My health plan was canceled

Many Americans with individual health insurance policies are getting termination notices. But not all are unhappy to go onto the Obamacare exchange.

Saving big with Obamacare

insurance plan dropped bob young
  • Name: Bob Young
  • Age: 63
  • Hometown: Florence, S.C.
  • Job: Retired retail store manager

I knew a year ago my insurance would not go into 2014 because it did not meet all key elements of the minimum essential services of the Affordable Care Act. I got my cancellation letter last week but I expected it. The cancellation was probably due to my $7,500 deductible. I pay $536 a month. The premium on a similar plan, offered to me by my current provider along with my cancellation letter, would have been $788 a month.

When I compared that to what I could get on the exchange without a subsidy, I would have still gone to the exchange. It was still cheaper than what they were offering. With a subsidy, of course, it's not even a race.

I went on to select a Blue Cross Blue Shield gold plan with a $1,200 deductible. It would have been $840, but I got a subsidy because my income stream is down. My net cost will be $276 a month.

That's a lot for some people, but for me, it's a huge reduction. I'm saving a lot of money. And if I get sick, I save even more because of the vastly reduced deductible.

I'm very pleased. I already paid for it. Now I'm set for 18 months until I can apply for Medicare.

- Last updated November 04 2013 09:55 AM ET
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