When I first started seeing stories about people making the choice to go without health insurance, I thought I had misread the headline. I guess I couldn’t imagine anyone voluntarily electing not to get health insurance for their family.
As I began to read more and more of these articles, it started becoming clear why some people were canceling their health insurance coverage. Some had decided to go without insurance because the rates were just simply too high. There was also several people profiled in these articles who gave their personal stories and reasons.
One of these people was a woman named Harriette who lives in North Carolina. Harriette decided to let go of her healthcare coverage after her rates increased by thirty percent. Prior to the increase she was paying over three hundred dollars a month in premiums for herself and family. In order to pay these high monthly premiums over the past few years, she has had to cut down on her other monthly expenses. This included expenses like cable tv and dining out at restaurants. After cutting her expenses to the bare bone, Harriette still found herself struggling to pay her monthly insurance premiums. So as soon as she got the notice of an upcoming increase, she realized that she just needed to let her insurance go. Many people were shocked when they heard about her decision, which included close friends and family members. Some felt that Harriette was making the wrong decision since she had two teenage children. Despite these thoughts and opinions, Harriette went on and cancelled her insurance coverage anyway. She plans to invest the three hundred dollars she will be saving each month into a short term mutual fund. She feels that this is a better investment than paying for insurance every month. She also plans to take her kids to a medical clinic in her neighborhood if any medical issues come up.
Another person featured in this same article was a man named Adam who lives in Virginia. He has been working as a government contractor for the past three years. When he initially became a contractor, he checked around for the lowest health insurance plan he could find. The lowest plan he could find was two hundred dollars per month. Just like Harriette, he also recently received a notice about an increase in his monthly insurance rates. According to the letter he received, his rates are scheduled to go up by twenty five percent. Although his rates will be going up, his amount of coverage will be going down. Once he realized that he would be paying more money for less coverage, he called his insurance company and cancelled his policy.
Hopefully both of these individuals will be able to get lower cost coverage under the new healthcare plan.