I am male in the mid-twenties and I am thinking about quitting my current job and starting my own business in California.
My biggest concern is health care and how much money I will need to spend out of my own pocket to ensure a healthy quality of life. From what I understand, I will need to get on the ACA, and my options as a single male are:
Catastrophic plan – ($100 – $200) a month with a pretty large deductible, on the order of several thousands (let's say $6,000) with a $12,000 out of pocket max)
More expensive plan – ($200-$600) a month with a pretty small deductible and small out of pocket maximum
It looks like to me if I have at least $15,000 lying around (very conservative estimate), I should be good to go for about a year. Does this sound accurate? $30,000 for 2 years, $45,000 for 3 years. Of course there are other living expenses but this is what concerns me the most.
- However, what about this should I expect to change, if I have a spouse/child. Would the insurance premium skyrocket? How much maximum amount of money is needed to cover my entire family with ACA?
- What is the worst-case scenario I should be prepared for as far as money is concerned?
- Is there any benefit in trying to calculate maximum out of pocket i.e pick LOW monthly premium with HIGH deductible and HIGH out of max pocket | OR | HIGH monthly premium, with LOW deductible and LOW out of max pocket?