Destroying Debt Channel

Destroying Debt: Saving Money through Covered California

In a previous blog, I wrote that Shawn and I got our health insurance coverage through Covered California. It is the health insurance marketplace for the state of California. We ended up with a health plan that covered both me and Shawn. It cost only a few more dollars than the health plan that covered only me.

Right away, it was obvious that we were saving money by purchasing a health insurance plan through Covered California. Part of the reason was because we qualified for a subsidy. The only way to get a subsidy is to go through the marketplace (which, for us, is Covered California).

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Our “Obamacare” Story

A pink piggy bank sits next to a stack of dollar bills. A stethoscope is on the money.

Shawn and I signed up for “Obamacare” yesterday, and we got a really good health plan for a very affordable price. I wanted to share this story for a couple of reasons. First, I wanted our story to serve as a counterpoint to the hysteria that is being passed around about canceled health plans and skyrocketing rates. (ThinkProgress has a helpful guide that will teach you how to spot a fake “Obamacare” horror story).

The other reason I wanted to share our story was because it directly relates to our efforts to destroy our debt. We got a health plan that covers both of us for just a little bit more than the cost of a plan that was only covering me.

Previously, I wrote a b...

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Destroying Debt: Insurance Rate Change

A pink piggy bank sits next to a stack of dollar bills. A stethoscope is on the money.

Health insurance is kind of backwards. If you are extremely wealthy, then you might (potentially) be able to get through life without having health insurance coverage. I mean, Bill Gates is unlikely to have concerns about being unable to pay for an extended hospital stay or the cost of the ambulance that took him to the hospital, right?

What if you aren’t extremely wealthy? You are simply not going to be able to pay your medical bills out of pocket. You just don’t have the money to be able to do that (especially if you develop a serious illness, or get into a big accident). The only way you are going to be able to pay for your health care needs is if you can get insurance coverage. Theoretically, health insurance is supposed to be there to help you pay for (at least some) of your medical bills.

Which brings me to an obvious problem. Health insurance is expensive. We aren’t going to be able to access the Marketplace system until at least October of this year (where we should be able to find affordable health insurance). That is, unless the Republicans manage to find a way to destroy the entire health care reform system before then.

In short, this me...

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