How to navigate Health Insurance / benefits

Question

Hello! My wife and I just began our real estate journey and our hopeful to do this full time. One of the things we constantly discuss is benefits and health insurance. I was curious if you guys have some feedback about where to go to buy benefits/ insurance and how to best navigate that market!

Thank you!

Ben

Thank you!

Ben

Joe Splitrock · Answer

This is a common question and personal struggle that I have with quitting my W2. Insurance is expensive whether you work for a company, buy it independently or get on a government program. When you buy it yourself, the money comes out of your pocket. Bottom line is before quitting your W2, total up ALL compensation. That includes insurance (employer paid portion too), retirement contributions, sick days and vacation. Too many real estate investors look only at take home pay.

As far as insurance options, you can buy off the exchange. If you meet the right income guidelines, your insurance may be subsidized. There are families paying $30K per year too, so this expense can get really large.

Another option I hear discussed a fair amount is Christian Healthcare Ministries, which is a cost sharing coop style plan. It is not insurance and requires more out of pocket for regular visits. There is also a cap on coverage, so if you had some long term illness with very expensive treatments, it may not cover. People like it because it is really inexpensive. For generally healthy people it can be a good option.

https://www.chministries.org/