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Health insurance when unemployed

loop101

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Is it normal to pay about $800 a month for health insurance? One person, age 40+, non-smoker. If some one is unemployed for a long time, I don't see how they can maintain it.
 

AikiMike

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I've been looking for health insurance plans on HealthSherpa (healthsherpa.com). This is the first time I've had to look for a policy since in the past I always had a corporate plan to select from, but now work 100% on my building my business (so I'm technically unemployed).

What I found was that when I list my income as less than $1200/month, I don't qualify for any subsidies. But once it gets above that, the subsidies start applying. So plans with premiums in the $800+/month range goes down to about $20/month with very low deductibles and out-of-pocket-maximums.

I don't know how location, age, etc plays into the pricing, so what you see may be different.

In my case, I created a c-corp earlier this year for which I need to take a W-2 salary from, so I can control what my income will be and am getting this setup now. I explored getting a group plan for the c-corp, but that also ended up with policies in the $800+ range (although I could set it up for the c-corp to pay 100%), so decided not to do that. I then looked at Health Reimbursement Arrangements where the c-corp would reimburse for health expenses (premiums, co-pays, etc), but if I do that then I don't qualify for subsidies, so the c-corp ends up paying a lot. So in the end, I'm going to take a salary in the $1200/month range and get an individual policy that can take advantage of the subsidies.

Not sure any of this applies to your situation, but thought I'd share it in case it gives you some other options to consider. I haven't finalized anything yet, so I'm also interested to see if others have any other approaches they've taken to get affordable health insurance.
 

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