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Monthly bills increasing due to my income going up. Feels like I'm not making any progress. Healthcare alternative to marketplace?



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    Kaloa Devine

    We're running up against exactly the same problem, I wish I had an answer. for both of us. If my health were better I'd drop the Marketplace totally, (and I may be forced to financially, despite really needing health insurance) it's costing me thousands of dollars per year for the privilege of spending more thousands before the insurance kicks in in the form of deductibles and copays. I do wish there was an answer. But I haven't been able to find one. We did start our own S-corp in order to reduce taxes and now we pay the premiums from pre-tax dollars but it's not a direct write off for S-corp owners. But it's better than paying it all after self-employment taxes. Health insurance is a complicated expensive mess. 

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    I spent about 3 years in this transitional phase when I moved from the 20k's to the mid 30k's. I lived in rent controlled housing with assistance, qualified for some different programs here and there and was actually living pretty comfy at that unreasonably low level of income. new job and suddenly i found myself struggling, factor in Obamacare(at the time) and I would have gone broke. At the time of writing this in a "state of emergency" over COVID, I can say honestly as a healthy young adult I would NOT be investing 400-600 monthly in a service that I rarely use.   adding $400 back into your budget actually takes a lot of stress off and reduces your chances of overdrafting or paying late fees.  You might find that by cutting that $400 expense you actually put 5-600 in your pocket because you have free yourself from unintended expenses, not to mention the interest you will save if you are putting it toward overpaying on loans at will.  I will always say the the Best Insurance policy is a big pile of cash.

    One thing that helped me a lot was budgeting based on 4 paydays per month, not for 52 a year(paydays are weekly). if you are sticking to Nerdwallet's 50/30/20 budget based on 48 paychecks you will find that you have roughly 4 months with extra paydays in a year. that extra paycheck can help you catch up, or be a great savings for rainy day or medical expenses or vacation time.

    i know it is frustrating and disheartening, but keep fighting that good fight, you will find that it is much more fulfilling to pull it off on your own than having the govt subsidizing your life. You WILL come out on top and you will both be stronger for it.

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