Health care and insurance costs are out of control.
You see, I have a wife and two children…
I pay roughly $1,500 a month for a family plan. And it covers almost nothing.
Here’s the hospital bill from my wife giving birth last month…
Despite kicking Humana $18,000 a year in premiums, I have a co-pay every time I see a doctor.
I pay for every prescription. And I still have to meet a $12,000 family deductible.
So, by the time insurance actually comes in handy, I’ve already spent over $30,000.
And that’s assuming the charges were in-network!
God forbid I get in a wreck and am taken to an out-of-network hospital…
My out-of-pocket maximum balloons to $48,000… plus the $18,000 I spend in premium.
What Am I Paying For?
Isn’t the whole point of health insurance to prevent you from being strapped with a $66,000 medical bill?
What exactly am I even paying for?
Look, I won’t pretend to be an expert on the inner workings of health care and medical billing.
But as far as I can tell, no one else understands it either.
Ever since the Affordable Care Act was enacted, it feels like health insurance companies were given a license to steal.
Was it better before? I don’t know. I just know it was cheaper for me.
Maybe the ACA helped a lot of people. I hope it did. Because it sure as hell hasn’t helped me.
According to eHealth, the average cost of a family “gold” plan in 2020 was $1,437 with a deductible of $8,439.
The website states, “…for a family of four, you can expect to pay about $25,000 for the year in premiums and deductibles.”
I’m sorry but that’s insane!
If you make $100,000 a year, that’s a third of your take-home pay. And you are not eligible for any subsidies!
How are people affording this?
Seniors have it even worse…
By age 60, the average monthly premium is $1,225… PER PERSON!
There goes the social security check…
Something Has to Give
I don’t know what needs to be done, but something has to give.
Maybe Elon Musk can fix health care after he’s done with electric cars, underground tunnels and space travel.
If there’s a silver lining to this whole fiasco, it’s this…
Health care stocks are booming –especially biotechs.
Stocks like Altimmune, Inc. (ALT), Cogent Biosciences, Inc. (COGT), G1 Therapeutics, Inc. (GTHX), Target Hospitality Corp. (TH) and Immunocore Holdings plc (IMCR) are surging to new highs.
I’m keeping a close eye on this sector, as it is showing all the signs of leadership into the new bull market.
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