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My son (44) his wife (43) and their teenager (15) are no longer carrying medical insurance. They are self employed and run a retail shop.
He dropped their high deductible plan, bought on the marketplace, last summer because the monthly premium was $1800 and they couldn’t afford that plus their other household expenses. I don’t know my son’s income, but I am guessing their total family income is about $90K/annual. Last year my DIL and son each had injuries (she deep cut a finger, he fell down some stairs) that required ER visits and the bills came out to almost $4k each — and their high deductible plan didn’t cover either event. At that point they determined at their ages they would drop coverage.
I am so worried about this. $1800/mo! I certainly understand, with all the other expenses of life that amount is beyond their means. But they need to get insurance immediately.
Health sharing ministries. In today's world, if I weren't on Medicare and had no employer coverage, that's the route I would take. Many on this forum have done that.
Premiums are affordable, deductibles (sharing) are low. They do screen for health. If your son's family has no preexisting conditions, cost-sharing ministries are a better option that no insurance at all.
There's no reason a few x-rays and stitches should cost $4k. They need to go to urgent care facilities not emergency rooms. I'd drop an $1800/mo plan that didn't cover my needs as well. That will buy you a lot of health care.
Are they putting money away each month toward medical bills? I mean, at $1800 a month, if they socked it away, those savings would have covered one of those $4k ER visits within less than 3 months. Now, anything huge is another story... But you don't say if they have another plan, or simply planned to wing it.
Quote:
Originally Posted by Teacher Terry
They should buy a catastrophic plan. That’s much cheaper.
I thought the high-deductible plans *were* intended to be catastrophic?
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