Don’t eliminate lifetime caps on health insurance coverage
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My name is Bruce and I’m lucky enough to have maintained the same health insurance policy for the past 25 years. When I first obtained the insurance policy in 1992, it came with a lifetime limit of $250,000 -- which seemed like an enormous amount of money at the time. In the meantime, the cost of healthcare has exploded. Now that limit seems Draconian. Because of the Affordable Care Act, my health insurer wasn’t allowed to cancel my policy because I exceeded my lifetime limit a couple of years ago.
Since efforts to repeal the Affordable Care Act earlier this year, we’ve heard lots of talk about the loss of pre-existing condition protections, but very little talk about the loss of lifetime coverage protections. The two are actually interconnected and the loss of both would be devastating to people like me. Here’s why:
These days, with the astronomical cost of healthcare, most Americans are one major illness or bad car accident away from hitting their lifetime insurance coverage limits. Hitting that lifetime limit cap triggers the loss of their insurance coverage. Then, to make matters worse, they become uninsurable by the next insurance company due to the condition (illness/accident) that led to the cancellation of the original policy in the first place.
This is absurd. It takes us back to a time when unaffordable medical bills were the number one cause of household bankruptcies in the U.S. Why put Americans at risk -- again? A repeal of the ACA without a continuation of the provisions that protect lifetime caps will immediately cause my policy to be terminated. Many others will face this same problem because of pre-existing conditions. By the way, the ACA did not stop insurers from raising premiums on these policies. I can personally testify that my premium has indeed gone up.
If you believe that Americans shouldn’t have to go broke or forfeit needed care to stay healthy, stand with me. Please sign and share this petition to tell Congress: don’t repeal the ban on lifetime insurance caps.
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