2014 | John Ransom