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Short-Term Health Ins - Qs about Plan Duration and Policy Maximum

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#1
What is the name of your state? VA

I'm getting off of ACA/Obamacare and going to a short term individual plan for just me for a duration of either 6 months or 1 year (364 days, actually, I believe). The plans I'm looking at are from Companion Life Insurance Company and are very similar to each other -- 6 Months or 1 Year Economy 10000, OR, 6 Months or 1 Year Choice 10000. I've used ehealthinsurance.com to identify and compare these plans - it seems like a pretty good site.

Question 1) The 1 yr plans are about $60/month more than the 6 month. Should I do the 1 year to lock in the rate for the year, or just do the 6 month and hope a similar rate is available six months from now to renew? I'm thinking rates are rising so the 1 yr might not be a bad idea.

Question 2) One big diff between the Economy and Choice is that the Econ one has $500K Policy Max and the Choice has a $1M Max. If I were to have a major medical catastrophe this coming year then couldn't I, regardless of the $500K or $1M, just get back on an Obamacare plan next year if I have to because they can't refuse pre-existing conditions? Thus, isn't this just a judgement for me of the risk of exceeding $500K (if I pick that one) for 6 months or a year? Or am I reading this wrong?

Thanks in advance
 


#3
If I were to have a major medical catastrophe this coming year then couldn't I, regardless of the $500K or $1M, just get back on an Obamacare plan next year if I have to because they can't refuse pre-existing conditions?
You could do that — if the Affordable Care Act (ACA), also known as Obamacare, is still around in its present form. Yesterday a federal district court held that the changes Congress made in the Trump tax act a year ago eliminating the penalty for the individual mandate made the entire Act unconstitutional. Should that decision stand through appeals it may well be that Obamacare will be gone and if it does, you risk that insurers may once again deny or limit coverage to new applicant for pre-existing conditions. So think carefully about going the route you are exploring.
 
#5
You could do that — if the Affordable Care Act (ACA), also known as Obamacare, is still around in its present form. Yesterday a federal district court held that the changes Congress made in the Trump tax act a year ago eliminating the penalty for the individual mandate made the entire Act unconstitutional. Should that decision stand through appeals it may well be that Obamacare will be gone and if it does, you risk that insurers may once again deny or limit coverage to new applicant for pre-existing conditions. So think carefully about going the route you are exploring.
Thanks! Yes, I agree. It's just that ACA has skyrocketed for me to nearly $800/mo and these other ones above are 1/4 to 1/3 of that. I don't need maternity, well-baby, pediatrics, substance abuse, or even the Rx coverage that I'm forced to buy under ACA, but the Max is is something for me to think about, esp with the uncertainty you bring up. I guess I need to decide if the $800/mo is worth it to me to ensure I have no policy/lifetime Max if I stay on ACA for another year - because that's basically what looks to be the only real reason I would have to stay on ACA. Like you said, ACA could be gone anyway at some point, but I'd at least have another year risk free for policy max.
 
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