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Private health insurance
Posted on 4/29/20 at 8:54 pm
Posted on 4/29/20 at 8:54 pm
I have worked for a union and now company for the past 14 years, but in a few months I am considering working for myself. I have a family with dependents. Any recommendations on health insurance companies for those who are self employed? I assume the premiums...etc are much higher than if I was at a company? I have United healthcare at the moment with an HSA account.
I am about to start researching, but you can't begin until you reach out to TD first.
I am about to start researching, but you can't begin until you reach out to TD first.
This post was edited on 4/29/20 at 8:56 pm
3
Posted on 4/30/20 at 7:46 am to Mariner
odds are you will have much better luck with health cost sharing plans instead of traditional insurance.
Posted on 4/30/20 at 1:19 pm to Mariner
As far as comprehensiveness goes you are getting ready to trade in a Cadillac for a stripped down El Camino sitting on blocks. Individual health insurance sucks and it’s extremely expensive.
There are a lot of factors such as your age, single coverage or will you have family coverage. I live in North Carolina, I’m 50 years old (single coverage), the quoted premium for me through Blue Cross Blue Shield was $725/month. That’s for a $6500 deductible. Essentially I would be $15,000 out of pocket, between premium and deductible, every year before the insurance company picks up any part of a claim. That is absolutely ridiculous. I’m self-employed and have chosen to go without insurance since Obama care was enacted. I would much rather make monthly payments to a hospital or a doctor for an actual service rather than subsidize other peoples health insurance premiums. I’ve saved approximately $50,000 by not carrying health insurance thus far. Fortunately I’m relatively healthy but I’ll have to do something eventually.
There are a lot of factors such as your age, single coverage or will you have family coverage. I live in North Carolina, I’m 50 years old (single coverage), the quoted premium for me through Blue Cross Blue Shield was $725/month. That’s for a $6500 deductible. Essentially I would be $15,000 out of pocket, between premium and deductible, every year before the insurance company picks up any part of a claim. That is absolutely ridiculous. I’m self-employed and have chosen to go without insurance since Obama care was enacted. I would much rather make monthly payments to a hospital or a doctor for an actual service rather than subsidize other peoples health insurance premiums. I’ve saved approximately $50,000 by not carrying health insurance thus far. Fortunately I’m relatively healthy but I’ll have to do something eventually.
This post was edited on 4/30/20 at 1:21 pm
Posted on 4/30/20 at 4:05 pm to Disgeaux Bob
So my question is, do I pay for Obama Care or suck it up and shell out for family insurance with Blue Cross, etc?
I assume to stay away from ObamaCare.
I would not mind input from a Doctor or HR manager. Would I be treated like garbage with Obamacare?
I assume to stay away from ObamaCare.
I would not mind input from a Doctor or HR manager. Would I be treated like garbage with Obamacare?
Posted on 4/30/20 at 4:07 pm to Mariner
My compnay has a plan through Anthem Blue Cross Blue Shield. It's a high deductible plan and the premiums still suck. Health insurance plans are what they are right now and they aren't great.
Posted on 4/30/20 at 4:31 pm to Disgeaux Bob
Obamacare is not an individual health insurance plan rather it is the rulebook that health insurance companies must follow. INDIVIDUAL (not group or employer sponsored) health plans from Blue Cross Blue Shield, united healthcare, CIGNA, etc. are all under Obamacare. If your adjusted gross is north of 50,000 you get zero assistance with premium payments. In fact you are subsidizing premiums for everyone under that threshold by paying your exorbitant premiums. In short, you either GET the subsidy or you ARE the subsidy. Thank God Trump eliminated the mandate that O put in place that unconstitutionally mandated that I had to have it or pay a penalty. Fortunately the penalty was peanuts in comparison to the actual premium. If you buy any individual health insurance plan you will be buying into Obamacare.
This post was edited on 4/30/20 at 4:33 pm
Posted on 4/30/20 at 4:38 pm to notsince98
quote:
odds are you will have much better luck with health cost sharing plans instead of traditional insurance.
I'm about 50/50 on remaining on my own or working full time again... more like 60/40 to remain solo. And a health cost sharing plan is what I'm looking at too. I looked at them about three years ago, but didn't go deep in the weeds with my studies.
I have an existing HSA that's well funded, so with the cost savings on the premiums, they're looking better & better... especially since a private plan would be crazy expensive (and not very good coverage) at my age. I've found a decent doc that's comfortable with me going that route. Now I just need to better understand how the plans work in the case of a serious hospitalization.
They're like insurance, but they're not "legally" insurance. Just have to keep that in mind.
Posted on 4/30/20 at 9:01 pm to Mariner
If it's possible for you to setup an LLC and an S-Corp and also put your wife on the payroll, you can get group health insurance. It's still expensive with high deductibles (I pay over $1300/month in premiums with a $6K deductible for a family of 4), but it was better than buying individual health insurance.
Posted on 4/30/20 at 11:20 pm to Disgeaux Bob
I hate to put this out there but what would you do if you got into an accident or had an appendix rupture?
I have been paying 500.00 a month & have a 7500.00 deductible
I have no health issues but am scared I will have something major happen & no way to cover it
I have been paying 500.00 a month & have a 7500.00 deductible
I have no health issues but am scared I will have something major happen & no way to cover it
Posted on 5/1/20 at 8:11 am to medtiger
Blue Cross actually came out last week and said they will no longer write husband wife groups effective today. Sucks because it was a great way for business owners and their families to save a good chunk of change on health insurance.
“Do husband and wife only groups qualify?
According to the Affordable Care Act, spouse-only owned groups without at least one other full-time (30 hours/week) employee do not qualify for small group coverage. Sole proprietors and spouses do not qualify as employees.
We will review existing groups with this arrangement to see if they are eligible for small group coverage based on the Affordable Care Act’s mandated qualifications.”
“Do husband and wife only groups qualify?
According to the Affordable Care Act, spouse-only owned groups without at least one other full-time (30 hours/week) employee do not qualify for small group coverage. Sole proprietors and spouses do not qualify as employees.
We will review existing groups with this arrangement to see if they are eligible for small group coverage based on the Affordable Care Act’s mandated qualifications.”
Posted on 5/1/20 at 3:17 pm to LSUJML
quote:
I hate to put this out there but what would you do if you got into an accident or had an appendix rupture?
I think about that every day. When I said that I had saved about 50k from not paying for a ridiculous plan I literally have saved 50k and growing. I can probably handle one catastrophic event without much of a problem. I have had a few bumps and bruises over the last 10 years and just paid cash. There is generally a healthy discount when you pay cash.
Posted on 5/1/20 at 3:29 pm to Disgeaux Bob
quote:
that I had saved about 50k from not paying for a ridiculous plan I literally have saved 50k and growing. I can probably handle one catastrophic event without much of a problem.
Man I’d be scared as hell and I’m 27 and have been to the doctor once in the last 4 years probably
This post was edited on 5/1/20 at 3:30 pm
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