How To Get Health Insurance If You Quit Your Job!

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1. Core Message: You Have Options

  • Many people stay in jobs they dislike solely for health insurance, fearing individual coverage is unaffordable or impossible to get.

  • The video debunks this, stating there are multiple viable paths for individuals and families to get covered, often more affordably than expected.

2. Main Health Insurance Options

  • Marketplace Plans (ACA/Obamacare):

    • Guaranteed Issue: Must cover everyone regardless of health status/pre-existing conditions.

    • Subsidies: Costs are based on income. Many people qualify for subsidies (tax credits) even with higher incomes, especially if they have a larger family or are older.

    • Cons: Deductibles and premiums rise every year (high risk pool).

  • Private Underwritten Plans:

    • Health-Based: insurers “underwrite” based on your health history.

    • Cost: If you are healthy, premiums can be 30-40% lower than marketplace plans because you are in a lower-risk pool.

    • Cons: May exclude certain conditions (e.g., maternity might not be covered, though some plans do). Harder to qualify for if you have major pre-existing conditions.

  • Health Share Plans (Meta-Share):

    • Description: Faith-based organizations where members pool money to pay claims.

    • Warning: They are not legal health insurance. They are not legally obligated to pay claims. The agent recommends them only as a “last resort” or for very short-term needs due to the risk of claims being denied.

  • Short-Term Plans: Mentioned as an option, though regulations may limit their duration (e.g., to 3 months).

3. Key misconceptions Debunked

  • “I make too much money for subsidies”:

    • Reality: Subsidies are based on household income and size and age. A couple in their 50s making $100k or a family with 4 kids making $200k might still qualify for significant subsidies.

  • “Private insurance is always more expensive”:

    • Reality: For young, healthy individuals, private plans often offer better rates (“Safe Driver Discount” analogy).

    • Example: The agent shared her personal experience where she paid ~$350/mo for a private plan but switched to a ~$644/mo Marketplace plan when she became pregnant (because her private plan didn’t cover maternity).

4. Strategic Advice

  • Planning Timeline: Start looking one month in advance of leaving your job. Earlier is okay, but rates/plans change monthly.

  • Documents Needed:

    • Estimated annual income (crucial for subsidies).

    • List of providers (to check networks).

    • Basic demographics (Age, Zip Code).

  • Maternity: Private plans often exclude maternity to keep costs low. Marketplace plans must cover it.

    • Tip: Pregnancy is not a qualifying life event to switch to Marketplace, but birth is. However, the agent moved houses (a qualifying event) to switch plans mid-pregnancy.

  • Pre-Existing Conditions: If you have major health issues (cancer, insulin dependency), Marketplace plans are usually the best/only option because they cannot deny coverage. Private plans may deny you or be cost-prohibitive.

5. Working with an Independent Agent

  • Cost: It is free to the consumer. Agents are paid by the insurance companies.

  • Benefit: Independent agents (unlike captive agents) can shop across multiple carriers (private and marketplace) to find the best fit for your specific health and budget.

Conclusion

Don’t let the fear of health insurance stop you from pursuing self-employment or leaving a bad job. Options exist for both high-income earners (private plans) and those needing financial assistance (Marketplace subsidies).

Ironically when I had health insurance through the marketplace, it was very cheap (because I was on a lower income due to working PRN), yet it was an incredible policy that covered so much more compared to the insurance I have now through my full time job. It almost seems like marketplace insurance is way better than most insurance received through an employer.

I find that many insurance policies offered to employees in healthcare are often pretty pitiful policies, which is ironic because we’re supposed to be practicing what we preach by being of good health and going for checkups etc.

Insurance never should have been tied to employers in the first place. It started when government interfered with businesses by not letting them give raises, so businesses found other ways to entice people to come work for them. Government needs to stay out of healthcare and allow competition.

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