3 ms·

Quick question, I'm in the same middle class, and am self employed. I'm thinking of not having an insurance at all, and if I get really sick long term, I'll swi

Quick question, I'm in the same middle class, and am self employed. I'm thinking of not having an insurance at all, and if I get really sick long term, I'll switch to an Obama care insurance. Is this something possible ? (now that they can't check for preexisting conditions). Or will I get screwed somehow. I'm 26 so I went to the doctor maybe twice in 6 years, I only want coverage in case of emergency. PS: I can pay 5000$ out of pocket if needed.

maxerickson 13y ago
A new insurance plan won't retroactively cover the costs of some emergency hospitalization. At 26 you should be able to limit your out of pocket to less than $20,000 for a few grand a year, you have to compare that to what it would cost you to declare bankruptcy.
w1ntermute 13y ago
> Is this something possible ? (now that they can't check for preexisting conditions). Or will I get screwed somehow. There's a fine for doing this, precisely to stop people from doing what you're suggesting. But I think the fine is so small that it's actually worth doing it (rather than having insurance).
- __xtrimsky 13y ago
  yes, I think its less than 100$. If I take a plan for me and my wife, the cheapest plan is 660$, which makes it 7920$ a year. I also have a child, but I can take a plan just for her, which would be 280$.
- bmelton 13y ago
  It's $95, $325 the second, and $695 the third, and for every year after. For what it's worth, the penalties, as currently planned out, are only 'paid' by capturing tax returns. One could effectively, and legally avoid paying those penalties by changing their tax documents such that no returns are expected, or so that they would owe each year. The IRS currently cannot demand payment on those penalties, but if you were due $1000 refund, they can withhold the $95 from it. If, however, you owe $10 in taxes, they cannot make you pay $105, as you might otherwise suspect.
pmorici 13y ago
You can only sign up for ACA plans during the so called, "Open season" which is a limited time each year. So if you find out you have an expensive illness you could be paying for treatment out of your pocket for a while before you can sign up for a plan during open season. You might be able to get around that by manufacturing a "life event" ie get married or have a kid etc... And there by be able to get an ACA plan immediately. Defiantly risky though.
- cynwoody 13y ago
  Defiantly risky That's a species of risk that is admirable and patriotic! A safer plan might be to buy non-qualifying catastrophic coverage in case you get in an accident or develop a serious illness outside the open enrollment period. Safer, but more expensive, than relying on hacking the system to bail you out if shit happens.
mattchew 13y ago
If you find out you have cancer or kidney failure or whatever, you may not be able to enroll immediately depending on "open enrollment periods". (If you can move to another state that might count as a "qualifying event" and let you enroll faster.) I do think people in the USA are overwrought about going without health insurance. It's a risk, but so is driving a car. If you do end up with a big medical bill, medical debt is (at least in my experience) more manageable that other kinds of debt.
- afterburner 13y ago
  This sounds insane. Medical bills can go into the millions, and typically hundreds of thousands, if you get a serious condition.
  - mattchew 13y ago
    Medical bills can go into the millions, but this is very rare. I quite doubt hundreds of thousands is something that could reasonably be described as typical. I had surgery with anesthesia (kidney stones) for less than $10K. I might be wrong--but I'd want to see data based on actual people actually treated.
    - afterburner 13y ago
      Well it's called insurance for a reason. For a healthy person under 40 or so, you're paying to insure against rare events that would be very expensive. What if you get cancer, or a serious bone fracture requiring steel implants or leg braces, or any number of other serious conditions? Insuring against rare but disastrous financial burdens is the whole point at that level.
    - FireBeyond 13y ago
      I had a kidney stone too (age 35, 190lb) this year in July. All said and done, my medical bills would have hit $54,000.
hga 13y ago
Look here (recommended by an insurance broker or the like): http://insurance.answers.com/health-insurance/aca-basics-open-enrollment http://insurance.answers.com/health-insurance/aca-basics-ope... at Special Election Periods for the officially allowed criteria.
rdl 13y ago
I'd get a cheap short term policy to cover you for major accidents or sudden illness, then move states and enter ACA if necessary (i.e. if you have discovered a serious medical condition).
jdlshore 13y ago
Coverage in case of emergency is called "catastrophic coverage." If that's what you want, it's available on the health insurance exchanges for anyone under 30. In my zip code, plans start at $90/mo for a 26yo with no family. (In comparison, bronze plans start at $133/mo.) If you'd rather bet that you won't get an expensive injury (a dangerous idea, in my opinion—emergency health care is expensive in the US), you can just pay the no-insurance fine. But it's not the way I would go.

