FFN #35: Hustle to Health - Here's How to Choose the Right Insurance

💁🏼‍♀️ Do I Really Need Health Insurance?

Without sounding like your mom… the short answer is yes, yes you do! Self-employed people can reap the benefits of health insurance just as you would as an employee. Not having to pay insurance payments might seem like a cost-effective plan in the short term, however, the financial repercussions of being uninsured in the US can be devastating if something were to happen. Recent research has shown the importance of comprehensive health insurance for adults, as paying medical expenses out of pocket can result in significant debt; a single hospital stay can lead to bills exceeding $10,000. The research indicates that uninsured individuals often prioritize financial concerns over health needs, leading to poor health outcomes, especially when preventative care is neglected.

💸 How Much Will it Cost Me?

The cost of ACA health plans varies by age, with premiums ranging from $453 to $1,079 per month, influenced by a bunch of factors such as plan type, tier, and smoking status, as well as household income and family size. Understanding health insurance expenses, including premiums and deductibles, can be a headache at times, where high premiums may mean lower deductibles. The good news though! Self-employed folks can leverage health insurance as a deductible business expense, potentially reducing tax obligations, while many adults may qualify for Marketplace discounts and you can utilize online tools like healthcare.gov's calculator for estimating eligibility and costs. It’s important to note you should be working these extra insurances into your hourly rate so your business can support you.  

🧐 Look at your Options

Before you start browsing insurance exchanges, check your eligibility for free or significantly subsidized plans through government programs. These include the Veterans Health Administration (VA) for veterans and their spouses, Medicare for individuals aged 65 and above or those with specific medical conditions, Medicaid for those with modified adjusted gross incomes below certain thresholds, and the Children’s Health Insurance Program (CHIP) for eligible children. Make sure you determine if your income qualifies you for premium tax credits, this can offset the cost of plans on exchanges. A few extra things to consider on a plan would be; checking prescription drug coverage, access to doctors and care facilities, plan limitations and exclusions and health and wellness resources.

B.T.R. Nation

Sometimes I do actually leave my house for a meeting, astonishing I know! On those days, I love to throw something in my bag that’s easy to snack on but will keep me full and not make me feel sluggish. Cue these B.T.R bars, made from all-natural ingredients, their protein bars taste like a cookie but are packed full of great ingredients so I won’t feel like taking a nap afterwards. My go-to on my busy days out of home!