Author Topic: Self-employed health insurance coverage for a family of four  (Read 1138 times)

bittheory

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Self-employed health insurance coverage for a family of four
« on: September 25, 2017, 04:03:09 PM »
My company recently folded, and, as a result, I lost my job. This gave me an opportunity to venture into the freelance world, something I have long wanted to do. It also forces me to decide how to handle my family's healthcare coverage. I am currently shopping for October coverage and was curious what my fellow self-employed mustachian families do. My wife stays at home, so I cannot jump on her insurance.

Right now it's between a bronze "EPO" plan and an HSA plan. The difference in cost is approx $60/mo with the HSA being lower in cost. Or should I not consider either of these options and instead go for a different/more expensive plan? Family details below.

Details:
Family of four
I am 34 wife is 35. Kids are 4 and 1 years old. All healthy.
Eligible for a tax credit based on income

teen persuasion

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Re: Self-employed health insurance coverage for a family of four
« Reply #1 on: September 25, 2017, 07:44:10 PM »
As it is after the 15th of the month, you are shopping for insurance for NOVEMBER.  It's too late to qualify for October, unless you qualify for Medicaid; then they might be able to retroactively date your insurance.  Something we found out the hard way, too.

ETA: Rules for ACA vs Medicaid are contradictory: ACA uses annual income, but Medicaid looks at monthly income.  When we applied because DH was between jobs, I expected to be eligible for ACA subsidies based on annual income, but the monthly (temporarily) low income shunted us to Medicaid instead.  YMMV, based on your state's Medicaid status (expanded or not) and rules.
« Last Edit: September 25, 2017, 07:51:23 PM by teen persuasion »

fiStressRelief

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Re: Self-employed health insurance coverage for a family of four
« Reply #2 on: September 25, 2017, 07:50:10 PM »
I was just thinking about the logistics of this type of transition while daydreaming of FIRE with some intermittent part time work.  Very interested to hear what people have to say.

Are you on cobra currently?

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Spendysaurus

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Re: Self-employed health insurance coverage for a family of four
« Reply #3 on: September 30, 2017, 06:25:44 PM »
We recently moved to Virginia for a temp to perm contract.  We dislike Central Virginia in general but the health insurance is great.  I used the marketplace to purchase insurance with Cigna.  The contract is $40/hr, $25/hr is taxable and $15/hr is per diem.  As head of household, I claim my wife and 3 children.  We had a baby birthed in a hospital and the bill only came to $2,000.  The marketplace forced me to apply for Medicaid and they actually granted it for the three kids. Of course, if I were to take a permanent position, technically I'd have to forfeit the current plan.  It was $220/month for the family plan (after credits) but should go down now that it's just me and my wife.  The family plan cost double in our previous state and a hospital birth cost $11,000 there.  Big difference state to state!  If you're self employed, I don't see how that would make any difference! Thanks Obama!
« Last Edit: September 30, 2017, 06:27:41 PM by Spendysaurus »