Private Health Insurance options (1 Viewer)

[Senor Schmutzig]

So I recently was let go from my company (Merry FU*&ing Christmas!) and will need to pick up some insurance while I secure another job. I have a decent severance coming so I don't have to rush to get anything but I am going to watch the budget more closely between now and whenever I start the next gig. My wife doesn't work currently so we don't have those benefits to fall back onto.

I can utilize my previous health insurance through COBRA but I'm guessing there are more economical options out there.

Are there any IC's or entrepreneurs out there that would recommend some health insurance companies? Are there any that specialize in these types of situations and won't cost me an arm and a leg (literally and/or figureatively?)

 

[Dezbelief]

Healthcare.gov for obamacare?

 

[NutterButter]

Remember there's some loopholes with cobra that might save you some money. https://krazy.finance/how-to-keep-your-insurance-for-free-the-cobra-loophole/

 

[ChiefD]

Remember there's some loopholes with cobra that might save you some money. https://krazy.finance/how-to-keep-your-insurance-for-free-the-cobra-loophole/

That's a good article. That loophole is what my wife and I used when she was between jobs a year and a half ago.

 

[ChiefD]

I will also say: if anyone in your family is on an expensive medication AND you are Costco members they give a member discount on drugs if you decide to get them without insurance. I have one I have to take monthly and their 30 day supply was CHEAPER than what I was paying with insurance at the time because of my deductible.

 

[Senor Schmutzig]

I will also say: if anyone in your family is on an expensive medication AND you are Costco members they give a member discount on drugs if you decide to get them without insurance. I have one I have to take monthly and their 30 day supply was CHEAPER than what I was paying with insurance at the time because of my deductible.

Knock on wood, we are pretty healthy. I only just started taking some generic Crestor for high cholesterol a couple of weeks ago. Other than that, no prescriptions.

 

[jwb]

Healthcare.gov for obamacare?

when we moved to NC last year we lost health ins (through my wife's job that she left - I'm self employed) and we got it through the exchange. It was very reasonable (due to the hit in income), with good coverage. Got us through until my wife found a job with health ins.

 

[pollardsvision]

Healthcare.gov for obamacare?

Self-employed, so that's what I always use.

I just get the cheapest HSA Eligible option every year.

 

[motoclube]

A few years back I left my job and needed temporary coverage. COBRA was way too expensive, so I looked into private health insurance options instead. There are definitely more budget-friendly plans out there, especially if you're generally healthy and just need something to cover the basics. Some providers offer tailored plans for self-employed individuals or those between jobs, which could be worth looking into.

I remember reading up on how private health insurance works and the different options available. This guide explains it well if you want to compare plans and see what fits your situation best: https://premierpmi.co.uk/health-hub/how-does-private-health-insurance-work/.

 

[El Floppo]

dot. as two self-employed folk, we've been on the ACA since its inception.

won't say that the options are great (and have declined each year)- either a high premium, or high deductible. but it's affordable vs what I was looking at before the ACA came out.

before obamacare, I used something called "the freelancers' guild" for health insurance in NY. they were set up to offer packages similar to a typical corporation, but for self-employed folk. I wouldn't be surprised if there was something like that near all of you too.

 

[snogger]

Health care is the only reason I may not be able to retire in 5 years. I'll be 62 then and have a nice 401(k), a Roth IRA and our house will be paid off within the next 5 years.

But fricken health care scares us regarding costs since you can't get anything otherwise until 65 or is it 67 now? I swear they change it daily.

If we can get decent health coverage, and a decent rate for the next 3 to 5 years I would love to retire "early"

 

[SFBayDuck]

Health care is the only reason I may not be able to retire in 5 years. I'll be 62 then and have a nice 401(k), a Roth IRA and our house will be paid off within the next 5 years.

But fricken health care scares us regarding costs since you can't get anything otherwise until 65 or is it 67 now? I swear they change it daily.

