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- Hi are you thinking about leaving your job to start a business or use currently...
- Amount plus they charge you a little small bit on top of that as an...
- Getting it upfront but make sure if you do go this route you speak to a agent...
- To just say I'll just pay the penalty because the bottom line is what I really...
- Insurance but not they tend to be underwritten meaning not everyone gets...
- Much less expensive like he was about half the price as Cobra now there are...
00:00
hi are you thinking about leaving your
job to start a business or use currently
self-employed and either way are you
just thinking that you know I'm just not
sure about my healthcare options and
maybe pursuing that business as opposed
to staying in your job is something that
you're just kind of holding back on
because you're just not sure what its
gonna be like after you leave your job
well my name is Kevin and I'm from
maximizing e-commerce comm and I'm a
full-time ecommerce business store owner
and before I went into basically
00:33
business for myself leaving the job I
basically had a job and a ecommerce
business for about three years and prior
to me leaving the working world for the
previous five years I actually was
working at a health insurance agency and
I did training for health insurance
agents I hold the insurance license in
the state of Florida and multiple other
states now I've got some options here
for you but please make sure to consult
with the appropriate professional about
your own specific needs in your own
01:04
specific situation so please don't take
any of this as advice this is just some
basic information to at least help you
as you do your research thinking about
what you might need to do as far as
health care options are concerned so
first thing I wanted to talk through is
Cobra it's the consolidated Omnibus
Budget Reconciliation act now that's a
whole mouthful but it's kind of cooler
just to say Cobra Cobra just means
continuous coverage of your existing
plan so basically the way it works is
let's say you leave your job and you
01:34
currently have health insurance and it
could also be if you go to a different
job you could stay with the coverage
that you currently have but bottom line
is especially if you're leaving the
working world so to speak to go in to
self-employment this could be a good
option for you so basically you keep the
same plan except what happens is
essentially let's say the plan cost this
much money you might have only been
paying this much money because your
employer was paying the difference so
when you go into Cobra you do the full
02:06
amount plus they charge you a little
small bit on top of that as an
administration fee basically and you
have 60 days
is to sign up for it so even though you
have 60 days to sign up for it from the
time they send you out a letter
basically saying what your options are
for Cobra your coverage would begin as
soon as your coverage stop so if your
coverage at your job where they're
paying for the portion of it if that
ended on let's say June 30th July 1st
02:36
would be your Cobra so your effective
date would always start back to July 1st
as long as you're still eligible for it
so even if you waited until in my
example here until August 12th you're
still going to have coverage back to
July 1st and they'll have you pay back
to July 1st even if you didn't use it
because the the the whole point of it is
it's continuous and at the time I record
this video you have 18 months of Cobra
so then you would need other options
now maybe Cobra is the right thing for
03:06
you maybe it's not it depends if you're
younger you may want some of these other
options or if you're healthy because
generally speaking Cobra is or employer
insurance that really should say it's
designed that pretty much everyone's
paying the same price so it all kind of
averages out as to what people are
paying but when you're getting
individual health insurance you're age
plays a factor in fact with the
Affordable Care Act is the way I'm
recording this now this is still the
case that basically whatever a 21 year
old pays a 64 year old can pay up to 3
03:38
times that amount and then there's kind
of a spectrum in between so it just goes
up proportionately there so I don't want
to get too caught up in the weeds on
that but if you're older or if you have
a family because also to on group health
insurance if you have children doesn't
matter if you have one or 50 kids as
long as they're all your kids and your
dependents they're all covered under the
same price for children so it doesn't
matter how many children individual
health plans are a little bit different
so individual health insurance you
04:08
really have two options on marketplace
and off marketplace in Luke what's the
marketplace well if you've ever heard of
healthcare.gov healthcare.gov is
essentially on marketplace so if you're
if you're if you're in a situation where
you qualify for
a subsidy you could get a subsidy if
basically you make between the poverty
line and four times the poverty line for
your household size you can do a little
research online to figure out what that
is but if you do you could potentially
get a subsidy from the government which
is really just a tax credit and you're
04:42
getting it upfront but make sure if you
do go this route you speak to a agent
who is certified by the health insurance
marketplace to get you the the subsidy
if you go off marketplace a lot of the
big name companies that you've heard of
have plans on and off marketplace
actually some companies are only on the
marketplace they're only off the
marketplace but you got to do a little
bit of research what I would say and
this is just a helpful hint as someone
who used to work at a health insurance
agency we used to buy a lot of leads and
05:14
a lot of people out there buying a lot
of leads so if you're going online and
you're doing research unless you want a
lot of phone calls do not put in your
phone number right away I would ask
around for friends for referrals before
you go online and submit your your
contact information unless you just
enjoy getting lots of phone calls I
would hold off doing that until you've
at least exhausted some other resources
or at least asking around to friends or
things of that nature of you know maybe
05:45
an insurance agent in your area you
could speak with because if you put your
information out there you're gonna get
lots and lots of calls it's a it's a
very competitive industry insurance and
you know there's if you if you ask for
quotes you will get lots of people
calling you for quotes so just throwing
that out there another option you can do
is you could call either the health
insurance marketplace directly or you
can also call the insurance company
directly as well as opposed to I would
say never go online and look up you know
06:18
health insurance quote and then put in
your phone number so if it looks like
you're getting a quote you're probably
not going to get a quote right away some
of the websites out there a little not
as transparent as they could be about
whether you're inputting your
information to get a quote right then
and there or if they're gonna have
someone call you
so just word to the wise out there these
ones I have here in blue are also called
qualified health plans so whether you're
getting your going on marketplace to get
a subsidy or just buying something off
