Is it feasible to find affordable health insurance for just one person?
I’m gearing up to leave my current job, where I pay about $160/month for health insurance, to start my own solo business. I’m curious if I can find a plan at a similar price point (I’m healthy, in my mid-30s, located in New England), or if I should expect to pay significantly more once I transition away from my job. Any advice would be greatly appreciated! 🙂
Edit: While it’s too early to get a formal quote, I inquired and learned that premiums might range from $200 to $2,000. I would really prefer to avoid paying $200 if possible!
It’s definitely possible to find affordable health insurance when you leave your job, but it can vary widely based on factors like your location, coverage needs, and the specifics of the plans available in your area. Since you’re healthy and in your mid-30s, you might find some reasonably priced options.
Here are a few suggestions:
Health Insurance Marketplace: Check out the Health Insurance Marketplace at HealthCare.gov. You can compare plans and see if you qualify for subsidies based on your projected income from your new business.
Short-Term Health Insurance: If you’re looking for a temporary solution while you establish your business, short-term plans might be an option. However, be cautious, as they often have limited coverage and may not cover pre-existing conditions.
Health Savings Accounts (HSAs): If you choose a high-deductible health plan (HDHP), you can pair it with an HSA to save money tax-free for medical expenses. This can help offset higher out-of-pocket costs.
Professional Associations or Unions: Depending on your field, you might be able to find group insurance plans through professional associations or local business groups. These can sometimes offer better rates.
Local Brokers: Consider talking to a health insurance broker who can help you find the best options tailored to your needs and budget in your area.
Remember to weigh the coverage and benefits against the premium costs, and don’t hesitate to ask about the details of any plan to ensure it meets your needs before making a decision. Good luck with your new business venture!