Would you rather have $200,000 in the bank even if you could not cash it now or rather give $200,000 in lifetime political contributions to the party who defunds the Affordable Care Act?
Either ways, this coming election involves big money and your ability to control it to help your children get a better education, to start a business or to keep your house, whatever you envision.
All you got to do is vote, and all you got to loose is, well too long for a dairy.
Whether the Republicans or the Democrats win this November election will not change this aspect of the law that forces everybody to be insured, not after millions of new subscribers knocked at the doors of healthcare insurance companies.
The question now is whether the money will come straight out of your pocket or from taxes.
If the money comes straight out of your pocket it will make a serious dent on your ability to thrive and part of your money will return to the party who defunded the Affordable Care Act, that is your indirect political contribution. The choice is yours.
How much money?
It is all in the table below for policies to be purchased by a single individual aged 21 and with no dependent on any one of 35 of the 2014 Affordable Care Act Exchanges.
Two things I need to tell first. One is the present value. It is the amount of money you would need in the bank today to cover for all your monthly premiums between age 21 and 64 inclusive. That value assumes that all your medical needs will be covered by standard practices, nothing fancy, and no chronic illness.
Different premiums give different present values. I assumed a 5% increase per year combined to a 3% inflation, 8% total. I computed the median of all present values within each state, not the average. So this is my second point.
The median is that number that makes it a coin flip between those with a lower value and those with a higher value. There may be some insurance policies that seem incredibly cheap because they have many restrictions, and some policies that seem incredibly expensive but they cover almost everything. The median is less sensitive to those extremes than is the average.
When I was looking for a carrier in high-school, the recruiting engineer was extolling the upper management positions older engineers get into and the $60,000 mean salary of engineers at the time and place. The next recruiter, a lawyer, started his spiel with: "The median salary of an engineer is $20,000. How good is that?"
You are young, smart and you have the data. That is all I need to say.
and best of luck, either ways.
STATE |
Median Premiums |
Median Deductible |
Median MOOPX |
Median Premium Present Value |
UT |
168 |
2000 |
5000 |
246857 |
TN |
182 |
2500 |
5500 |
267429 |
KS |
190 |
2600 |
6000 |
279184 |
PA |
198 |
2750 |
6350 |
290939 |
AL |
199 |
3000 |
6300 |
291673 |
OK |
202 |
3000 |
6300 |
296082 |
MT |
209 |
3000 |
6300 |
306367 |
WV |
214 |
3625 |
6350 |
314449 |
SC |
220 |
3500 |
6350 |
323265 |
IA |
222 |
3000 |
6000 |
326204 |
DE |
226 |
3000 |
5000 |
332082 |
NH |
226 |
2500 |
5000 |
332082 |
TX |
231 |
3500 |
6350 |
339429 |
VA |
231 |
3350 |
6250 |
339429 |
ND |
234 |
2300 |
6000 |
343837 |
OH |
238 |
2500 |
6350 |
348980 |
NE |
238 |
2000 |
6000 |
349714 |
AZ |
240 |
3000 |
6350 |
352653 |
MO |
241 |
2500 |
6350 |
354122 |
IL |
245 |
3750 |
6250 |
360000 |
FL |
248 |
5000 |
6250 |
364408 |
NC |
249 |
3700 |
6350 |
365878 |
AR |
252 |
2500 |
6350 |
370286 |
LA |
253 |
2000 |
6000 |
371755 |
MI |
256 |
2000 |
5000 |
376163 |
GA |
260 |
2500 |
6250 |
382041 |
CA |
261 |
2250 |
6250 |
383238 |
WI |
263 |
2500 |
6350 |
386449 |
IN |
266 |
2500 |
6350 |
390857 |
ME |
285 |
2500 |
5500 |
418775 |
MS |
301 |
4000 |
6350 |
442286 |
NJ |
308 |
2000 |
6350 |
452571 |
SD |
324 |
2500 |
5500 |
476082 |
WY |
325 |
2500 |
6000 |
477551 |
AK |
344 |
2500 |
6350 |
505469 |