Health Insurance For Entrepreneurs 😰 My Plan for 2019

have you ever wondered what to do about health insurance if you were to retire early or leave your job well in this video I'm gonna share with you what I've done as an early retiree and as someone who has been a self-employed entrepreneur for the last 16 years we're gonna get started right now hi I'm Chad also known as coach Carson and this channel is all about helping you invest in real estate so you can retire early and do more of what matters in this clip I'm going to take you to a recent livestream where I answered the ask coach question of the day somebody

asked me they said if you're going to retire early if you're gonna leave your job and you're gonna leave that so that security blanket of health insurance which is sort of the topic of the day right how do you do that what do you what do you do about health insurance how do you estimate for that right now how do you estimate for that in the future and that the short answer is it really is the elephant in the room it's the most challenging part about budgeting personally when you're an entrepreneur or where you're retiring early you kind of leaving the steady paycheck of a job and so it is a

challenge I'll just tell you what I do and kind of what my mindset is I don't have it all 100% figured out by any means but for health insurance what we do is we go on the exchange so we buy we buy on the Obamacare exchange and we the the real like issue or the thing you have to figure out for yourself is whether you can get insurance on the exchange with subsidies or if you make in my case in our state if you make about above about ninety eight thousand five hundred ethics somewhere in there

if you make above that one dollar above that you lose 100 percent of your subsidy if you make below that as a family then you can actually get the subsidy and it makes a big difference in my case is about twelve thousand dollars per year with the health insurance subsidy and without it so that's a really important really important part of the equation but so for us we run subsidized at the moment so we're just paying the entire health insurance bill for us is about twelve thousand five hundred or so is our total total monthly bill and we get a $13,000 family

deductible I guess 6500 per person so that's what we do that's how we we handle it and that's a big huge part of your budget that's a lot more than our housing definitely more than transportation so it's a big chunk and so we've had to adjust for that and budget for that one strategy though if you're if you're planning for early retirement if you're planning to live off your rental income if you can't arrange it so that you make enough income this below that threshold where you can get a health insurance subsidy it can actually

be relatively affordable I think so in our example for we lost a $12,000 per year subsidy if we had that we'd be paying a few hundred dollars per month instead of $1,200 $1,250 per month so that's that's an important thing to think about it doesn't mean like in my case I said I'm not gonna try to make less money just to lose the the subsidy you know I have to make I'm kind of flat in my net profit after I get above 98 thousand I got to make even more than that to start kind of moving ahead but I

don't think it's a good strategy to not make any money if you have the opportunity but if you're making let's say for example 6070 thousand dollars in rental income per year as a family and yes in depreciation sheltering that and if your budgets below that you could actually live off the 6070 thousand a rental income and still get a subsidy on your health insurance and actually be relatively affordable so that's something to think about and and also thinking about the future I don't know where we're going with health insurance by any means but it is something that

I'm having to budget some kind of some padding some some margin of safety because I just don't know what it's gonna be so that's one reason I'm not completely and just kind of I'm 38 years old and my wife's 40 41 so we're not just trying to like say we're gonna keep our expenses the same forever as possible health insurance is gonna go up so we want to increase our income over time to sort of handle those kinds of health insurance increases so that's sort of my thoughts on health insurance it's a good question I think the person who asked me that was you know just kind of they're on the fence about actually

taking the leap from leaving their job and so they they wanted to know how do I do that you know what how do I deal with it so thanks for watching the video I'd love to hear from you in the comment section if you're an early retiree or an aspiring entrepreneur or early retiree what are you concerned about with health insurance and how are you handling it if you're new to the channel be sure to subscribe hit the subscribe button and click the bell button and you'll be notified of a lot of new videos that I'm gonna have coming out in the near future and if you want to watch some more videos from coach Carson TV just click the videos there on that side and you

can explore around again coach Carson TV is all about helping you and in real estate so you can retire early and do more of what matters I'm Chad coach Carson I look forward to seeing you next time thanks a lot