From the always-interesting website Political Calculations comes this gem of an article… The Calvalcade of Risk 102. Let me explain… Ironman hosted the carnival, but also embedded into it a useful calculator for determining whether or not an individual should drop health insurance as a result of the new health care law. The somewhat predictable result? If you’re younger and generally healthy, you could be better off dropping health insurance. Check it out yourself!
The calculator uses a table grabbed from an Australian site which lists the odds of going to the hospital based on the age group of a person. Using that table to estimate your chance of incurring a huge claim, the calculator determines your penalty and insurance rate from your salary and health insurance inputs. The calculation is pretty simple at that point… and a helpful table let’s you know in English (and in numbers!) your best strategy for dealing with the new law.
Me? I was informed that, “It makes more sense to drop your health insurance, buying it only when you need it, then to drop it again if your health allows.” Nice! Go play with the tool yourself!