Individual Health plans… Once again, I try to find the most economical way to go for YOU. What’s best for you is not necessarily the best for your brother-in-law.
Faith-Based Cost Sharing Plans are about half the price of standard health insurance. Why? They do not have the reserving requirements that insurance does. This means the chances of them leaving you high and dry because they have gone belly up is greater than with a government regulated insurance company. However… if your family is young and healthy, working within a tight budget common to young families, it may be worth that risk to save $500 a month.
Faith-Based Plans have some restrictions that make them not appealing to everyone. For one thing, they can discriminate based on faith. If you sign up for a Christian plan, they won’t accept a Jew or Muslim, and visa versa..
The Department of Health & Human Services has set up some requirements for these plans to exempt you from ACA coverage. One is they have to have been in business since at least 1999, so ask that question. Asking, “Does your plan exempt me from any future ACA penalties that might be imposed for non-coverage?” will tell you whether the plan has been in effect since 1999 and whether it meets all other requirements.
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