Paying for Healthcare 2019

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When I got laid off in June, I was offered COBRA as a healthcare option. The cost would have been $716 per month. One of the problems with COBRA is that it you can only be on it for 18 months. It is considered a temporary bridge until you find another job. But, since I am not sure if I’m going to find another job, I decided to use the State healthcare exchange website to find a cheaper option. I found a plan for $550 per month and was allowed to join outside of the enrollment period because my employer sponsored healthcare was being terminated. The bill finally came in today and now I have to find a way to pay for it! They don’t accept credit cards, which would have been ideal, because I could get 2% cash back on this rather large monthly expense. The only option was to setup a direct bill pay to a checking or savings account.

I decided to use my investment cash account which has a check writing option. I redirected all of my monthly interest and dividends to the cash account to help pay the monthly insurance bill. I also had to get dental coverage, so that pushes the monthly bill to $600. For now, I’m paying full price, but I expect that next year I will qualify for some type of tax credit or medical assistance. I could have gone with a cheaper plan, but a deductible of $3000 was the highest I cared to live with. The other concern is that healthcare insurance is going up every year. This is the biggest expense in my $2000 monthly budget. But, without it I would be wiped out financially, if there was a health emergency.

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