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According to Health System Tracker , per capita health care spending in the U. Health insurance has become not only a massive burden for many families, but also a barrier to leaving traditional jobs in favor of entrepreneurship and early retirement.
And when millions of people find themselves in the same quandary, solutions tend to emerge. Health coverage never seems as simple as it should be, so do your homework on these options before committing. Watch out not only for deductible costs, but also prescription drug coverage, exclusions, copays, and maximum annual expenditures.
I can pursue higher-risk, higher-reward income and investments, focusing on building our net worth, because her job reliably puts food on the table and provides us with access to health insurance. Not all part-time jobs preclude benefits. Whether you plan to work full-time elsewhere, retire, or start your own business, a part-time job can at least provide health insurance and perhaps offer a fun, laid-back way to earn a little extra cash and escape your other responsibilities for a while.
Start with these part-time jobs that offer health benefits , and forget about appearances and prestige. Bringing up the Affordable Care Act ACA, also known as Obamacare often prompts an involuntary political reaction, like hitting a kneecap with a mallet.
But love it or hate it, the ACA created health insurance exchanges that offer another option for shopping and comparing health insurance plans. To apply for quotes in your state, visit HealthCare. One prominent feature of the exchanges is that health insurers cannot deny coverage based on preexisting conditions.
Some Americans also qualify for subsidies based on their income. Because of their ease of use, the ACA exchanges offer a simple place to start looking for health insurance coverage. All health insurance plans in the U. must comply with ACA requirements.
That involves a stricter set of requirements. Not all health plans in the U. On private health exchange marketplaces, you can search and view these non-certified plans not listed on the official ACA exchanges. You may just find lower-cost options to help save money on your health care costs. Check out eHealth and GoHealth as examples of private exchanges.
Just be aware these non-certified plans may not offer the same protections as QHPs. For example, a preexisting condition may be held against you when you apply or enroll.
The move has proven controversial, with a dozen states suing the Department of Labor over it. Opponents assert that the Trump administration sought to undermine the ACA exchanges by allowing lower-risk groups to collectively bargain for lower-cost plans. While the future of AHPs remains uncertain, the idea is that trade associations and other groups can apply for coverage plans the way larger corporations do currently.
But they could add another affordable option, particularly for self-employed people. I interviewed a couple not long ago who retired early, sold their house, and bought a houseboat in Europe. They stay as long as they like in a given city, renting a slip with water and power hookups. When they get restless, they move on to the next city. As much fun as that sounds, it was health insurance that originally sparked the move. For people with low health risks, health savings accounts HSAs through a company like Lively can make for an affordable and flexible option.
They work like this: You buy a low-cost, high-deductible insurance plan and open an HSA to build a cash cushion for health emergencies. When medical expenses come along, you pay for them with your HSA to cover the high deductible. Then, your insurance kicks in and covers the remaining costs. To participate in an HSA, your insurance must meet certain requirements.
Sweetening the deal, HSAs come with triple tax protections: Contributions are tax-free, the earnings and growth of your contributions are tax-free, and withdrawals are tax-free — provided you use them for medical costs, that is. And because you control the investments, you can see strong returns on your contributions by investing them in stocks and other high-growth assets. You can even use HSAs as a type of emergency fund.
Obviously, they work for medical emergencies, but you can also add flexibility by leaving withdrawal decisions until the end of the year. If you pay for medical costs with non-HSA funds and keep the receipts, then later in the year suffer a non-medical financial emergency, you can retroactively reimburse yourself from the HSA.
Looking to retire early, but worried about the astronomical cost of health insurance without employer coverage? You should be. Indeed, the climbing cost of health care is fundamentally changing retirement in America, forcing many to prolong their careers to save more money and postpone the burden of health care costs.
Some employers still offer post-retirement supplemental health coverage. However, beware that even among employers who still offer some benefits, many impose stringent requirements, such as a minimum number of years employed with them.
As a final option, consider quitting your high-stress job and taking a laid-back post-retirement job instead — one that offers health insurance, of course. The Consolidated Omnibus Budget Reconciliation Act COBRA requires insurers to allow ex-employees to remain on their current health care plan for up to 18 months after departing their jobs. If that sounds like an easy win, consider that the premium typically shoots upward once your employer stops subsidizing it on your behalf.
Just be sure to research your other options and find a long-term solution, ideally one that lets you bypass COBRA coverage altogether. With no end in sight for rising health care costs, working-age Americans without employer-sponsored health plans increasingly find themselves struggling to afford medical care.
Research as many options as you can and find the one that makes the most financial sense for you. If your annual income qualifies, you can also secure family coverage through Medicaid. It provides state-sponsored health care help for low-income families across the U. As a final thought for the self-employed, keep in mind that you can deduct health insurance costs as a business expense. That lowers not only your taxable income but also your self-employment taxes.
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Brian Davis is a real estate investor, personal finance writer, and travel addict mildly obsessed with FIRE. He spends nine months of the year in Abu Dhabi, and splits the rest of the year between his hometown of Baltimore and traveling the world. Discover More. See all. Insurance 6 Health Insurance Options If You're Self-Employed. Insurance How to Deal With the Family Glitch in the Affordable Care Act. Insurance Health Insurance When Traveling Abroad - Everything You Need to Know.
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