We are evaluating health insurance options for 2020. I do not receive health insurance through work and our income exceeds the limits for ACA subsidies. From 2016-2017, I had an unsubsidized bronze marketplace plan costing $430/month with a $7,000 annual maximum. For 2018-2019, I've joined on my spouse's work-sponsored health plan, which provides a lower deductible, copays, and coninsurance, and whose cost of $600/month is deducted from my spouses's pre-tax income, making its true cost closer to $480/month. This is a huge change over the $70/month I was paying in 2013!
I am in my mid-30s and healthy. My family history is very healthy - no history of chronic health problems or cancer, 3 of 4 grandparents lived past 95. However, I work in a hazardous occupation and enjoy some leisure activities that can be risky.
With the changes to the ACA (deletion of individual mandate), I am considering cutting the fancy health insurance in favor of a "short term" plan for 2020. At prices from $75-$150, through the year we would pocket $4000-$5000 in premium savings. I'm OK with a high deductible and high annual max. I figure if I go out of pocket $5,000/year (this is 3x my most expensive medical year, which included an ER visit and follow-up care for a broken bone), I'm still breaking even with paying the high premiums of an ACA or employer plan. However, I'm concerned about the coverage limits (they seem to be 1M-2M) and what exclusions may be lurking in the fine print. I don't want to have a serious accident, only to find out I'm not covered due to some fine print. I'm OK with taking a $10k risk, less so a $100k-2M risk!
I'm hoping this community can provide some insight and help me make this decision.