Why Trump and the GOP’s Healthcare Approach is a Barrier to Entrepreneurs
As small business owners, my wife and I are one of the 18 million individually insured families in the United States. In addition, since I’ve been in the tech community in Minnesota for my entire career (and also published Minnov8.com for over a decade), I know all too well the only way most startups can happen is if a spouse has healthcare insurance. You’ll see why in a moment.
This morning I received an email from our Minnesota healthcare insurance exchange called MNSure about a ‘sneak peak’ at 2018 health care plans. I immediately went there and discovered that the plan we’ve been on for 2017 has our family monthly premium rising by $200 a month to *over* $2,000.
The ‘range’ for our out-of-pocket medical expenditures go from a yearly “low at $25,115” (for which there is a 17% chance we’d actually be on the low side) to a “bad at $37,815” (and a 12% chance at that). The average is $31,155.
When you add up all the out-of-pocket prescriptions and little “nits” we pay, I’m gonna guess we’ll shell out $35,000 or so like we did the last couple of years.
WHO THE HELL CAN AFFORD THAT KIND OF AFTER-TAX MONEY!?! More to the point, even with a Health Savings Account (HSA) — which can’t be used for the $24,514.80 in premiums we’ll pay for 2018 — the total amount we will pay out for medical stuff is 73% of the U.S. mean household income (that mean is $72,641 and I’m assuming a conservative and low 35% paid in taxes).
Yes, Affordable Care Act subsidies still exist, but don’t Trump and his GOP minions truly understand that the #1 roadblock to startups in the U.S. is the enormity of individually insuring one’s family?
There is no f__ing way I’d start up a tech company today if my family was still young and take the risk of no insurance — or having a wildly expensive plan that would virtually guarantee we’d fail without significant VC backing — since there were many times in our past small business owning lives when we didn’t take a salary, sometimes for a couple of months at a time.
Hope they think about this as they stumble their way forward trying to hide the fact they don’t give a shit about the lower, middle or upper middle classes in America.