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Spinoff from OT Thread - Is it even possible to be self-employed with a family?
Posted on 2/4/15 at 9:30 am
Posted on 2/4/15 at 9:30 am
Seeing some of the numbers for health insurance if you have a family and go the self-employed route, I have to ask if it's even possible.
$1450/month one guy was paying.
When I looked into it last year, I was quoted $950/month for me, my wife, and my infant son. That was with a high deductible.
How could anyone decide with a family to quit corporate world to go into business for him or herself?
$1450/month one guy was paying.
When I looked into it last year, I was quoted $950/month for me, my wife, and my infant son. That was with a high deductible.
How could anyone decide with a family to quit corporate world to go into business for him or herself?
3
Posted on 2/4/15 at 10:12 am to StringedInstruments
I do it, we use MediShare and for a family of 5 we pay right around $400 a month and have a $3500 "share" deductible.
LINK
There are some quirks to it, but it works for us
LINK
There are some quirks to it, but it works for us
Posted on 2/4/15 at 10:31 am to StringedInstruments
Obamacare. Subsidy.
You also get a much easier tax deduction if you are self employed vs having to pay for it yourself completely and you are not self employed. Also check out HRA plans.
You also get a much easier tax deduction if you are self employed vs having to pay for it yourself completely and you are not self employed. Also check out HRA plans.
Posted on 2/4/15 at 10:32 am to thedogman
Keep shopping around...my self-employed better half's independent BCBS policy is STILL cheaper than adding him to my employer-provided health policy. Sounds like you got some sky high quotes.
Also, if you're self employed, you can deduct those health premiums. So that helps to offset the cost.
Also, if you're self employed, you can deduct those health premiums. So that helps to offset the cost.
Posted on 2/4/15 at 12:14 pm to thedogman
quote:
I do it, we use MediShare and for a family of 5 we pay right around $400 a month and have a $3500 "share" deductible.
Can you talk a little bit about the quirks? We are really close to having my wife be a stay-at-home mom, but she's a teacher. Her benefits are almost too good to give up.
Further, she's terrified of sacrificing the health insurance for something that won't take care of our children.
Posted on 2/4/15 at 12:15 pm to StringedInstruments
My husband has been in business for himself for nearly 18 years. When we moved here, the premium for BCBS family coverage was $250 (low copays, great plan). NOW we pay nearly $700 for a HD plan with and have an HSA. We are NOT under Obamacare as we were grandfathered in with our policy and for now haven't seen any real increases to speak of.
(No Obamacare subsidy involved here ... hoping nothing changes our plan. I'm glad we can afford it. And yes, we can deduct the premiums (I could be saying that wrong but there is a tax advantage.)
(No Obamacare subsidy involved here ... hoping nothing changes our plan. I'm glad we can afford it. And yes, we can deduct the premiums (I could be saying that wrong but there is a tax advantage.)
This post was edited on 2/4/15 at 12:17 pm
Posted on 2/4/15 at 12:57 pm to StringedInstruments
My wife was a a teacher. We waited till we had our third baby and I got a vasectomy and then she quit teaching. No doubt teacher insurance is really good and covers just about everything.
Medishare does not cover all well visits for the kids. So you will have to pay out of pocket for doctors visits up until you hit the "share" deductible. They do get the price down but it doesn't cover it completely. I'll be honest I am not sure exactly how it works but I was pretty much in your shoes 9 months ago and we are doing fine. If it is something you are interested in give them a call they will walk you or your wife through their service and will be a lot better at answering your questions.
Medishare does not cover all well visits for the kids. So you will have to pay out of pocket for doctors visits up until you hit the "share" deductible. They do get the price down but it doesn't cover it completely. I'll be honest I am not sure exactly how it works but I was pretty much in your shoes 9 months ago and we are doing fine. If it is something you are interested in give them a call they will walk you or your wife through their service and will be a lot better at answering your questions.
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