Looking to ER at 50 and my thought process was around just getting a very high deductible catastrophic health insurance policy for my wife and I (we are healthy and fit except for my high blood pressure which is under control - I think it is job stress related - another reason for ER)
I have found $10K deductible policies for around $500 a month which I am fine with. I *believe* I can put away $6K a year in an HSA and reap the tax benefits.
This is the route I was thinking about going in ER but I have heard some horror stories about insurance companies just cancelling the policies once something more costly is diagnosed. Anybody else have any experience with this?
My worst fear is to have something like breast cancer hit my wife and the insurance company cancel the policy and it wipes out my entire savings to care for her. I have also heard that these policies have $1M lifetime benefit limits so something pretty hard core could still wipe us out.
How do the rest of you in ER and not eligible for medicaid or medicare yet handle medical insurance coverage?
I think my last big hurdle before executing my ER is health care...it has me very concerned (I have fantastic medical benefits in my current job)
Any and all advice would be greatly appreciated
Seattle
I have found $10K deductible policies for around $500 a month which I am fine with. I *believe* I can put away $6K a year in an HSA and reap the tax benefits.
This is the route I was thinking about going in ER but I have heard some horror stories about insurance companies just cancelling the policies once something more costly is diagnosed. Anybody else have any experience with this?
My worst fear is to have something like breast cancer hit my wife and the insurance company cancel the policy and it wipes out my entire savings to care for her. I have also heard that these policies have $1M lifetime benefit limits so something pretty hard core could still wipe us out.
How do the rest of you in ER and not eligible for medicaid or medicare yet handle medical insurance coverage?
I think my last big hurdle before executing my ER is health care...it has me very concerned (I have fantastic medical benefits in my current job)
Any and all advice would be greatly appreciated
Seattle