Is affordable health insurance available for one person?
I’m getting ready to leave my current job, where I pay around $160 per month for health insurance, to start my own solo business. I’m curious if I can find a comparable insurance plan for an individual in the New England area (I’m healthy and in my mid-30s), or if I should expect significantly higher premiums once I leave my job. Any advice would be greatly appreciated! 🙂
Edit: While it’s too early for an official quote, I reached out for some price estimates and was told the range could be anywhere from $200 to $2,000. I’m hoping to avoid the $200 minimum! Thanks!
Transitioning from employer-sponsored health insurance to individual coverage can definitely be a challenge, especially when it comes to cost. While $160/month is a great rate for health insurance, finding something similar on the individual market can be difficult, but not impossible.
Health Insurance Marketplaces: Since you’re in New England, you can check out the Health Insurance Marketplace during open enrollment periods. Depending on your income and eligibility for subsidies, you may find plans that can lower your monthly premium significantly.
Short-Term Plans: These can be more affordable options, but they often provide limited coverage and may not cover pre-existing conditions.
Catastrophic Plans: If you’re generally healthy and don’t need frequent medical care, consider a catastrophic plan. These usually come with lower premiums, but higher deductibles and are designed for worst-case scenarios.
Local Insurance Brokers: They can help you navigate the various plans available in your area and find an option that fits your budget and needs.
Medicaid: Depending on your income once you start your business, you might qualify for Medicaid, which offers low-cost options.
Community Health Organizations: Some local organizations might offer sliding scale services or other resources that could help you access preventive care at a lower cost.
Since you’ve already called around and received a wide price range, it’s worth continuing your research and possibly waiting for open enrollment if that aligns with your timeline. It might also be beneficial to compare the coverage and out-of-pocket costs, not just the monthly premium, to see the best overall value. Good luck with your business venture!