Medicare, Medicaid, Life and Health Insurance/Switching from "short term" high deductible plan to low deductible comprehensive plan just long enough for son to have surgery
We currently have a $5,000 deductible "short term" (non ACA) health insurance plan. My son was informed that he needs very minor (5 minute) hand surgery. Nonetheless, since it's surgery, it will very likely exceed the $5,000 deductible. My question is this...
Open enrollment is coming up, and I was thinking we could delay the surgery until the beginning of next year after signing up for a low deductible comprehensive plan. Then after the surgery, cancel the low deductible plan and go back on a much cheaper high deductible "short term" plan.
For me the $2,000 year end tax penalty is about $5,000 cheaper than the difference in the amount I would have spent on premiums for a conforming ACA plan.
Any reason this can't be done?
Hello Andrew. As an insurance professional I have pause as to what you're suggesting. What if something else happens in April? June? October? Will you be waiting to take care of the malady until after Jan. 1, 2016? I suppose you can do as you wish, but to me it's not serving a purpose.
I hope this helps.