06:49
the marketplace meeting directly through
the insurance company these are all
qualified health plans once upon a time
they used to have a in a couple years
ago as I record this there used to be a
penalty if you didn't have health
insurance so if you didn't have a
qualified health plan or some sort of
exemption exemption you would get
charged a penalty by the government when
you the US government when you go to
file your taxes that's no longer the
case and I would never suggest to anyone
07:18
to just say I'll just pay the penalty
because the bottom line is what I really
want to get across here is with
insurance or whatever you're getting
make sure you're covered because at the
end of the day you never really know
what's gonna happen in life my father
actually was 61 he was healthy and then
he found out he had a brain tumor and
unfortunately we lost him about 16 16
months later and it was one of those
things it just came out of nowhere and
07:49
my sister and I have talked about the
the bills and the bills probably were
over a million dollars if my mother
didn't have health and my mom and dad
didn't have health insurance so it's not
so much about when you're getting
insurance it's not about whether you're
you know cost you you know $10 copay to
go to the doctor or you have to pay $200
order of the case is to go see a
specialist it all comes down to those
big catastrophic things that really
could bankrupt you that's what it all
comes down to so these qualified health
plans they come with a lot of bells and
08:21
whistles there's a lot of things that by
law they have to cover so because they
have to cover certain things they're
more expensive whenever insurance is
covering more it tends to be more
expensive if basically the insurance
company has to potentially pay more
money they're taking on more risk so
they're gonna shift some of that risk
back to you as the consumer in higher
premiums so these tend to be very
expensive so if you if you don't have an
option of Cobra or you know you have to
08:52
get a plan because maybe
preexisting conditions or something like
that because these also cannot exclude
you for pre-existing additions that's
great if you have them and you need that
covered but if you don't need
preexisting additions covered because
you just you know you haven't really
been to the doctor about all that much
stuff or you have a history of cancer or
something like that there's other
options here for you so these here I put
as a two other options short-term
medical policies so short-term medical
policy is kind of like regular health
09:21
insurance but not they tend to be
underwritten meaning not everyone gets
accepted no these you could get accepted
if you left your job and you had you
have 60 day window to do that these blue
ones options I have here otherwise you
can only sign up during the annual
enrollment period in the fall they call
it open enrollment
it's generally like November 1st and
December 15th but you know check in your
09:52
areas to what those exact dates are now
short-term medical policy is
underwritten so even if it's not you
know an underwriter who's going to
examine it for two weeks and they make
you go get a doctor's appointment there
it's maybe questions and they may check
your medical records just to see what
you've had a history of and they
generally don't cover those things now
short-term medical plans at the time we
record this it's 364 days was the last I
checked was how long the longest plan
could take and you could have medical a
10:24
short-term medical plan for up to three
years so that gives you some options but
just keep in mind they don't have all
the bells and whistles as on marketplace
and they also don't cover as many things
and if you have pre-existing additions
generally don't cover that at all so
keep that in mind though but if you're
healthy you may want to look into that
to see if it's a savings enough for you
to justify going into that a lot of
times people say actually it is but
10:56
always you know talk to a professional
about your situation and challenge them
as to what your options are in one case
if they're giving you hey here's what I
think you should do why is that
compare it to something else that's my
little trick for you is make sure you
compare it to something else
and get quotes from multiple different
companies or feared but don't just go on
the internet and put your phone number
in a bunch of different places but I
would recommend getting quotes from
multiple different places and then the
next here I have cost-sharing ministry
so this actually I signed my family up
11:27
for we did a cost sharing ministry and a
little bit of Cobra as well not all of
us are on Cobra but we're all in the
cost sharing ministry which basically
there's a variety of different companies
there's different companies with
different beliefs they generally there's
something you have to attest to you know
spiritually or whatever the case is I'm
with a company called Liberty health
share so far pretty happy with them it's
still relatively new in my journey with
Liberty health share so it's hard to
really say but the nice thing is it's
11:59
much less expensive like he was about
half the price as Cobra now there are
certain things like if you have
pre-existing conditions they're not
covered for a certain time period for
like the first year and then it's
limited coverage like years two and
three but there was no limit I was to
like with short term medical excuse me
short-term medical that you have a
certain length of time that you could do
it so I would say I would go with you
know look into all these different
12:30
options if you're going out there you
know depending on your religious beliefs
with different sharing ministries out
there which kind of act like health
insurance but they can't call themselves
health insurance so they're very
different in that regard and some of
them like you literally you would write
a check to a certain person whereas this
one acts more like the chassis I guess
you could say of how health insurance
work so it's kind of the framework of
health insurance but it's not health
insurance like they don't use terms like
13:00
deductible they use like terms like
unshared amount and shareable instead of
covered and things of that nature
so something to keep in mind and then no
matter what I would recommend just for
your own guidance to make sure that
you're you're happy with what you're
getting make sure to ask
about networks so will your if you have
doctors you really want to see or
hospitals you really want to see ask if
they're available and then if they're
not available you know what would it
cost to upgrade to maybe see that doctor
13:32
or if your doctor is in network is there
a network that maybe is a little bit
less expensive that your doctor is not
in you could save money in so just a
couple little tidbits hopefully you
found this video to be helpful if you
did please give a thumbs up and if you
have additional questions feel free to
leave them in the comment section down
below I can speak in general terms again
unless I speak about your situation but
I'll do the best I can to help you and
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so depending on how you found this video
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help you in the future so wish you all
14:03
the best and have a great day take care
goodbye