Monday, October 21, 2013

Healthcare Tsunami

Today I received my Anthem H.S.A. policy increase - a mere 24.8% increase (and a three year average of 21.3%.  Co-incidentally Susan sent me an article from the Heritage analyzing the data for the new Government Exchanges (see Find Your State: See How Much Obamacare Coverage Will Cost).  For once Ohio looks good (obviously it doesn't apply to me) but look carefully at the column for the 27 year old - the differences are astounding - double or triple!

Healthcare costs and coverage will be the defining issue of intergenerational wealth transfer of our time.  The challenge is the balance of compassion and individual responsibility.  We all make health care and lifestyle choices - taking risks (i.e. smoking, diet, exercise, physical risk etc.) that affect our health.  Some of our health is genetic and some random (i.e. like an accident).  So the challenge is whether we should try to eliminate this risk (some taken, some given) and provide everyone equal care (Affordable -yet Mandated - Care for Everyone).  If the answer to this is yes - then the next challenge is how (and who) should pay for this risk equalization.

Should the healthy pay for the sick?  Should the lucky pay for the unlucky?  Should one generation be forced to take care of another generation?  What amount of money should be spent during the last months of one's journey?

Here is a chart of my Healthcare Insurance Premiums since 1990 and the scary change that occurred in 2010 with projections from 2015-2019.  I can guarantee that I had no clue about this in 1990 (or for that matter in 1977 when I started work).  I hope the younger generation is ready for this Healthcare Tsunami!

Note:  In 2003 I tried to contain this cost by enrolling in a High Deductible H.S.A. plan which is why the big drop.

Wisner Household Insurance History & Forecast

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