Health insurance

[Miranda]

Hello all.  It's open enrollment, and I'm trying to figure out what to do.  I think I know my answer, but I don't like it.  I do not have insurance at work, and I make just enough to not qualify for a subsidy through ACA.  There are very few plans being offered in my area, even off the marketplace.  Basically the cheapest I can do is $300 a month with a $7000 deductible.  I use so little health care I'll never meet that deductible.  I looked in to those health care sharing ministries, but for one person they cost more than $300 a month.  I've considered going without, but I have not reached FI yet.  I could handle a medium sized expense, but if something catastrophic happened I'd be SOL without insurance. 

I hate the idea of spending $300 a month on something I'll get no benefit from while I'm trying to reach FI.  I'm guessing I need to suck it up though, unless someone has another idea.

[Choices]

Even if you think you won't use it, try to see the health insurance like disability insurance or life insurance--you'll sure be glad it's there if/when you DO need it.
Yes, the increase in premiums stink. But I see many trauma patients who have bills over $1Million. I'm not willing to take that chance.

[SirSavesaLot]

Agree those prices totally suck.  But I think you need to have health insurance to protect your stash, as well as your body.  (Maybe you could see if they offer even higher deductibles?)

One other option:  find a job with health insurance!??!

[Lake161]

There are a number of preventive services covered by ACA plans that are free, so the deductible and copays  do not apply. These may not be worth the whole $300 a month to you, but they are worth something.

http://www.hhs.gov/healthcare/facts-and-features/fact-sheets/preventive-services-covered-under-aca/

[spicykissa]

May not be possible, but could you cut back your hours a little at work so you could qualify for the subsidy? Would you come out ahead? I don't know exactly how all the ACA stuff works, but if you could work less and save money, that's a win in my book. It sucks to be right on the line like that. I agree you absolutely should not go without insurance of some kind.

[redcedar]

May not be possible, but could you cut back your hours a little at work so you could qualify for the subsidy? Would you come out ahead? I don't know exactly how all the ACA stuff works, but if you could work less and save money, that's a win in my book. It sucks to be right on the line like that. I agree you absolutely should not go without insurance of some kind.

Also, the flip side. Can you do anything at your work to qualify for health insurance coverage, if they offer it?

[Weedy Acres]

What health care sharing plan(s) have you looked at?  I have Christian Healthcare Ministries and pay $85/month.  The highest level is $150/mo. 

[Miranda]

Thanks everyone. I feel better about the whole thing.  I'm under contract at work until the end of next year, so reduced pay isn't an option, and they don't offer insurance. Not many social work jobs in my area do. 

Sadly the plan I described is the highest deductible, lowest premium one available in my area.  I've contacted every insurance company in my area, and looked at several sharing ministries. I hadn't found Christian Healthcare, so I'm going to check them out.  The others I found were all at least $300 for an individual.

I will feel better with health insurance, but I was feeling guilty about spending so much for something I won't get a benefit from when I'm trying to improve my finances. I wish the plans offered at least allowed me to get a HSA.

Thanks for the feedback.

[redcedar]

If you seriously consider a christian healthcare ministry, make sure that you clearly understand all reasons that they can use to deny a claim. If you are doing something that is against the group's belief at the time of injury, they may be able to deny the claim. That is a terrible time to find out.

[Miranda]

Good to know.  It looks like many require you to go to church weekly, and I do only about every other week. I don't like the idea of them judging whether or not I'm worthy of having my claim paid. I think I'll stuck it up and get insurance.

[KCalla]

Miranda, I agree with you.... you're smart to get it, even though it hurts to see the budget item.  Like Choices and SirSavesAlot say, you are protecting your stash.  You are also protecting your most important asset:  your future self. 
For what it's worth, and maybe to make it not seem "so bad":  for 2017, the lowest price Bronze plan available for my husband and I in our state (Kansas) at ages 63 and 61 is $1419.10 per month for the two of us, together, so $709.65 each.
Prior to the Affordable Care Act, we paid over $2000 per month for the two of us for coverage....so while the current insurance options are hardly "affordable", they are less expensive than what was available before.

Just remember:  YOU (present and future) are the asset worth protecting as well as you reasonably can.

Karen

[Miranda]

Good point KCalla.  Years ago I was really healthy and had an unpreventable health crisis.  Even with insurance I went through all my money and racked up big debt (that I'm still working to pay off).  I'm too scared to go without, because I know things can happen.  I was focusing more on my budget and not seeing the big picture.  I'm just disappointed every time I look at my budget, because I can't find anywhere else to save, so I was getting a litte desperate. 

Thanks for the feedback everyone.  I feel much better.