Worthless Medical Insurance

Be careful of “junk insurers.”   Short-term insurance plans are meant to be a stop-gap measure for people between jobs. But many don’t offer meaningful coverage.

Zeke Faux in Bloomberg Business reports about Marisia Diaz.  She bought a plan from health Insurance Innovation for $400 month, a maximum and a $7,500 deductible.   When her husband had a heart attack, she was left with a bill for $244,447.91. What she wasn’t told is the plan didn’t cover preexisting conditions, limited the number of doctor visits, and capped hospital coverage at $1,000 a day and $5,000 per surgery.  Ouch! (Or whatever expletives you might use in this situation.)

Read the fine print when purchasing your health insurance.  As you shop your insurance, run a few “what-if” scenarios by your broker. “What if I have to go to the hospital?”  “What if I don’t go to the hospital and most of my care is out-patient?” “What if I am healthy and just want a bit of lab work done each year?”  Look at your own history and be curious about the bills that may come your way.

If you are having a difficult time paying for your health insurance, ask your broker if you qualify for subsidies under the Affordable Care Act (ACA).

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