The Obamacare Loophole that Isn’t a Loophole

affordable care act loophole that isn't
No matter what your personal feelings are about the Affordable Care Act (commonly referred to as Obamacare), it’s important to understand how it works for your personal finances. Not fully understanding how it works, or making assumptions that you can do things that you really can’t, can come back to haunt your finances in a big way. A good example is a conversation that I had at a get-together I attended yesterday evening.

The topic of Obamacare came up and one lady proudly announced that she didn’t sign up for it because if she ever got sick, all she had to do was sign up for it right then, and she wouldn’t have any medical expenses. Ignoring the point that “

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3 Responses to The Obamacare Loophole that Isn’t a Loophole

  1. Lee says:

    I’ve tried to explain these very same points to some of my coworkers, but they honestly believe the the can just “wait it out” or “pay the fine and then have insurance”, but as you’ve outlined it just doesn’t work that way. Not for auto, homeowners’ nor life insurance and certainly not w/health insurance (Obamacare).

  2. Jane says:

    And when they find out they can’t do what they’ve been told – incorrectly – do you think they’ll blame the folks who told them that? Not likely.

  3. Carol Ritchie says:

    Yes, they should be responsible for 100% their own bills if something happens. Does anyone really believe they would pay up?

    We personally know a 57 (yes, fifty-seven!) year old man who has zero insurance, thinks all doctors charge too much and said if something serious happened, he’d just pay $1.00 a month on the bill. Such an attitude……is it any wonder many people know exactly where the ER and/or Urgent Care’s are at and know that they can’t be turned away for care? And! have no intention of paying their bills??? Amazing

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