What are self-funded searchers doing for health insurance?
August 27, 2021
by a searcher from Brigham Young University - Marriott School of Management in Dallas, TX, USA
I'm starting a full-time, self-funded search and have been exploring various health insurance options. I'm curious to hear what other searchers have done/are doing to have sufficient healthcare coverage during the search. Thanks!
from Northwestern University in Tampa, FL, USA
It is technically healthcare cost sharing, and not insurance. In practice, if you are doing cost sharing through a reputable organization with a history of paying claims it shouldn't feel much different to you than a regular health insurance policy. With the CHM gold plan you are responsible to pay for "incidents" up to $500. This includes regular preventative care, which is generally paid out of pocket. Any incident that is more than $500 will be shared. It effectively functions as high-deductible / catastrophic plan, which in my view is the way health insurance should generally be structured anyway -- it puts the onus on the consumer to make prudent healthcare decisions. They do require you agree / commit to a statement of faith and some basic principles of healthy living.
Another good cost sharing option for non-Christians is Sedera: https://sedera.com/medical-cost-sharing/. Very similar model, and I've heard good things about them.
from Northwestern University in Chicago, IL, USA
Options 1. Thru work if still working or significant other 2. Cobra, believe free through 10/31 if you qualify 3. Christian ministries cost sharing not insurance, 4. Aca/Obama care, 5. Through insurer perhaps an option and go without.
Very time consuming to compare options and many assumptions need to be made for costs, what is covered, deductibles, etc. Need to consider if you have or will have things you know or will have to see a provider for. For example if you have a pre existing condition.
Also need to think through the dental, vision. More often than not out of pocket best that is unless have existing conditions. If there’s a break in coverage then many will have a hold period. Seems better to continue the dental if you know something is or could be around the corner.
Overall the US has linked health insurance to a job. Also medicare not an option until in the 60’s. So the gap is real. There are proposals to reduce to 55.
Leading cause of bankruptcy in the US is medical related. Not getting will be stressful. A search process can take 2 years sometimes more. A lot can happen over that time period. Even more so with the covid and various variations.
System is challenging, lacks transparency and is expensive for something that is known to be needed.