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Message
Independent Contractor Health Insurance
Posted on 7/20/22 at 1:07 pm
Posted on 7/20/22 at 1:07 pm
Question is pretty simple but it's causing me a lot of heartache. I will say if there is one thing COVID-19 has changed me on it's my view of health insurance. I don't think health insurance should be 100% free and run by the government but as a society we have to get away from health insurance being tied to employment. I believe the U.S. gets a lot more right than it gets wrong but to me it's the biggest thing by far IMO we get wrong.
The reason I bring this up is my employment situation. I have a traditional M-F 8:45-5:15 HR job that gives me full health insurance and it's honestly pretty good insurance. I utterly hate my job though and I do feel like it's killing me inside. It's caused me so much anxiety lately that I've called out 2 straight days which isn't like me.
I am single and have no kids so that's a positive and negative. On the positive side it means no one is relying on me for health insurance outside of myself. On the negative side it means, unlike married people, I can't just go on a spouse policy.
I have worked for a company occasionally on the side where I make significantly better money with significantly less stress. I would most likely make $20-$25,000 more in that job. At the absolute worse I would make $15,000 more at the job. I like the people better and it's just a better company. The problem is I would be an independent contractor and not an employee. While that gives me additional flexibility it also means I would be paying my own taxes and not be provided any type of health insurance.
This post is two fold. One is anyone else here an independent contractor? What would you recommend? Two is that the health care being tied to employment really hurts to flexibility of U.S. citizens. People wonder why we don't take as many risks in the U.S., this is why. Without health care being provided by employers we could all be far more entrepreneurial and I think mental health issues would go down tremendously. Would you agree with that assessment?
The reason I bring this up is my employment situation. I have a traditional M-F 8:45-5:15 HR job that gives me full health insurance and it's honestly pretty good insurance. I utterly hate my job though and I do feel like it's killing me inside. It's caused me so much anxiety lately that I've called out 2 straight days which isn't like me.
I am single and have no kids so that's a positive and negative. On the positive side it means no one is relying on me for health insurance outside of myself. On the negative side it means, unlike married people, I can't just go on a spouse policy.
I have worked for a company occasionally on the side where I make significantly better money with significantly less stress. I would most likely make $20-$25,000 more in that job. At the absolute worse I would make $15,000 more at the job. I like the people better and it's just a better company. The problem is I would be an independent contractor and not an employee. While that gives me additional flexibility it also means I would be paying my own taxes and not be provided any type of health insurance.
This post is two fold. One is anyone else here an independent contractor? What would you recommend? Two is that the health care being tied to employment really hurts to flexibility of U.S. citizens. People wonder why we don't take as many risks in the U.S., this is why. Without health care being provided by employers we could all be far more entrepreneurial and I think mental health issues would go down tremendously. Would you agree with that assessment?
11
Posted on 7/20/22 at 1:11 pm to Cafe Stile
You can get your own policy but because it's only you and not 200 other people getting a group policy, your rate would be much higher.
Have you looked into the Obamacare for indy contractors?
ETA: I meant self employed
Have you looked into the Obamacare for indy contractors?
ETA: I meant self employed
This post was edited on 7/20/22 at 1:12 pm
Posted on 7/20/22 at 1:12 pm to Cafe Stile
Posted on 7/20/22 at 1:12 pm to Cafe Stile
Have you factored in health insurance costs + taxes in that pay bump? I looked at going the independent contractor route and it was a substantial pay increase, but after factoring in health insurance, taxes, etc it was not nearly as big of a pay increase as it looks. If your 20-25k bump is before taxes, insurance, etc you won't be making much more money.
Posted on 7/20/22 at 1:13 pm to Cafe Stile
Politics, etc. aside you need to just call some local insurance/ health care insurance brokers. You definitely have options.
Do that first and foremost, go from there. Depending on your situation, it may not be nearly as bad as you think.
Do that first and foremost, go from there. Depending on your situation, it may not be nearly as bad as you think.
Posted on 7/20/22 at 1:13 pm to Cafe Stile
Apply for Medicaid like the others.
Posted on 7/20/22 at 1:14 pm to Cafe Stile
Tying health insurance to employment worked incredibly well before the government started greatly incentivizing the choice to not work. I mean shite your employer pays half or more of your health insurance premium leaving you with a small portion of what you would pay on the marketplace and that deduction is tax free most of the time.
However, you could always use that extra 15000 to pay for your Obamacare plan that you can get when you become a contractor.
However, you could always use that extra 15000 to pay for your Obamacare plan that you can get when you become a contractor.
Posted on 7/20/22 at 1:16 pm to bubbaprohn
quote:
Have you factored in health insurance costs + taxes in that pay bump? I looked at going the independent contractor route and it was a substantial pay increase, but after factoring in health insurance, taxes, etc it was not nearly as big of a pay increase as it looks. If your 20-25k bump is before taxes, insurance, etc you won't be making much more money.
Honestly at this point I wouldn't care if the taxes and health insurance took up the entire pay increase. It would be work that I would enjoy significantly more. I know it's hard right now because the economy could end up collapsing and that definitely has me worried but if the pay increase would cover the increased taxes and health insurance I think I would be okay with that.
Posted on 7/20/22 at 1:17 pm to bubbaprohn
Also, look at tax deductibility of health insurance premiums if you are self employed.
