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
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