Did you know that you may have to pay higher insurance policy rates than people in the next county over for similar Obamacare Healthcare plans? It’s a fact, people that live in one county may pay insurance policy rates for the same Obamacare healthcare plan than their neighbors just a few miles away. This has some customers crying foul and unfair pricing. Some new healthcare policy holders are finding out the hard way that they’re paying more for Obamacare than people in neighboring counties. After signing up for plans that they were happy to get, healthcare customers are also finding insurance companys with healthcare coverage plans with much less expensive insurance policy rates than what they got through the Obamacare website HealthCare.gov.
Example of Paying Too Much
An example of this disparity in pricing in the southeast, is a price of more than $1,0000.00/mo. for a couple over 60 in one county verses less than $700.00 for the same couple if they lived just one county over. You can see how this is an issue for retirees that are trying to be responsible with their hard-earned money. Even if you qualify for an Obamacare subsidy, which lowers monthly premiums, it doesn’t offset the pricing disparity between counties. Seniors and low income families save money by getting discounts on prescription drugs at Walmart or Walgreens but Obamacare healthcare plans could be a budget buster for many families. That’s ironic for a bill called the Affordable Healthcare Act. Ironically, you’re not required to use the Obamacare plan for prescription meds.
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Why the Huge Differences in Insurance Policy Rates
Apparently, the Patient Protection and Affordable Care Act (PPACA) or Obamacare, uses your zip code to help determine rates. Rates are, in part, based on where you live. The table below is an example of the differences in SC Blue Obamacare Plans for 5 counties in one southern state.
An Obamacare Pricing Plan by County for Couples Over 65 From One Southern State.
(This example is from one region of the sample state).
$1,336.00 County 1
$1,361.00 County 2
$1,399.00 County 3
$1,484.00 County 4
$1,596.00 County 5
Why the Big Difference in Costs?
Based on the schedule above, Obamacare customers over 65 years old in County 1 could pay as much as 19% more than customers who are over 65 years old and live in County 2, less than 30 minutes away. That comes out to more than $3,000.00 /yr. for the same Obamacare healthcare coverage. Industry experts say, insurance policy rates are, in part, based on what hospitals charge.They also say, insurance Actuaries look at how much medicine costs per zip code to determine rates. They also figure in hospital costs by zip code.
Note: The number of Medicare and Medicaid patients per county is also used to help set the price of Obamacare health plans. The more Medicare and Medicaid patients in a zip code, thehigher the plan cost.
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Beware of Obamacare Pitfalls
Its a huge understatement to say that the Affordable Healthcare Act is a new and complicated piece of legislation. But glaring disparities like the insurance policy rates in this article are helping people understand some of the pitfalls of Obamacare. The fact that you can be charged more for Obamacare than a comparable person in the next county isn’t going over well with potential customers in zip codes where the costs are higher.