Posted on 7/20/22 at 1:17 pm to Cafe Stile
quote:
I will say if there is one thing COVID-19 has changed me on it's my view of health insurance. I don't think health insurance should be 100% free and run by the government but as a society we have to get away from health insurance being tied to employment
The reason the shite is so expensive is because we subsidize people's insurance thanks to Obamacare. Want to make it more expensive? Get the government more involved.
Being in pools like employment pools makes insurance way cheaper because it spreads the administrative costs, we do need to do a better job of pooling more small businesses together to lower the per member costs.
The other reason it's so expensive is because of how much medical attention our society needs. We're unhealthy as frick and use a shite load of Healthcare, which costs money.
I pay my premiums every month, but the only thing I've been to a doctor for in the last decade was a scratched cornea where they gave me some eye drops, but my premiums subsidize some fat frick that needs dialysis every week because they couldn't put the Nutter Butters and Coke down.
Posted on 7/20/22 at 1:19 pm to LSU316
quote:
Tying health insurance to employment worked incredibly well before the government started greatly incentivizing the choice to not work. I mean shite your employer pays half or more of your health insurance premium leaving you with a small portion of what you would pay on the marketplace and that deduction is tax free most of the time.
However, you could always use that extra 15000 to pay for your Obamacare plan that you can get when you become a contractor.
I also feel like it traps people. Think about how many people would open up their own businesses or be partners in small businesses if insurance wasn't an issue.
I would honestly like to see more employers give people the option to have a higher wage and forfeit all benefits.
To me it's nothing to do with whether or not people want to work. Honestly how anyone is surviving right now without working is beyond me.
On that note, for those of you who have gone the independent contractor route what should I know? It's just me working as an independent contractor for a transportation company. Do I need to look at setting up an LLC or S Corp just for myself if I go this route?
Posted on 7/20/22 at 1:20 pm to Cafe Stile
I have been "self-employed" for the majority of my career. I was/am able to get group through the bar association, are their any professional associations/groups you might be part of or qualified to be a member that offers group?
Take a close look at what insurance and SE taxes are going to do to that extra money along with any retirement you may be losing. While even coming out even you will appreciate the lower stress but you might not break even. Also keep in mind 1099 employees are often the ones that see the bite first if the companies needs to tighten up.
Good luck, I hope it works for you but just take a careful look before you leap, it is also a good time to be looking at other possibilities too, depending on your skills there are lots of companies looking for workers and paying well.
Take a close look at what insurance and SE taxes are going to do to that extra money along with any retirement you may be losing. While even coming out even you will appreciate the lower stress but you might not break even. Also keep in mind 1099 employees are often the ones that see the bite first if the companies needs to tighten up.
Good luck, I hope it works for you but just take a careful look before you leap, it is also a good time to be looking at other possibilities too, depending on your skills there are lots of companies looking for workers and paying well.
Posted on 7/20/22 at 1:26 pm to Cafe Stile
Health insurance is one of the biggest scams in society. Haven’t had it since I was 28 and don’t lose a wink of sleep.
If the Wuhan killed me I needed to be removed from the gene pool.
If life is so important it only makes sense it’s expensive as frick to extend.
If the Wuhan killed me I needed to be removed from the gene pool.
If life is so important it only makes sense it’s expensive as frick to extend.
Posted on 7/20/22 at 1:40 pm to Cafe Stile
Medishare/Christian Care Network is going to be your best and least expensive option.
BCBS plans for an individual were around 1,500 per month.
Medishare was about 740 per month when I first started with them several years ago with a family of 4. Premiums have inched up to 900 per month now.
Should be a lot less for a single person like you.
BCBS plans for an individual were around 1,500 per month.
Medishare was about 740 per month when I first started with them several years ago with a family of 4. Premiums have inched up to 900 per month now.
Should be a lot less for a single person like you.
Posted on 7/20/22 at 1:48 pm to G Vice
quote:
BCBS plans for an individual were around 1,500 per month.
I just signed up with BCBS of Mississippi for $751 per month for PPO. $4000 deductible.
Posted on 7/20/22 at 1:53 pm to Cafe Stile
The only way is to buy a plan with real high deductible and if something happens you are out 20K not 400K.
BC/BS should have plans that cover drugs and Dr's visits but have a 20k ded on anything major
I have what is considered "good group" insurance, I had to have a CT scan this year and it costs me $4,995.00
Freaking Obama furked this up for the working class
BC/BS should have plans that cover drugs and Dr's visits but have a 20k ded on anything major
I have what is considered "good group" insurance, I had to have a CT scan this year and it costs me $4,995.00
Freaking Obama furked this up for the working class
Posted on 7/20/22 at 2:02 pm to Cafe Stile
quote:
Think about how many people would open up their own businesses or be partners in small businesses if insurance wasn't an issue.
So you don't have to offer health insurance if you are a small business....hell if you are small enough you won't even incur Obamacare penalties is you don't.
There is nothing stopping small businesses from not offering health insurance and giving higher wages for employees. However, I think the reason they don't do this is twofold 1) I think there are tax benefits to offering healthcare insurance for employers and 2) greed...if the small business stops offering health insurance I'd bet most would not increase salaries.
quote:
To me it's nothing to do with whether or not people want to work.
Have you been to a restaurant lately? Have you seen all the help wanted signs out...have you seen all the job opening on linkedin and Indeed???
quote:
Do I need to look at setting up an LLC or S Corp just for myself if I go this route?
If you are going 1099 you absolutely need a LLC. Expense anything that you can even remotely consider a "work" expense.
ETA And by expense I mean write off
This post was edited on 7/20/22 at 2:03 pm
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