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Because of a job loss/change, we are losing our employee sponsored health insurance. My spouse's new position does not offer health insurance and I am self-employed, so trying to sort out the options.
We are both in our 30's and healthy. I do have hypertension, so keep an eye on that every 3 months and take medication. My doctor stopped accepting insurance altogether 2 years ago, but I really like him and feel comfortable there, so I pay a low monthly fee as a part of a membership and continue to visit every 3 months for checkups. Spouse is healthy and just gets a physical once a year.
The cheapest insurance quote we have been able to find here in Colorado is $735 a month and we do not qualify for any subsides. I prefer not to pay that much and would instead prefer a high deductible plan to cover us in the event of a major illness or accident to prevent financial hardship.
I've researched non-ACA compliant plans, but it seems to me most of them are considered short-term policies and it's my understanding so called catastrophic plans are for those under 30 years of age. I'd much rather pay the 2.5% tax penalty for 2018 and save the remainder of the money, but not finding any suitable options.
We're healthy and joined a healthcare sharing ministry that many of our friends also belong to. Cost is very reasonable and since you have your doctor's membership, might be a good fit for you.
The rules for Short-Term Medical (STM) plans are in the process of changing back to a 364 day limit from the current 3 month limit. With that said, I would take a Health Care Sharing Ministry (HCSM) over an STM any day if I were in your situation. There are several threads on HCSMs.
Those over age 30 who do not qualify for subsidies can purchase an ACA compliant catastrophic plan if they obtain an "affordability exemption" from the marketplace. To qualify for an affordability exemption, the cheapest Bronze plan available must be more than 8.05% (2018) MAGI. Unfortunately, when I plug in a Denver zip code the cat premiums are not much less than Bronze.
Thank you both for the informative answers. I don't think we will be able to get the exemption, as we are both over 30 and have an income of around $100,000. But, we do not want to waste money on $735 a month for premiums.
Thinking to just pay the penalty this year, but really don't want to chance not having some sort of insurance for accidents or catastrophic events. Hoping the rules are soon changed.
I have looked into the HCSM a bit, but need to read more about them. We wouldn't be using it for services like colds and that sort of thing, but only if we fall, have a car accident, develop a disease, etc. Are these plans good for that sort of need?
I have looked into the HCSM a bit, but need to read more about them. We wouldn't be using it for services like colds and that sort of thing, but only if we fall, have a car accident, develop a disease, etc. Are these plans good for that sort of need?
We've never used ours. We chose a plan with a $1000 per incident deductible, so the one time my husband needed antibiotics, he just went to the doctor and paid cash.
We have many friends who have used it for more serious illnesses, which is why we wanted it.
In February, the Trump administration unveiled a proposal to let Americans sign up for short-term plans that last as long as 364 days — in effect, an entire year. Insurers offering those plans would be free to gouge (or reject) applicants with preexisting conditions and then deny coverage for those ailments....In other words, companies can design their plans to appeal only to people who think they won't get sick or injured.
Short term plans suck especially if you have any kind of pre-existing condition. Hypertension is a pre-existing condition. They are expensive, have limited benefits, if they pay anything at all.
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