Quote from jadelpn
Interestingly, I went onto the website and thought I would plug in a few numbers just to see this "huge" price difference, and "better" coverage. And the "best" insurance was mountains higher than what I currently pay, and the lowest price with the highest deductible was around what I am currently paying for LESS coverage.
The plans must meet minimum actuarial value requirements, so you aren't getting less coverage for more money, you just didn't realize how little coverage you had before.
Before there were numerous loopholes, retroactive coverage cancellations, and no pre-existing condition requirement, which meant it was easy for an insurer to sell a mini-med plan for only $50 per month since it was unlikely they would every pay out a claim except in rare cases. Insurers are only allowed to raise prices that reflect the additional costs of closing the loopholes.
Take two identical people, both with $10,000 deductibles, same coverage (supposedly), same copays, same service coverages. Person 'A' ends up in the hospital with $100,000 worth of bills, of which his insurance company covers none of it by taking advantage of a loophole. Person 'B' pays his deductible and the insurer covers the other $90,000. Despite having similar appearing plans, person B clearly had more coverage in reality.