I retired last July at the age of 64 and therefore, am considered an early retiree. The Early Retiree Reinsurance Program was established as a part of the ACA. My former employer, Raytheon, received money, presumably from the Federal Government, to lower costs of pre-65 medical coverage by 17%. This Program expires on January 1st, 2014. Consequently, due to that fact and anticipated cost of claims and “other factors,” my health care cost (premium) has increased by about 30%. To keep my monthly premium low, I signed up for a value plan which has a $2000 deductible. My coverage includes treatment which I as a single (male) payer do not need, such as OB/GYN. My wife has her own insurance. With my $200 per month increase in premiums, I will now have to look for other areas in my household budget to cut. Otherwise I will have to take out more money from my retirement accounts (IRA) and of course have the additional income taxed as well. I would rather spend my disposable income on things such as hiring local workers to do needed repairs to my house, and providing jobs and income to folks who can really use the money and want to provide for themselves by doing meaningful work. I can’t print money so am stuck like millions of Americans having to find ways to make ends meet. Additionally, money that I now have to pay for the Obamacare increases could have been used to help needy family members. I suppose I will have to tell them to check with the Government first. PLEASE repeal this terrible law.
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