More or less?
You take very good care of yourself and are a low-risk insurance client. In fact, no member of your has needed any medical attention for the past three years. You work for a small company, and that company is not required to provide its employees health insurance under the ACA. However, the company does try to look out for your well-being by supporting you where it can. In that vein, the company’s human resources department has made arrangements to ease you into a few different options. Because you make $118,500 per year, you are required to have health insurance or pay a tax. Look at those options below and make a choice for which option you would take. Provide a detailed explanation as to why you made that choice.
Option 1:
Do not purchase any healthcare coverage at all. This will make you subject to the individual mandate under the ACA. Your spouse and two kids will also not be covered, so your tax burden will be $2,085.
Option 2:
Purchase a high-deductible health plan (HDHP) at a total premium of $518 per month, which will cover your entire family. You will get a cost-free physical per year and other prevention-based healthcare for each family member. However, your co-pays will be 20% per visit for every service, whether it is hospital-, emergency department-, or primary care physician-based. As well, your deductibles will be $3,000 per person per year and a family total of $10,000. You will also be subject to a $12,000 out-of-pocket limit. However, your company will deposit $100/month in a health savings account to help you cover medical expenses.
Option 3:
Purchase a comprehensive, low deductible plan that will cover your family for a premium of $1,037 per month. Your copays will be $10 for primary care, $20 for specialists, $100 for ER visits, and $350 for in-patient hospital care. Your deductibles will be $1,000 per person and $3,500 per family, and your out -of-pocket limit will be $2,500.
When you write up the justification for your choice, be sure to use the information from this unit in your answer.
All borrowed material (direct quotes, paraphrasing, and even ideas) must be cited, in text and in reference, in APA style.
