Thinking about going without health insurance because ObamaCare has made it too expensive??? DON’T.
I have been trying to think of a way to avoid ObamaCare for those who are self-employed. I finally figured out how it could be done….but then I found out..IT’s ALREADY AVAILABLE. You can buy it today! So while ObamaCare prohibits you from buying Catastrophic policies, you can still cover yourself with this little trick from Forbes!!!
Here is what you do. You buy Life Insurance with a critical illness rider. This allows you to get benefits to cover a whole variety of expensive illnesses (varies from company to company) But they typically cover all the big ones: Cancer, Heart conditions, transplants, stroke, life-threatening cancer, “major organ transplant, kidney failure, Alzheimer’s and paralysis, among other medical conditions.” The amount paid out varies so check the individual plan’s details.
The payments are very reasonable because it only covers those very serious illnesses. (But if you go to ObamaCare Exchange, many of those policies have a $10,000 deductible anyway! So you’re already going to be on your own for the more minor treatments. The advantage of this is that instead of paying perhaps $1000 per month, if you are healthy and young, you only need to pay “$1438 per YEAR!) For a 50 year old, Forbes quotes $3234 for $250,000 of life with illness rider. For me, a 45 year old, I found a policy for $1,000,000 that covered 9 critical illnesses for around $300 per month. You would need one for each member of your family but should be very inexpensive for children.
But the best part is that the coverage (and rates) can be guaranteed (for me for 20 years) so you don’t have to worry about rate increases. Plus if you should die, your spouse or family will also get whatever life insurance benefit that has not been used to pay for your medical care.
The only downside is you will have to pay the ObamaCare penalty, but since the life insurance pays cash (although some have made health network connections to offer care at reduced cost) you can: 1) Choose your hospital 2) Choose your doctor and it is a lot cheaper.
Here is the link to the Forbes article:
You can find policies by searching for life insurance with illness rider. Transamerica and Met life both offer these types of policies (Although the Met policy seemed to be more restrictive)
Note: I apologize for the sloppiness of this post. But this information is critically important to those of you who were thinking about dropping your insurance completely because of ObamaCare that I could not delay posting it.