New York, NY (PRWEB) July 04, 2013
FinanceSpectrum.com online financial advice magazine today released their observations regarding the impending Obamacare subsidized health insurance exchanges set to become fully operational on October 1st 2013. FinanceSpectrum.com explored the implications for consumers, and doled out a word of advice for how to get around a massive insurance rate increase.
According to Avik Roy in a Forbes article published July 1st 2013, Obamacare’s subsidized health insurance exchanges are set to come into full fruition on October 1st of this year. Roy reported that according to an analysis performed by Louise Radnofsky of the Wall Street Journal, who looked at insurance rates in eight different states around the U.S., there is the probability that healthy consumers might have their individual health insurance rates double or, worse, even triple under the new exchange.
FinanceSpectrum.com acknowledged that under the new tax-credit subsidies, health coverage will be made affordable to many uninsured U.S. families who would not be able to afford it otherwise. After applauding this noble outcome, they also recognized the healthy and financially fit consumers who would be experience a severe increase in insurance coverage costs and recommended that they look to their employers for insurance. FinanceSpectrum.com is quoted as saying, “Our best piece of advice to those who are or would be footing the bill on their own individual insurance plans is to give it your best shot at getting insurance through your employer. If they offer it, piece of cake. If they don’t, it’s not to say that they won’t. Check with your co-workers or other employees to see if they’d be interested in obtaining group health insurance. The premiums would be lower and could be taken directly out of your paychecks, if your employer does not provide this as a benefit. You might have to do the legwork on finding the plan and getting everyone signed up for it, but it could be a huge win.” There exist guaranteed acceptance life insurance policies. If employees want guaranteed acceptance health insurance through their employer, they need to get a minimum number of employees and the employer to agree and then individual employees can’t be turned down due to pre-existing conditions, poor credit, or their past medical history.
FinanceSpectrum.com advised that consumers “get rolling now” on obtaining group coverage through an employer if that is a feasible option. FinanceSpectrum.com is quoted as saying, “It’s certainly not an overnight process and can take a couple of months from when you start researching health insurance policies to when you and your co-workers are actually covered. I would not recommend waiting on it, because October 1st is just under three months away, and you’ll want to be covered by the time the exchange hits.”
FinanceSpectrum.com is a finance and economic advice column catered towards middle-aged, mid-income American consumers. FinanceSpectrum.com publishes articles about a broad range of topics, everything from budgeting, to household finances, to planning for retirement, to investment options, to boosting one’s credit score.