One of the most common questions we hear from prospective SpeedPro franchisees is: “What do I do about health insurance?”
It’s a valid concern, especially for individuals leaving behind the comfort and consistency of employer-sponsored coverage. Whether you’re stepping into entrepreneurship full-time or exploring business ownership through a SpeedPro franchise, understanding your health insurance options is crucial to your financial and personal well-being.
The good news? Thousands of people successfully make this transition each year. With the right information, careful planning, and expert support, you can too.
Step 1: Know When Your Employer Coverage Ends
The first thing to confirm is the exact end date of your current health insurance plan. Some employer-sponsored plans end on your last day of employment, while others extend through the end of the month. Talk to your HR department so you can plan your next steps and avoid a lapse in coverage.
Step 2: Explore Your Health Insurance Options
Once your employer plan ends, you’ll have several pathways to maintain or secure new health coverage:
- COBRA Continuation Coverage
COBRA lets you keep your current health plan for up to 18–36 months. The downside? You’re now responsible for the full premium (including what your employer used to cover), plus a 2% administrative fee.
Example:
If your plan was $600/month and your employer covered $400, you’d now pay $612/month out of pocket under COBRA.
COBRA is often a good short-term solution especially if you’re transitioning quickly and need immediate, familiar coverage.
- ACA Marketplace Plans (Healthcare.gov or State Exchange)
Losing job-based insurance qualifies you for a Special Enrollment Period (SEP), allowing you to sign up for a plan on the marketplace outside the typical open enrollment period.
Plans vary widely based on location, income, and household size. Most importantly, income-based subsidies can significantly reduce your monthly premium.
Example:
A family of four earning $75,000 might qualify for a Silver Plan costing only $250–$400/month after subsidies versus $1,200/month without them.
- Private Brokers
Working with a licensed broker is one of the smartest ways to compare plans across the ACA marketplace and off-exchange options. Brokers can guide you through network options, provider preferences, and tax-advantaged accounts like HSAs. Best of all, they can help you make a plan that fits your budget and health needs.
- Health Sharing Plans
While not traditional insurance, these membership-based programs (often faith-based) allow participants to share medical expenses. They’re typically more affordable but come with restrictions especially regarding pre-existing conditions or guaranteed coverage.
Example:
A 40-year-old might pay $200–$300/month with a health sharing ministry compared to $400–$600/month for a traditional health plan.
Step 3: Evaluate Plans Based on Your Needs
When choosing a health plan, be sure to look beyond the monthly premium. Consider:
- Deductibles
- Out-of-pocket maximums
- Network coverage (are your doctors included?)
- Prescription benefits
- Preventive care services
If you’re relatively healthy and don’t expect frequent medical visits, a High-Deductible Health Plan (HDHP) paired with a Health Savings Account (HSA) can offer great value and tax benefits.
Step 4: Avoid Gaps in Coverage
You’ll want your new plan to start the day after your employer coverage ends. If you’re going with a marketplace plan, enroll by the 15th of the month to get coverage by the 1st of the following month.
In a pinch? COBRA offers retroactive coverage for up to 60 days to ensure continuous protection while finalizing your new plan.
You’re Not Alone in This Transition
At SpeedPro, we’ve helped countless entrepreneurs transition from corporate life to franchise ownership, and many have successfully navigated the health insurance process along the way.
Here’s SpeedPro supports its franchisees:
- Talk to a Licensed Broker: We recommend working with professionals who specialize in helping self-employed individuals, independent contractors, and small business owners. A broker can assess your specific needs, explain plan options, and help you access subsidies or tax-saving accounts.
- Connect with Other Franchisees: Many SpeedPro owners have made this same transition and are happy to share their experiences. During your discovery process, we encourage you to speak with franchisees who can give you real-world insight on how they approached healthcare as business owners.
- Focus on the Bigger Picture: Transitioning to franchise ownership can feel like a big leap but you’re investing in long-term autonomy, purpose, and earning potential. Health insurance is just one piece of that puzzle and one that can be solved with the right support.
Why Health Insurance Shouldn’t Hold You Back
If you’re exploring business ownership with SpeedPro, we understand that practical concerns like insurance, financing, and operations play a huge role in your decision. That’s why we offer a comprehensive Discovery Process, introducing you to the tools, systems, and support you’ll have as a SpeedPro franchisee.
Our franchisees come from all walks of life: corporate professionals, marketing experts, and sales leaders. Many of them were once in your shoes, asking, “What happens to my benefits if I leave my job?”
With planning and guidance, they made the leap, and you can too.
Ready to Take the Next Step?
Health insurance may seem daunting, but you’re not navigating it alone. With expert brokers, real-world advice from franchisees, and SpeedPro’s unmatched support network, you’ll be set up to make an informed, confident decision about your health and future in business.
Explore the SpeedPro franchise opportunity today at speedprofranchising.com, and take the first step toward the freedom of business ownership.