If you're still searching for health insurance outside of the open enrollment period, a non-Obamacare plan could provide the coverage you need.
It’s no secret that the Affordable Care Act, Obamacare, is driving up the cost of health insurance. But forgoing insurance is not a good option. So what can you do to potentially save money and still have good coverage?
Many people are turning to non-Obamacare plans, also known as Term Medical plans. There’s a lot of misinformation floating around about this kind of insurance, so we’re here to clear it up.
First, let’s quickly cover what exactly these plans are. Some of the features include:
- Greater savings through PPO plans with lower deductibles and out-of-pocket costs
- Available for up to one year
- Access to more doctors, office visits, hospital stays, and surgeries
- Real medical insurance with up to $2 million in lifetime benefits
Check out the video below for how to avoid the high cost of Obamacare for your small business. The article continues below the video.
Got it? Good. Now let’s dig into the myths surrounding Term Medical plans and lay out the facts.
MYTH: Non-Obamacare plans have limited coverage.
FACT: These plans provide excellent coverage for doctors, office visits, hospital stays, surgeries, and prescription drugs up to $2 million a year. They also offer your choice of many more doctors and hospitals than Obamacare plans have.
MYTH: I will have to pay a tax penalty for purchasing a non-Obamacare plan.
FACT: You may or may not have to. You should speak with your tax preparer about the options available to you. Plus, if you’re on one of these plans for only part of the year, the tax is pro-rated so you won’t have to pay the full amount. In many cases, the savings on premiums outweighs the tax penalty.
MYTH: If I get sick I’m stuck with this plan.
FACT: You can go back to an Obamacare plan during the next open enrollment season with no medical questions asked.
MYTH: These plans don’t cover maternity, mental health, or pre-existing conditions.
FACT: Ok, this one is actually true, but it’s not necessarily a bad thing. If you don’t need these benefits, why would you pay for them like you will in an Obamacare plan?
MYTH: I have to answer a lot of medical questions.
FACT: You will have to answer some simple medical questions about mostly major conditions like heart disease, cancer, stroke, etc. But if you live a healthy lifestyle, and you qualify, the savings are huge. Plus, you can rest easy knowing that you’re not just helping to pay for sick people that are in Obamacare plans.
MYTH: I can just go without health insurance this year. I’m healthy.
FACT: That’s a bad idea. Did you know the number one reason people file bankruptcy is because of unpaid medical bills? What if you break a leg? That could be $5,000 out of your pocket. What if you need an appendectomy? That could be $25,000 out of your pocket. What if you have a heart attack or stroke? That will be a whopping $100,000 or more.
MYTH: I already bought an Obamacare plan. I can’t switch until open enrollment.
FACT: Even if you already bought an Obamacare health insurance plan, you can cancel it and purchase a non-Obamacare plan outside of open enrollment.
Do any of the points below apply to you?
- Premiums for your Obamacare plan are unaffordable, and the deductible is way too high.
- None of your doctors or hospitals take your Obamacare plan.
- You have no coverage at all because Obamacare costs were too high during open enrollment.
If you said yes to any of these, it’s easy to check out rates for a non-Obamacare plan at NFIBHealthPlans.com. You can start saving money in a matter of minutes.