I Live in Brazil, Should I Keep My US Insurance?

[gatopreto]

Hello,

I am an American living in Brazil. My wife is Brazilian and I'm covered under her health insurance policy here in Brazil. I also have an individual plan that I pay for monthly in the States through Anthem. I'd like to cancel my US insurance but I'm worried about any repercussions that might have if we decide to move to the States later on. Both of us are healthy and have no pre-existing conditions now.

Is there any reason to keep the US health insurance just so that possibly, one day years from now if we decide to move to the States, we wouldn't have a problem getting new insurance if we had a pre-existing condition at the time?

 

[Yagents]

Hello,

I am an American living in Brazil. My wife is Brazilian and I'm covered under her health insurance policy here in Brazil. I also have an individual plan that I pay for monthly in the States through Anthem. I'd like to cancel my US insurance but I'm worried about any repercussions that might have if we decide to move to the States later on. Both of us are healthy and have no pre-existing conditions now.

Is there any reason to keep the US health insurance just so that possibly, one day years from now if we decide to move to the States, we wouldn't have a problem getting new insurance if we had a pre-existing condition at the time?

You may have heard of a guy named Obama. Well, he's making just everything rosy over here. He rammed thru a new law that starting in 1/1/14, pre-existing conditions will no longer matter. The only reason you would want to hold onto your US plan, is if you own a grandfathered policy, meaning is was in force before 3/23/10. If so, you'll be able to pay the possibly lower price, and keep it lower vs the new high priced plans that are going to be sold next year. If not grandfathered, might as well drop it if you're not coming back before 1/1/14. If you want to see what your new price will be when you get back to the states, use this calculator: National Health Care Calculator

 

[SportsNut]

The only reason you would want to hold onto your US plan, is if you own a grandfathered policy, meaning is was in force before 3/23/10. If so, you'll be able to pay the possibly lower price, and keep it lower vs the new high priced plans that are going to be sold next year.

What do you think the real possibility of those gf plans remaining lower? I'm thinking like a snowballs chance in he!! Aren't ALL plans, even gf's, going to feel the upward premium pressure of the ACA?

 

[Yagents]

What do you think the real possibility of those gf plans remaining lower? I'm thinking like a snowballs chance in he!! Aren't ALL plans, even gf's, going to feel the upward premium pressure of the ACA?

GF plans are not affected by the mandates of PPACA, so these prices won't go up because of that, but instead due to claims only, and no new people coming into the pool, and some bailing.

I believe a large number (higher than 60%) of higher income people will be keeping their GF plans when they see the PPACA prices. These tend to be higher deductible plans (HSA's) with healthier people in the pool.

Consider my example: I pay $450/mo for 10k HSA. New PPACA plans are forcasted to be over $1000/mo for family of 4. How long will it take before I decide to give up my GF plan? I say at least 3-4 years of price increases. I see this similar example in my current book as I do client reviews.

 

[leo3010]

Cancel it in 2014 they will be no underwriting

 

[Ann H]

Some insurers aren't planning to keep GF plans because of the cost of maintaining them. That's bad news for people who were promised, "If you like your plan you can keep it." In the long run (3-4 years as Bill said), the floodwaters will have washed out all the bridges anyway.