One of the challenges of retiring early or being self-employed is finding affordable health insurance. I’m very frugal and don’t spend a lot of money but I wouldn’t go without health insurance to save money. The risk is too great.
I currently have private health insurance and pay a little less than $70 a month. This is a good deal for someone who is 41 years old and overweight. It is quite a bit cheaper than my student health plan and it provides more coverage. The deductible is $5000 but I’m not too concerned about that since I rarely visit a doctor. If I do need to visit a doctor I can visit the student health clinic for free. The purpose of health insurance for me is to keep me from being wiped out financially if I suffer a serious injury or illness.
My insurance is cheap but as I grow older I’ll need to find more ways to keep the cost down. One option is to raise my deductible to $10,000 but I’m not going to do that until I have more savings. I could also open a Health Savings Account or possibly deduct some of the health insurance cost as business expense. I need to do more research on these. Right now I probably won’t owe taxes anyway so a Health Savings Account is of no benefit to me.
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