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Pay For Your Health Insurance Yourself - YouTube
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pay for your health insurance yourself
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that's today's show let's dive into it
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[Music]
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here we are our very first rental
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property hey everyone I'm Clayton Morris
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I'm Natali Morris and this is the show
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where we help you build financial
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intelligence and then ultimately
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financial freedom we do it through buy
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and hold real estate we own businesses
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that buy real estate and we want to
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teach you how to do the same thing so
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today on the show we wanted to talk
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about health insurance because if you're
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an entrepreneur and you're starting out
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and you're thinking about quitting your
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job this is something that always holds
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people back right it's one of the
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questions we get the most well if you
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both quit your day job because you're
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financially free what about health
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insurance right well a lot of times
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people will say well then one of us
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should keep our jobs and we want to
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point out to you a couple of flaws in
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that way of thinking because there are
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ways to continue to have health
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insurance but still also not work for
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anybody else now this is obviously a
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show that is for American citizens if
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you're a foreign investor most likely
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your country has different laws about
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health insurance but in America it is
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most common to have employer sponsored
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plans right this is fairly actually
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recent it only started around the 50s or
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60s where employers were starting to
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subsidize health insurance for their
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employees I don't actually know what
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happened before but now that becomes
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something as Americans that we like hold
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on to like we have to have a job so that
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we can have health insurance right it's
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such a flawed way of thinking it's a
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flawed way of thinking because number
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one if if you have a job if you have a
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w-2 job you are being taxed at the
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highest possible level right you are
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putting your money into a retirement
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account some sort of a 401k vehicle
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we've talked about that here on the show
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before the government does not reward
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you for this type of behavior the
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government wants you to start a business
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and to become an entrepreneur so if you
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have a job and not I'm not crapping on
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the job right I had a job you had a job
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but it is not the number one way to
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build wealth your attacks at the highest
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level so if you're holding on to a job
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just because of health care that's a
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flawed way of thinking well it doesn't
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make sense either and we're gonna walk
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you through why right but in the end
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you probably both as a family have the
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goal that neither of you go off to a job
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and work for somebody else someday when
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you think about retirement someday you
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want to not work for someone else right
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that's most of the things we agree on on
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this channel so eventually you are going
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to be responsible for your own health
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insurance again if you're American this
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is how it's gonna go so you might as
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well start planning for it now while
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you're young and have good health versus
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waiting until you're retired and saying
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okay now what right now I'm only on
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Medicaid or whatever so I also think one
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of the things that you don't realize is
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you already pay a lot for even employer
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sponsored health insurance and we're
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gonna go through that math so we want to
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talk about three things to consider
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three different tactics and strategies
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to consider if you're gonna pay your
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health insurance yourself right and it
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starts with number one number one is the
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high deductible right so a good place to
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start is healthcare.gov and you will go
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in and get a bid for how much you would
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pay for your family in your state you
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will notice that some of the more
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populous states will have really high
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monthly premiums and then some of the I
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want to say more affordable states in
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the country have lower premiums that's
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just the way it goes so when Clayton
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quit his job we lived in New Jersey and
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we had to go and pay for our own health
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insurance it was $2,300 a month
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including dental for a family of five
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that's a lot I'm a dad of three yes my
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dad of three so because there are three
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kids two adults and we're all relatively
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health that was even for like a healthy
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plan no pre-existing conditions that's a
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lot of money right I have friends in
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California who say it's $2,600 in some
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of the more affordable states in the
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country with lower tax rates you're not
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gonna see those kind of premiums but you
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have a choice so when you go to
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healthcare.gov and put in the
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demographics of your family you will
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figure out what kind of plan you can get
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for what kind of monthly premium that's
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just your monthly bill right how much
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they bill
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you now some of the lower premium plans
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will have very high deductibles when you
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actually use it so what does that mean
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that means you can pay a lower rate per
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month but they're going to require you
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to pay more out-of-pocket when you go to
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a medical service right so Clayton broke
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his middle finger last year I did right
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and so we had a plan with not a high
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deductible I did not want that for I
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have my own reasons you should be aware
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of what your reasons are and because we
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had a higher premium but a lower
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deductible most of that was paid for so
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let's say Clayton let's see the x-rays
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alone cost $500 that's pretty standard
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like $500 for x-rays x-rays are
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expensive and so 90% of that was covered
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and we paid about 10% or we paid a coke
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no actually we pay a copay
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I knew that our co-pays would only be
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about $35 every visit no matter if it
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was insurance or I'm sorry emergency or
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some other like needs based visit right
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in our plan also I wanted to make sure
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that our wellness checks like when we go
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and take our kids every year they turn a
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different number and they need to get
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their vaccines and such I wanted that to
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be free so I just searched based on what
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we use it for now if you're the kind of
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person who goes often you don't want a
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high deductible because you'll be paying
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a lot for it for us we never hit the
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deductible
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I wanted a flat fee a flat copay so
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you're gonna have to play with it and
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say what can I afford right and what are
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my needs inside my family these are all
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important considerations based on your
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needs so it has to be customized for
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your needs maybe there is kidney
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dialysis in your family you know god
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forbid and you may need to factor that
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in maybe there are certain medications
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that you require and therefore you would
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want to pay a different deductible based
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on those medications so again you need
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to tailor this to your needs but these
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are part of the considerations that have
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to go into this
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planning for this deductible there are
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also some states now that offer more
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holistic medical plans I tried to get
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one in New Jersey and it wasn't an
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option but some of these other plans if
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you're willing to maybe pay a tiny bit
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more premium you can get acupuncture
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massage herbalists that kind of thing
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again that was important to me but it
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wasn't covered so those are things that
