Life in Transition

Navigating Personal Finances During Life Transitions

Archive for the tag “healthcare”

What the Obmamacare Supreme Court Ruling Means For Me

Note: This is not a post to debate whether the health care law is good or bad, or how to best fix our health care system.  I’m not interested in a political discussion. Also, I am by no means an expert on the law.

As most of you have probably heard, President Obama’s signature legistation was upheld 5-4 by the Supreme Court last week.  Barring any repeal, the law seems set in stone.  The law overhauls many aspects of the US healthcare system, but what does it mean for my pocketbook?

Right now, my employer covers half of my health insurance premium, so the new law does not change anything for me dramatically.  I think the biggest change would be higher premiums, since the law doesn’t allow too much of a premium differential between age groups (I was hoping that the gender gap in premiums too, but it doesn’t look like that was even discussed).  I’ve already seen my premiums increase 7% this year.

The biggest benefit of the act for us is the provision that allows people to remain on their parents’ health insurance plan until they are 26 years old, regardless of their marital status and whether they are a student or not.  Before the Affordable Health Care Act passed, in order for someone to stay on their parent’s plan, usually the person had to be a student and single.  Without this, we would have to purchase an individual plan for my husband, which would be expensive (my company doesn’t cover spouses).  Instead, my husband is able to remain on his parent’s plan, which is cheaper since they have a large group policy with his father’s company.  And as a bonus, his parents offered to continue to pay my husband’s premium as a way to help him through school. 

How does the the Affordable Healthcare Act affect your finances?

 

Five Necessities I Hate Paying For

  1. Oil Changes and Car Maintenance: I hate spending extra money to keep something running.  I know it’s what you’re suppose to do, but I still don’t like paying for that kind of stuff.
  2. Health Insurance: It’s expensive, and from my experience, everytime I try to file a claim, the insurance company tries to find a reason to deny it, which means I spend over 45 minutes on hold with their customer service.  Yet, it would be foolish to go without it.
  3. Parking pass: I know that what I’m paying right now for downtown parking at my apartment is a bargin, but since I grew up in small towns, I’m not used to paying for parking.  Yes, I could park for free on the street four blocks away, but the neighborhood four blocks away is ranked the 14th most dangerous neighborhood in the US by NeighborhoodScoutReports.com.  I don’t plan on walking there by myself at night, so the better alternative is to shell out money for a parking pass.
  4. Gas: Yes, I listed another car-related item. For some reason, I always underestimate how much it would cost to fill up a tank.
  5. Tuition: This isn’t really a necessity, unless your career goals requires a degree. I don’t really mind tuition itself, but why does it have to be so expensive?

What are some necessities you hate paying for?

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