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Medical Insurance and Work arounds

June 12th, 2015 at 08:28 pm

So DH is quitting his job and we will be without employer provided insurance from September to May 2016. I don't have to tell you how nerve wracking it is.

Right now the estimated online cost for our family of 4 is $550/month for a HDHP plan of $6500 pp /$13k family deductible. Mr Money Mustache pays for his family of three $250/month? Apparently he's in a plan pre-ACA and Colorado is a lot more insurance friendly.

This coverage is without prescription, dental, or vision coverage. So what are we thinking?

Well I was thinking of looking for a part-time job that allows me buy for health insurance. I'm not sure if I'll be able to find anything quickly but it's worth trying I think. Another possibility is that without income we may qualify for subsidies. Yes I know terribly unfair but at the same time we are going to be without income, yes by choice but we will be looking both for work and living off savings. Any suggestions for companies to look at would be appreciated.

Another thing is we're doing all our major dr appointments now so we have time to get insurance and drs in place. We are also filling prescriptions 3 months in advance so we are able to have extras for when we don't have insurance.

This is going to be a huge change not having employer provided insurance. Have many people done it? What do you normally pay?

8 Responses to “Medical Insurance and Work arounds”

  1. another r Says:

    It is unfair that a family with your assets would qualify for subsidies. You have over $200,000 in savings. Can't you just pay for a regular plan without subsidies?

  2. MonkeyMama Says:

    I've never had employer insurance. We pay $1,000 per month for regular private insurance (with a much lower deductible). Shop around and see what all your options are. You'll have access to COBRA too. Private insurance will be different from the state exchanges. Take advantage of the subsidies, of course. The tricky thing is that you can't have poverty level income to use the subsidies (they just put you on medicaid in that case). You have to have *some* income but maybe your investments will cover some of that. I'd probably just get on COBRA and buy yourself some time to figure it all out and figure out your income situation. If you move to the Bay Area for example, it's hard me to imagine why you wouldn't find work right away. If COBRA is crazy expensive, it still buys you time and peace of mind, and I'd think is worth it from that standpoint. You have enough stuff to worry about right now.

    Years ago I had planned one of us to get a job primarily for health insurance but I've seen the employer system in this country screw too many people over AND my spouse developed a serious health problem (thankfully before we ever got in that employer mess).

    Whatever you do, make sure you are getting GOOD insurance. 10 years ago I always said we had health insurance because we drive every day on California freeways. We couldn't be more healthy but accidents happen. In the past 5 years or so I have watched my spouse develop a very expensive medical condition (though we all couldn't be healthier otherwise) and have had several clients suffer the most random of accidents (none traffic related). Cancer also strikes very randomly. If you have money, buy the GOOD insurance. It's not worth the risk of going bankrupt in the long run because you wanted to save $500 per month now.

  3. scfr Says:

    In addition to COBRA and the ACA plans, check Costco if you are a member https://www.costcoquote.com/

    Check any other places where you may be a member to see if you can get insurance. Car club? Religious group? Alumni association? Credit union? I don't know if those places offer insurance or not but I'd check!

    In my life, I've had insurance through an employer, through Costco, and have self-insured with a HDHP.

    I'm sure you've already thought of this, but if you currently have dental & vision through your husband's employer, take advantage of it before he quits.

  4. Carol Says:

    One of the arguments for the Affordable Care Act was just for people in your situation--people who wanted to change jobs. Otherwise we are all chained to where we work now. So I echo Monkey Mama and say buy the best you can find and use the subsidy if you qualify.Best of luck to you!!

  5. creditcardfree Says:

    I believe Starbucks, Home Depot, Trader Joe's, REI, and Whole Foods all over health insurance for less than full time work. There may be others!

    Good plan to get some appointments done before the current insurance ends.

  6. FrugalTexan75 Says:

    I was going to suggest Starbucks as well, I didn't know about the others.

  7. CB in the City Says:

    I think Chipotle may offer insurance to part-time workers as well.

  8. LivingAlmostLarge Says:

    Another R, perhaps I can, but I'll use tax break we qualify for legally. Nothing illegal. But I am definitely going to do a bit more research. Right now I think we'll buy something and then I hope to land a job for insurance.

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