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in my family we pay out of pocket for
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anytime Clayton gets a cold I sent him
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to the acupuncturist and he is a huge
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baby about it yeah I can't stand it but
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it works and then he's better the next
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day so my philosophy is that most of the
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things that have really benefitted our
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family's health are not even covered in
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our plan anyway for instance our son had
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vision therapy that was not covered by
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our insurance we paid out of pocket for
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it and now he doesn't have to wear
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glasses so a lot of times you might find
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that the things that you value are not
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covered anyway so you might want to just
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buy the plan that you can afford right
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all right number two is out-of-pocket
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expenses and you may think wow I'm gonna
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probably pay a lot out-of-pocket now
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that I'm not working for somebody else
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that's again a flawed way of thinking
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well when we did the math we figured out
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that we were paying almost the same
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amount of money out of Clayton's
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paycheck because our insurance before
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was taken automatically deducted from
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his broadcast news job and it was
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employer sponsored medical insurance
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right but he was playing several hundred
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dollars a week for our family of five
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and then when we had to pay
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out-of-pocket we still were paying
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several hundred dollars a week it was a
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difference of just a couple hundred
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dollars a month but it felt different
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right because we were still paying for
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it before and now we're still paying for
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it again but that money we never saw
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because it was automatically deducted so
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it felt like we weren't whereas now this
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money we see and then we have to write a
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check ourselves and send it in to the
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medical insurance provider so it feels
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different but when you do the math when
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you start to shop around for the
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you're gonna realize it's not that
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different so if you've calculated your
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freedom number appropriately which we
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teach you to do in another video please
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make sure you seek that out and you get
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the download when you calculate your
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freedom number you want to calculate
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your freedom number based on the amount
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of money you've got now how much do you
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need to live the life you've got now put
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medical insurance in there because you
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already are paying for it most likely
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unless you're a military family they
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have much better health insurance than
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the rest of us but if you have a typical
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employer sponsored plan you probably
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already are paying into this quite a bit
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right so look at those numbers so we
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teach you how to do that in our
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financial freedom cheat sheet it's a
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download the link is below grab it's
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totally free three pages and it'll help
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you figure out your financial freedom
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number and one of those expenses should
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be healthcare it should be how much
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you're spending every every week every
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two weeks out of your paycheck so get
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that pay stub out and I think you might
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be surprised like in what's actually
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going out of your paycheck for a plan
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that you might not even really like or
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might not be the best for your family I
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have a friend who when he became an
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entrepreneur and he quit his job he
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laughed he said don't let health care be
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the thing that holds you back he said
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because once I left and I started
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shopping for my own plans you realize
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what cornucopia of plans exists out
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there that are so much better pop
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probably than your employer-sponsored
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health care plan exactly right now a lot
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of times younger people this is point
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number three will go without and just
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say well I'm gonna keep myself healthy
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not get hurt I don't need to go for
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regular checkups and then I won't have
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that expense we do not suggest you do
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that for two reasons the first is you
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pay a penalty on your taxes the
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Affordable Care Act that was passed
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during the Obama administration meant
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that you have to pay a penalty on your
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taxes if you don't have health insurance
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that includes whether or not you've got
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it through your job or through your own
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self-funded health insurance right so
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you don't want to do that we teach you
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here how to save on taxes all the time
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number two is okay maybe you're healthy
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right now right but that doesn't mean
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that you can't get
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hit by a bus that doesn't mean that you
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can't hit somebody else with your car
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and have to pay their help well I mean
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that might be in your medical I'm sorry
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in your auto insurance right but if
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someone in your family gets hurt for by
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unforeseen circumstances these kind of
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things can wipe out your livelihood for
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decades so it's not very good planning
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to say well I'm just gonna pay for it
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out of pocket right like I'll just not
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use it and keep myself healthy right
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because how many people do you know I
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mean maybe you play a sport I walk
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around with a broken ankle who's gonna
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pay for that
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you know that emergency room visit if
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you don't have that medical insurance to
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take care what if you get the flu what
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if you get walking pneumonia like I had
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at a healthy age in my early 30s writing
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you know these are things that creep up
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and you can't plan for them what if you
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get SARS George maybe we're healthy
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swine flu right you never know but okay
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yes I once went to a stock workshop like
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it was a look I was trying to teach you
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to invest in penny stocks and get rich
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on the stock market and he brought this
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up he said well you know my friends say
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well what about medical insurance and I
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say well if you're making thousands of
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dollars and your daughter breaks her arm
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you just pay for it and I thought that's
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not really a plan because then you know
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they're just so much there's so much
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gravity to an injury that you cannot
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calculate for that it's it's not and if
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that's the plan then maybe you should
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have been paying money to yourself and
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like a medical insurance fund that
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you're keeping somewhere an
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interest-bearing account and then maybe
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you take from that right but otherwise
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that was one of the stupidest things
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I've ever heard it's just like that's
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not a plan and we don't want you to do
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that we know a lot of people on a budget
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do that anyway but you know sometimes
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things happen I have a friend who went
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for a run got hit by a car like the guy
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was texting and just hit her while she
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was running on the sidewalk it's just
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and this has been in a
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an immense burden on her finances now
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because of this and she had pretty good
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insurance but right there's always
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there's always things that you cannot
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foresee so you need to protect yourself
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and have good health insurance so that's
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how you pay for your health insurance
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yourself as an entrepreneur download our
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freedom cheat sheet but you should also
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check out another video that we did on
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how to live like a boss on business
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credit cards because because we pay our
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premiums for our health insurance on our
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credit card so we get points for it yeah
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and we got to do it anyway right so you
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can travel the world for free using
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you're paying for your health insurance
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with your credit card so check out that
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other video right here and we'll see you
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next time everyone
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