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Affordable Care Act could inadvertently cause overwhelming debt

Money and health are two of the most important things for many people. This is why many are pleased with reports that the new health insurance plans implemented through state exchanges created via the Affordable Care Act (ACA) will be less expensive than originally predicted. Many commentators in Texas and elsewhere are citing this finding as evidence that the new law is functioning properly and effectively. However, some analysts warn that these low prices may inadvertently increase the risk of overwhelming debt for many consumers.

Some experts believe that many people will be tempted to purchase less expensive plans that provide less coverage in an effort to save money. However, this is arguably short-sighted planning and can be detrimental in the long run. Analysts are afraid that this could result in consumers being hit with larger medical bills when they are actually in need of significant medical care.

Commentators are especially worried about young adults who may opt to pay less at the time of purchasing the insurance, but could end up paying thousands of dollars in expenses when a medical emergency arises. This is due to the higher deductibles for the cheaper priced insurance plans. These plans tend to not offer adequate protection for the first $2,000 of medical costs.

After the full implementation of the ACA, analysts will be watching to see if their predictions do prove to be correct. If they do prove to be accurate many in Texas and other states could find themselves facing overwhelming debt as a result of unexpected medical bills. This can be detrimental to those still struggling in a slowly recovering economy. However, many people may be able to solve their debt problems by filing a personal bankruptcy which could have the power to discharge most of their debts.

Source: The Washington Times, Low-cost insurance could lead to high medical bills, Tom Howell Jr., Sept. 5, 2013

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