Josh Sundquist: I want us to become friends with benefits, specifically friends with health care benefits.
So you may or may not like the Affordable Care Act aka Obamacare but it is now the law. So, today I want to tell you five ways it affects you personally and hopefully convince you to sign up for health care coverage because I know, for me personally, my family would have gone bankrupt if we had not had health insurance when my own life was hanging in the balance.
Coverage: As I discussed in my last video, I have basically the worst health history ever, which means that before Obamacare it was almost impossible for me to find health insurance because it was legal for insurance companies to deny me coverage because of my poor health history.
But under Obamacare insurance companies can no longer deny me or you or anyone else access to health insurance based on health problems they’ve had in the past.
Additionally all plans must help cover prescription drug plans including birth control, regular health checkups, and mental health and much more.
Cost: Before Obamacare the one insurance plan I was able to find cost me $624 per month. Now, because of Obamacare, I can get the same plan for about half that just $349 per month.
The good news, statistically speaking, you'll save even more money under Obamacare. According to the Washington Post, 9 out of 10 young adults will qualify for subsidies, meaning that the government will pay part of your health insurance premium for you.
In fact, the Department of Health and Human Services reports that up to 50% of young adults will find a plan for less than $50 a month.
Under 26 Provision: Unless you're a robot watching this in the distant future when machines have developed self-awareness and taken over the world.
Robot: Please subscribe to my channel.
Josh Sundquist: You are most likely a human being who has parents which is great news because Obamacare allows you to stay on your parents' health care plan until age 26 and 3.1 million young adults have already done this.
Online Exchanges: What are these new online exchanges where health insurance can now be purchased? Well, similar to the way you use dating apps to compare potential hookups or the way you scroll through airline prices on Expedia, an exchange is an online health insurance marketplace where you can shop for and compare all the health insurance options available to you.
Help is available: Get more information for yourself and make sure you have friends with medical benefits by going to www.getcoveredamerica.org where you can get free assistance applying online, over the phone, or in person for health insurance. If you don’t have health insurance by Mar. 31, you'll be fined $95 or 1% of your income, whichever is greater.
Now this is the part of Obamacare that causes the most confusion and controversy so let me explain to you why it's part of the law. So let's say you go ice skating, but you fall and break your arm. You get treated in the emergency room, but it just so happens that you don’t have health insurance or any cash money to pay for it. By law that emergency room still must treat you but the cost of your treatment gets passed on to everyone else in the form of higher fees at that hospital.
So, the fine for not having health insurance by Mar. 31 is kind of like saying, "Don’t stick everyone else with your emergency room bills. We don’t want to have to pay for your inability to ice skate, bro."
If your condition is not an emergency, which includes cancer, a doctor does not have to treat you if you don’t have insurance or the money to pay for it.
Like most young people, I used to think that I was invincible, but then I was diagnosed with cancer and given a 50% chance to live. My year of life saving chemotherapy treatments cost a half million dollars. So, if my family had not health insurance, we would’ve lost our house, our cars, our dog… this is starting to sound like a really bad country song, but you get the point, we would’ve gone bankrupt.
Look, according to CNN, 50% of all bankruptcies are due to people not being able to afford their medical bills. Hopefully, you never contract cancer or get into a serious accident, but if you do I want to make sure you have health insurance to pay for it.
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