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Setting up an openly-fake insurance plan? [View All]

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Heywood J Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-21-09 12:08 PM
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Setting up an openly-fake insurance plan?
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How difficult would it be to appropriately incorporate an "insurer" which, for a nominal sum (e.g. $10/year), would sign you up for a plan that admittedly doesn't cover anything, but would mail you an appropriate proof of insurance that you could use to avoid any new federal fine for being uninsured? It wouldn't be any more of a scam than many existing plans, and would cost substantially less.

Does anyone know if this would be legal, given that everything would be disclosed up front? Given current deductibles and the pre-existing condition BS, ten bucks a year is certainly no worse than being forced to pay thousands of dollars to a conventional insurer for the same level of coverage. If it helps someone avoid a much larger fine on their taxes or wage garnishment, it would be worth it. It might also help those paying COBRA for months until they get another plan, to avoid having the insurance lapse and their conditions becoming "pre-existing" and uninsurable.
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