This family only insured some members due to costs: 5 things to know

A Texas family of four chose to only insure some members due to rising healthcare costs, according to a Bloomberg report.

Five things to know:

1. David and Maribel Maldonado live in Texas and have a son and daughter. Mr. Maldonado had insurance through his job at a small welding business, but the employer discontinued coverage for workers due to costs, according to the report. That happened amid his wife's breast cancer recovery and treatment.

2. Mr. Maldonado found insurance to replace the company's plan. However, it was costly — $1,375 per month compared to the $260 per month he was paying, according to the report. He told Bloomberg the insurance cost "was more than what we were paying for our mortgage."

3. In recent years, higher insurance costs took a toll on the family, which also includes daughter Alexa, who has asthma, and son Cristian. Bloomberg reported the family stopped vacationing and eating out. The family also refinanced the mortgage.

4. Mr. Maldonado realized when enrolling in coverage for 2017 that the nearly $23,000 annual insurance cost for the family's plan would be unaffordable, according to the report. So, according to Bloomberg, he agreed to be uninsured, as did Cristian. The monthly premium dropped to $750. Mr. Maldonado's wife, as well as Alexa, were able to continue seeing their physicians, but Cristian and Mr. Maldonado skipped at least some care due to costs.

5. The family learned the premiums for their 2018 Blue Cross Blue Shield coverage for mother and daughter would climb to $1,060 from $750, according to the report. Alexa agreed to drop off the plan to save money, as she had received treatment and felt she didn't need her inhaler anymore. According to the report, she has been uninsured since July. Now, the plan only covers Mr. Maldonado's wife, and the monthly cost is $750.

Access the full Bloomberg report here.

More articles on healthcare finance:
Physician group with 873 employees files for bankruptcy   
Operator of 14 long-term care hospitals files for bankruptcy   
HHS to launch new mandatory bundled payment models: 4 things to know    

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