If we can get decent health coverage, and a decent rate for the next 3 to 5 years I would love to retire "early"

Have you priced out ACA options? Especially if your MAGI is artificially low in early retirement you can get subsidies that can make it really affordable.

 

[snogger]

Health care is the only reason I may not be able to retire in 5 years. I'll be 62 then and have a nice 401(k), a Roth IRA and our house will be paid off within the next 5 years.

But fricken health care scares us regarding costs since you can't get anything otherwise until 65 or is it 67 now? I swear they change it daily.

If we can get decent health coverage, and a decent rate for the next 3 to 5 years I would love to retire "early"

Have you priced out ACA options? Especially if your MAGI is artificially low in early retirement you can get subsidies that can make it really affordable.

If it is around when I get closer to 62 and have a better idea of what my income will be I'll definitely run the numbers.

 

[SFBayDuck]

Health care is the only reason I may not be able to retire in 5 years. I'll be 62 then and have a nice 401(k), a Roth IRA and our house will be paid off within the next 5 years.

But fricken health care scares us regarding costs since you can't get anything otherwise until 65 or is it 67 now? I swear they change it daily.

If we can get decent health coverage, and a decent rate for the next 3 to 5 years I would love to retire "early"

Have you priced out ACA options? Especially if your MAGI is artificially low in early retirement you can get subsidies that can make it really affordable.

If it is around when I get closer to 62 and have a better idea of what my income will be I'll definitely run the numbers.

It's such a common thing to hear from people contemplating retirement - "how will I pay for health insurance?". I know we have experts here like @matttyl that can chime in with much more detail, but from what I understand it can be a very affordable solution especially for those with low MAGI. To your point, who knows if the ACA or particularly the subsidies will still be around in a few years. Frankly I think a wealth test rather than an income test would make way more sense, but we work with what we've got and there is nothing wrong with taking advantage of the system as it is set up.

 

[matttyl]

dot. as two self-employed folk, we've been on the ACA since its inception.

won't say that the options are great (and have declined each year)- either a high premium, or high deductible. but it's affordable vs what I was looking at before the ACA came out.

before obamacare, I used something called "the freelancers' guild" for health insurance in NY. they were set up to offer packages similar to a typical corporation, but for self-employed folk. I wouldn't be surprised if there was something like that near all of you too.

I could go into detail if you want, but NY (as well as some other states) had dumpster fires for options in the individual health insurance markets pre ACA.

 

[matttyl]

Health care is the only reason I may not be able to retire in 5 years. I'll be 62 then and have a nice 401(k), a Roth IRA and our house will be paid off within the next 5 years.

But fricken health care scares us regarding costs since you can't get anything otherwise until 65 or is it 67 now? I swear they change it daily.

If we can get decent health coverage, and a decent rate for the next 3 to 5 years I would love to retire "early"

Have you priced out ACA options? Especially if your MAGI is artificially low in early retirement you can get subsidies that can make it really affordable.

If it is around when I get closer to 62 and have a better idea of what my income will be I'll definitely run the numbers.

It's such a common thing to hear from people contemplating retirement - "how will I pay for health insurance?". I know we have experts here like @matttyl that can chime in with much more detail, but from what I understand it can be a very affordable solution especially for those with low MAGI. To your point, who knows if the ACA or particularly the subsidies will still be around in a few years. Frankly I think a wealth test rather than an income test would make way more sense, but we work with what we've got and there is nothing wrong with taking advantage of the system as it is set up.

Interesting phrasing you use there - “taking advantage of the system the way it is set up,” but I can’t argue the point as if it were me a few years away from retirement, I’d do that very thing. Just be extra super careful about the plan you pick.

For instance, here in Va if you go “on exchange” you’ll more than likely only see HMO options. If you go “off exchange” (direct from the carrier), you can find EPO policies (effectively a PPO), but you have no subsidy eligibility regardless of your income. For many of my clients, they’ll gladly give up any subsidy eligibility to get an EPO policy .