stop loss insurance
Given the high cost of health insurance and the inefficiencies of getting insured* (ie. the insurance company takes a cut for profit and needs to pay all those employes) I am looking into the possibility to self insure. As self employed,* I could put money aside into an account specifically for health coverage.* This would be instead of paying premiums that would most likely go to waste since for the moment we are healthy.
If we start saving now we have enough by the time our health may decline in old age (we are 40s now).* Later Medicare will kick in and the health care insurance issues may be solve by then (One might hope)
Of course the danger is to have a catastrophic illness or accident. But then, just as health insurance companies do, is it possible to buy stop loss insurance? Usually for above $1M.
How can famillies/individual purchase such an insurance?