You can save a lot of money on health insurance, but should you?
Not everyone is a fan of Obamacare.
Complaints range from expensive premiums and high deductibles to covered services people don’t think they need.
But compare the typical health insurance plan regulated by the Affordable Care Act with a cheaper short-term health plan, and you might just change your mind.
Short-term health insurance is a stripped-down health care plan that doesn’t fall under ACA regulations. These plans don’t have to cover specific services, such as prescription medication or maternity benefits, and they are of limited duration: just three months.
Heather Kofke-Egger knows first-hand the risks of depending on a plan with skimpy benefits.
Just out of college in 2002, she could pay $450 a month for a health plan offered to new graduates, or $85 a month for a short-term plan. “I knew I was taking a risk,” she said. “Plans didn’t cover pre-existing conditions, but without a job lined up, I had no way to pay the [higher] premiums.”
Kofke-Egger, now a health-care data professional in Chicago, bought the cheaper plan, thinking her youth and relatively good health would protect her from unexpected expenses.
Diagnosed with depression in college, Kofke-Egger was doing well upon graduation. She filled a 90-day supply of antidepressants before leaving school and hoped to have a job with health insurance by the time she needed a refill.