30 Second Insurance Tips©

Tip #320- “Et tu, Brute?”

I’m stunned.
Ed’s monthly premium for a high deductible (HSA) health plan for his family of six has been $1,800; i.e., they must incur $12,000 of medical expenses before collecting a dime. Spending $33,600 as a family is crazy. I get that. (So did Vice President Pence – review Tip # 319.)
Ed just dropped that coverage, moving to a Christian ministry “cost sharing plan” (not to be confused with insurance). For a monthly “gift” (not premiums) of only $450, they can pray for medical bill reimbursements after their “annual household portion” (not deductible) of just $500 is satisfied. (Google)
Here’s why I’m stunned.
Ed is an insurance professional, so he knows all too well the limitations of this coverage; e.g., no preventive or out-patient prescription coverage. He also knows, should his family’s health situation change, they can re-enroll for real insurance during the Open Enrollment Period.
I’m also stunned the government allows these plans to satisfy the coverage mandates of The Affordable Care Act.
Ed is not alone. Hundreds of thousands of relatively healthy individuals have opted out of traditional insurance, leaving chronically ill individuals with even higher insurance premiums.
So much for being “my brother’s keeper!”