Individually Insured Slammed with Sticker ShockPosted:
DECATUR-It's something we've heard over and over regarding the Affordable Care Act: if you like your insurance plan you can keep it. 14 million Americans buy insurance individually...
And the majority of them have learned or are likely to learn their health insurance plans have been canceled.
And for many folks it means they're caught between a rock and a hard place having to purchase much more expensive policies, or to go without.
For health coverage from Coventry insurance, Laura Peck paid $100 per month in premiums and 1500 per year. Her employer picked up the remainder.
"It was feasible. We could pay for that. my family it was doable," Peck says.
But she got a letter from the company saying her the policy will be canceled and that an alternative will likely be more expensive. Her option under the affordable healthcare act would cost her 800 dollars a month and a 12 thousand dollar deductible.
Because they don't meet the wide coverage mandated by the affordable healthcare act insurance companies are dropping many individual health care policies.
And fuller coverage means more expensive plans.
"Insurance premium will probably be twice to three times more than my mortgage," says Jennifer Hunt. She also has Coventry and worries if she has to pay for the pricier policy
"The new house I bought will probably have to be sold," Hunt says.
Coventry still has to offer both peck and hunt comparable policies but they worry about the sticker shock.
"You have to choose between your health and to feed and clothe and keep a roof over your head," Hunt says.
There are tax subsidies available to offset the increased costs but even with those families worry paying those higher prices just won't be possible.