Re:Early Retirement (2006)
by lotsofpulp on Wednesday August 04, 2021 @01:06PM
(#28063507)
Health insurance premiums are a tax, not actual insurance premiums priced to one's own health risks.
The Affordable Care Act stipulates various terms which result in young and/or healthy people explicitly subsidizing old and/or unhealthy people:
1) only age, location, and smoking status are able to be taken into account for pricing. And everyone must be offered insurance (i.e. no exclusions for pre existing conditions)
2) age rating factors - premium for costliest person (64 years old) must be at most 3x those of least costly person (21 to 24 years old)
The Affordable Care Act stipulates various terms which result in young and/or healthy people explicitly subsidizing old and/or unhealthy people:
1) only age, location, and smoking status are able to be taken into account for pricing. And everyone must be offered insurance (i.e. no exclusions for pre existing conditions)
2) age rating factors - premium for costliest person (64 years old) must be at most 3x those of least costly person (21 to 24 years old)
3) out of pocket maximums