(1) The only states 5 with community rating are the most expensive NJ, MA, ME, VT, NY.
(2) All other states will charge a lot for new policies of older or sick individuals. Risk pools are also expensive.
I am concluding that the only inexpensive solution is to move to a state without community rating BEFORE being old or sick. And remain there forever with the same insurance. I am now early 40s. I probably have to do this as soon as possible.
Or should I hope for a change in our health sysytem that will solve those problems in the near future? (<5 years?).
If I don;t retire now because I am trying to put more money aside for my portfolio I may run into a situation that the money I am saving will be completely put to buying a higher cost insurance anyway.
- older or community rating insurance =$1000/mo
- younger =$400/mo
Thats $600 difference. $7200/yr*25=$180000
Oops maybe I should jump now rather than later
I am also concluding that
- it might not make sense to get any insurance before being sick and put the money to work in the stock market. When getting sick it will be always time to get quotes and find out if it worth it or not depending of what illness.
- what I need instead is a (much cheaper?) ACCIDENT INSURANCE.
Can anyone comment on my thinking?