As always, let me disclaim that I am NOT a health insurance
agent or expert. I am just sharing what I have learned and recommending you
consult a professional. Without a doubt, I do recommend taking the time to
really educate yourself about your health insurance options if you are buying
your policy independently.
I HAD heard of bridge policies - designed to act as a gap
between loss of coverage for whatever reason and the next opportunity to enroll
in "Obamacare." Going forward, I'll use the official abbreviation of
ACA for the Affordable Care Act. These policies are NON-ACA compliant.
That means they HAVE exclusions for pre-existing conditions.
It also means they are substantially... SUBSTANTIALLY less
expensive.
Here is the kicker, and what I did NOT know. You can buy
bridge policies as an ongoing method of insurance.
As long as you do NOT have one of the pre-existing
conditions that would exclude you, such as a heart condition, cancer, etc, you
are allowed to just purchase these types of policies, instead of ACA compliant
ones. There are a couple "gotchas" that I want you to be aware of:
1) Talk to an Independent Health Insurance Agent
The "Navigators" that are part of the ACA process
cannot talk to you or really give you guidance about health insurance in
general. They can only talk about differences between their ACA-compliant
policies. Ask your insurance agent if bridge policies would be an option for
you.
2) Timing Matters
Bridge policies are for a specific period of time, up to 12
months. If you develop an exclusionary condition while covered, you will not be
able to get another bridge policy when it ends. You can only sign up for ACA
during open-enrollment (unless you have an exemption like losing a job). So, it
might be wise to time your policy end date during open-enrollment. Ask your
insurance agent.
3) There IS a penalty
There IS a tax penalty for choosing this option. Talk to
your accountant. For my family, the combined cost of the penalty AND the bridge
policy was still considerably less than the premium for an ACA compliant
policy.
4) Stay Healthy
Without a doubt, the key to using these policies is being
healthy. If you already have an exclusionary condition, then most likely they
won't work for you. But if you can stay healthy, bridge policies may be an
affordable alternative.
Talk to an Insurance professional.
I recently read that one thirty-minute walk per day can make
an incredible difference in your overall health. See you on the trail.
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