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How Obamacare (PPACA) differs from car insurance


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19 reasons why ACA is nothing like car insurance, in virtually every respect. Sold per state, if you don't drive, you don't need car insurance coverage.

  • Added 1 more point to my auto insurance vs. PPACA, car insurance has dropped in price every year. That's an inverse relationship to health insurance and healthcare.
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  • It is not accurate to compare car insurance to Obamacare. They are vastly different. I embedded and gave notes:
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How Obamacare (PPACA) differs from car insurance

  1. 1. Comparing Obamacare to Car Insurance Ways auto insurance is not like the Affordable Care Act By Craig J. Casey
  2. 2. 1. Direct Competition <ul><li>Car insurance is mostly sold per state through private carriers. </li></ul><ul><li>Obamacare will require at least 2 public </li></ul>health insurance plans to directly compete with insurers on every exchange.
  3. 3. 2. Individual Mandate <ul><li>If you choose not to drive or own a car, you don’t need car insurance. </li></ul><ul><li>Obamacare requires everyone to carry some form of health insurance . There are only a few ways to be exempt . </li></ul>
  4. 4. 3. Huge Annual Fees <ul><li>Car insurance carriers tax rates remain steady. </li></ul><ul><li>Obamacare requires insurers pay annual taxes ($60 billion), which get passed to you. </li></ul>
  5. 5. 4. Guaranteed Issue <ul><li>Car insurance carriers refuse to cover you according to claims and driving record. </li></ul><ul><li>Starting 2014, health insurers must cover you, regardless of risk or pre existing conditions. </li></ul>
  6. 6. 5. Employer Mandates <ul><li>Employment is unrelated to where you buy car insurance. </li></ul><ul><li>Obamacare will charge many employers $2,000+ per employee that does not buy company health insurance. </li></ul>
  7. 7. 6. 1 st Dollar Coverage <ul><li>Auto insurance policies usually require a deductible, often on differing parts of your policy. </li></ul><ul><li>Obamacare requires 1 st dollar coverage on preventative services. </li></ul>
  8. 8. Example: <ul><li>If Obamacare was car insurance, it would cover vehicle inspections, alignments, road hazard and many more benefits. And the price would be much higher. </li></ul>
  9. 9. 7. Policy Choices <ul><li>There are usually dozens of car insurance levels and deductibles to pick in each state. </li></ul><ul><li>Obamacare gives you four health insurance plans to choose from. </li></ul>
  10. 10. 8. Fewer Carriers <ul><li>There are usually dozens of car insurance carriers to pick from in any state. </li></ul><ul><li>Obamacare reduces the number of carriers who join the exchange. </li></ul>
  11. 11. 9. Self Insurance <ul><li>You can self fund your car with a surety bond or cash deposit with the DMV. </li></ul><ul><li>Obamacare disallows you to self-fund your own healthcare. </li></ul>
  12. 12. 10. Healthcare Choices <ul><li>With car insurance medical coverage, you can choose your own doctors or chiropractors. </li></ul><ul><li>Obamacare restricts you to only using doctors and facilities in network. </li></ul>
  13. 13. 11. Protecting Property <ul><li>Liability only car insurance protects someone else’s property. </li></ul><ul><li>Health Insurance is exclusively for you. </li></ul>
  14. 14. 12. Claim Jumping <ul><li>Car insurance does not cover current damage to your car. </li></ul><ul><li>With Obamacare, you can still get insurance in anticipation of a known, pre existing condition. </li></ul>
  15. 15. 13. Exchanges <ul><li>Car insurance is sold in the free market, over the internet. </li></ul><ul><li>With Obamacare, You must buy through the highly regulated state run exchange. </li></ul>
  16. 16. 14. Family Coverage <ul><li>Car insurance covers the driver and occupants of the car per person and accident. </li></ul><ul><li>With Obamacare you must insure and have coverage on each member of the entire family. </li></ul>
  17. 17. 15. Policy Limits <ul><li>Car insurance only covers you up to certain limits . </li></ul><ul><li>Obamacare requires carriers cover you without lifetime caps. </li></ul>
  18. 18. 16. Loss Ratios <ul><li>Car insurance Carriers have no limits on increasing shareholder value. </li></ul><ul><li>Obamacare limits Insurer profits to 15-20% of revenue. </li></ul>
  19. 19. 17. Uninsured Motorist <ul><li>Car insurance offers you coverage for uninsured motorists for a nominal fee. </li></ul><ul><li>Obamacare levies many new taxes to pay subsidies for the uninsured . </li></ul>
  20. 20. 18. Free Coverage <ul><li>Car insurance is never offered for free. </li></ul><ul><li>Obamacare is a huge expansion of Medicaid . Participants pay little into the program. </li></ul>
  21. 21. 19. Repair Facilities <ul><li>You have many places to get your car repaired. </li></ul><ul><li>Obamacare mandates everyone have coverage but there is a very limited supply of plans. </li></ul>
  22. 22. Car Insurance deflates <ul><li>Since 2005, car insurance rates have been dropping: </li></ul>
  23. 23. How Obamacare Differs: <ul><li>Directly Completion </li></ul><ul><li>Carriers Taxed </li></ul><ul><li>Guaranteed Issue </li></ul><ul><li>Employer Mandates </li></ul><ul><li>1 st Dollar Coverage </li></ul><ul><li>Policy Choices </li></ul><ul><li>Fewer Carriers </li></ul><ul><li>Self Insurance </li></ul><ul><li>Healthcare Choices </li></ul><ul><li>Protecting Property </li></ul><ul><li>Claim Jumping </li></ul><ul><li>Exchanges </li></ul><ul><li>Family Coverage </li></ul><ul><li>Policy Limits </li></ul><ul><li>Loss Ratios </li></ul><ul><li>Revenue Sources </li></ul><ul><li>Repair Facilities </li></ul>
  24. 24. About Me <ul><li>Husband, Dad, Gonzo Insurance Writer and Financial Medicine Man. </li></ul>
  25. 25. Connect <ul><li>Craig Casey on Google </li></ul><ul><li>[email_address] </li></ul><ul><li> </li></ul><ul><li> </li></ul><ul><li>@CraigJCasey on Twitter </li></ul>