Not so much a mobile home park question, but for those of you that might be small and don’t have health insurance through another job or spouse , what are you doing for coverage?
Im looking for a more creative route as opposed to some of the full coverage polices. Maybe looking at this wrong but just kind of brainstorming mode.
I came across short term health coverage and its really just more for emergencies and was thinking to invest the difference over the course of time, build in some self coverage .
There are things thinks called health care share ministries which sound great in theory but in practicality look like a perfect outfit to run a ponzi scheme through.
Im not worried about smaller things , its just something big and unplanned but seems like, generally speaking , if you have a higher probability of being healthy, and are prepared to absorb smaller things a lot of these plans you might be paying might not individually benefit you when you start weighing risk profiles.
Although I haven’t purchased my first park yet but I do have other SFH. I’m healthy as a horse but my hubby not so much so. Nothing major for him but there are things that need maintenance meds. I haven’t got a silver bullet for and answer but will share what I think will be my strategy in the next year. I’ll go with a health savings plan through a SDIRA that will let me also use some of the money over time to invest more into real estate. For the big health things that can go bump in the middle of your life I’ll go major medical. Anything else I’ll go out of pocket. My husband is a veteran so I’m also going to research to see if his prescriptions can be taken care of with the VA and at what age he’ll be eligible for that kind of coverage if the VA even does anything like that anymore. I’ve read good and bad about the Christian health shares and I’m not impressed enough to go that route because there’s no accountability and it seems to be too much by their whim. If someone here has a other strategy they want to share I’m sure many of us would love to hear it. Other than buying my first park…healthcare is the last thing standing in my way to leave the IT world.
I think this will vary somewhat by state, but I think the simple answer is likely the best: buy a minimal coverage health plan with a really high deductible. Plan on paying for most things out of pocket, and your losses will be capped at ~$15,000 if a hillbilly tenant shoots you and you end up in the hospital.
I’m in California and I found purchasing a health care plan through the state insurance exchange to be an overall positive experience.
Ok, after much thought , calls, and research i came up with a strategy i will employ. I have what you are talking about Will, high deductible pay lot of pocket but the premium seems disproportionally on the high side. Current premium is a about 13xx. Just doesn’t seem right for something we end up paying most everything anyway.
Will go with a 12 month short term plan renewable for 3 years. These can go as low as 2xx a month or more comprehensive for 500-600 a month for me. So going to do one of these and escrow the difference on what a fully comprehensive plan from the market place would be . Then might get more creative with figuring out a blend of investing that and/or turning it into equity that is available should it be needed.
These are not ACA compliant for the requirement but it appears that 2019 will be the first year of no penalty for not having approved insurance under the Affordable Care Act coverage .
Best i can tell the Short term plans are gearing up to try and be a more basic health plan ( they will not include pre existing, maternity, mental health, certain exclusions with alcohol etc) . You really need to read the whole list of what they cover and all the exclusions to understand them thoroughly. There are variations among this category so be sure you know what you are getting.
The risk is getting a serious thing, they will drop you the following year since they are only for 12 months ( and hence will be preexisting in year 2 if you get it in year 1). There might be a rider to cover the pre existing for 3 years based on the specific plan.
But , the hedge to you , assuming you run into an issue and god forbid to get something , you join in the marketplace ( which best i understand doesn’t exclude anything pre existing) in that year you find out you have something serious and jump back on a plan that will absorb pre existing.
Im hoping this will be right but if i understand it , what these plans are trying to accomplish is cutting out some of the things that might not be needed by all. But it seems like they do actually cover a lot of things. The spread between this and a full insurance policy seems significant enough to evaluate ( for me !) . I make no representations about accuracy here ,just the way i understand it and sharing in case its something anyone else ( who it might be a fit for) should research further.
My family uses Samaritan Ministries which is a cost sharing plan. I would only recommend this to someone who is in overall good health because it is not suited for someone who goes to the doctor regularly. My family’s monthly share is right at $500 per month, which is much better than the $1300 per month HDHP that we were previously on. It is ACA compliant, but that’s about to be a nonissue. I recommend you study up on different cost sharing programs to find one that fits your needs. Most are Christian based and require you to sign papers stating you attend church regularly. Just a thought.
Thats great, i think its a great concept , that was one of the companies I researched. I spent several hours trying to read through comments of people who had denied claims or issues what they all were. Here was what my deciding factor ended up being. This issue came up with a different company , not samaritan , but the principles can apply to the model . Ive watched to many American Greed episodes to see the occasional ponzi or other type of scheme that hides itself in faith based organizations. The thing that worries me, is i came across several reports on delayed payments or people taking 8 months to get resolved on a catastrophe. Then the bill the organization was trying to negotiate them to get them down and they would often end up in collections. My livelihood as an investor relies on having good credit, so this risk for me was something that was worrisome. Insurance with all the junk that comes with it will at least be regulated . (different company ) not samaritan , you can check their audits but it just wasn’t something that i could get comfortable with. Also delayed or deferred payments ( not saying that is the case) are just one of the first signs of a ponzi going in on itself. I really love the concept , i think its noble, i just now when someone gets oversight of an organization with 50M in premiums and limited regulation and oversight, all bets are off.
It seems like a great concept no doubt. And i appreciate you contributing through the thread. i talked to someone else who is a part of one , they have not filed any claims but had a birth and the tab was picked up on all the expenses
That’s encouraging. Insurance is stressful, especially when the entire expense is on you because you’re self employed. Best of luck to you and I hope it’s something you pay for for years, but never have to use.
I am a physician who “moonlights” as a MH park owner. If I were you, I would almost certainly go through my STATE HEALTH EXCHANGE.
Step 1 - Follow the link above…it will take you to the CMS.gov state-by-state listing with links to your state’s exchange website.
Step 2 - Call your state’s helpline…you’ll reach someone whose job it is to help you find the best coverage for you and your family. Because they are a state employee (typically), they only have your best interests in mind!
Step 3 - Lastly, if I lived in a city/state with Kaiser I’d compare the Health Exchange option vs Kaiser. If they’re close in price I’d probably go with Kaiser as their network tends to be good for primary care (I have no affiliation…just based on experience).
I have less confidence in the coverage I have now, so I also increased the medical payments coverage and uninsured motorist coverage on my family’s automobiles to cover unanticipated expenses if hit in the car. Didn’t cost much compared to what the ACA would cost me monthly.
