Beginner's guide to finding own *health insurance*

[Gizsuat2]

All,

Looking for advice!  I've quit my insurance-providing job, and my husband is strongly considering quitting his insurance-providing job.  I'd like to start figuring out how we're going to self-insure, but I'm at a loss as to where to start.  Any tips?

Some specifics:
* We will continue to run our own business; not sure if there are tax-advantaged ways to proceed with insurance through that.
* We will be buying health insurance.  No DIY here, all due respect to those that go that direction.
* Is this the sort of thing that an insurance agent would be helpful or a hindrance for?

Appreciate the thoughts!

[boarder42]

There are alot of variables missing here like AGI. How many employees your business has. Do you have pre existing conditions.

Healthcare.gov is a good place to start. A silver plan will be 8.5% of your agi or less a bronze plan 5-6% or less

With no pre existing conditions and a high AGI you could do what MMM recently did with healthshare.

[terran]

If you're a sole proprietor you can take the self employed health insurance deduction (schedule 1, I think?) if you don't have access to employer provided health insurance. I think the business would have to buy the insurance if your business has another structure to make it deductible.

[sonofsven]

Yes to healthcare.gov, it's pretty straightforward, enter information and see lists and costs of insurance plans. If you already have a dr you like you'll want to go with an insurance provider that covers them, and make sure the hospital you would go to would be in network.

If you haven't before you'll want to really delve into the terms so you know what you're getting. There are explanations on the website.

The more expensive plans come with lower co pays and deductible and pay for more things.

Look hard at an HSA plan, they are high deductible but you can set up an HSA account and fund approximately $3500 per person per year and invest it all (I have an HSA with Lively and they partner with TD Ameritrade, they have Vanguard ETF's like VTI).
You get that $3500 write off now, the invested money grows tax free, and when you withdraw it in the future it is also tax free.

[Gizsuat2]

sonofsven, awesome, that's really helpful, thanks!