maxerickson 13y ago

A new insurance plan won't retroactively cover the costs of some emergency hospitalization. At 26 you should be able to limit your out of pocket to less than $20,000 for a few grand a year, you have to compare that to what it would cost you to declare bankruptcy.

w1ntermute 13y ago

> Is this something possible ? (now that they can't check for preexisting conditions). Or will I get screwed somehow. There's a fine for doing this, precisely to stop people from doing what you're suggesting. But I think the fine is so small that it's actually worth doing it (rather than having insurance).

__xtrimsky 13y ago
yes, I think its less than 100$. If I take a plan for me and my wife, the cheapest plan is 660$, which makes it 7920$ a year. I also have a child, but I can take a plan just for her, which would be 280$.
bmelton 13y ago
It's $95, $325 the second, and $695 the third, and for every year after. For what it's worth, the penalties, as currently planned out, are only 'paid' by capturing tax returns. One could effectively, and legally avoid paying those penalties by changing their tax documents such that no returns are expected, or so that they would owe each year. The IRS currently cannot demand payment on those penalties, but if you were due $1000 refund, they can withhold the $95 from it. If, however, you owe $10 in taxes, they cannot make you pay $105, as you might otherwise suspect.

pmorici 13y ago

You can only sign up for ACA plans during the so called, "Open season" which is a limited time each year. So if you find out you have an expensive illness you could be paying for treatment out of your pocket for a while before you can sign up for a plan during open season. You might be able to get around that by manufacturing a "life event" ie get married or have a kid etc... And there by be able to get an ACA plan immediately. Defiantly risky though.

cynwoody 13y ago
Defiantly risky That's a species of risk that is admirable and patriotic! A safer plan might be to buy non-qualifying catastrophic coverage in case you get in an accident or develop a serious illness outside the open enrollment period. Safer, but more expensive, than relying on hacking the system to bail you out if shit happens.

mattchew 13y ago

If you find out you have cancer or kidney failure or whatever, you may not be able to enroll immediately depending on "open enrollment periods". (If you can move to another state that might count as a "qualifying event" and let you enroll faster.) I do think people in the USA are overwrought about going without health insurance. It's a risk, but so is driving a car. If you do end up with a big medical bill, medical debt is (at least in my experience) more manageable that other kinds of debt.

afterburner 13y ago
This sounds insane. Medical bills can go into the millions, and typically hundreds of thousands, if you get a serious condition.
- mattchew 13y ago
  Medical bills can go into the millions, but this is very rare. I quite doubt hundreds of thousands is something that could reasonably be described as typical. I had surgery with anesthesia (kidney stones) for less than $10K. I might be wrong--but I'd want to see data based on actual people actually treated.
  - afterburner 13y ago
    Well it's called insurance for a reason. For a healthy person under 40 or so, you're paying to insure against rare events that would be very expensive. What if you get cancer, or a serious bone fracture requiring steel implants or leg braces, or any number of other serious conditions? Insuring against rare but disastrous financial burdens is the whole point at that level.
  - FireBeyond 13y ago
    I had a kidney stone too (age 35, 190lb) this year in July. All said and done, my medical bills would have hit $54,000.

hga 13y ago

Look here (recommended by an insurance broker or the like): http://insurance.answers.com/health-insurance/aca-basics-open-enrollment http://insurance.answers.com/health-insurance/aca-basics-ope... at Special Election Periods for the officially allowed criteria.

rdl 13y ago

I'd get a cheap short term policy to cover you for major accidents or sudden illness, then move states and enter ACA if necessary (i.e. if you have discovered a serious medical condition).

jdlshore 13y ago

Coverage in case of emergency is called "catastrophic coverage." If that's what you want, it's available on the health insurance exchanges for anyone under 30. In my zip code, plans start at $90/mo for a 26yo with no family. (In comparison, bronze plans start at $133/mo.) If you'd rather bet that you won't get an expensive injury (a dangerous idea, in my opinion—emergency health care is expensive in the US), you can just pay the no-insurance fine. But it's not the way I would go.