Self employed / heath insurance

Health insurance is my big concern at the moment.

I sold my business a few years ago and am using cobra (BCBS) from a previous company that I was employed as a consultant by.

My costs are $1300 per month including my wife with a $5k deductible that I always use now as I got cancer just after retiring, each visit also costs me $40, my annual check up for the cancer is around $12k

COBRA is due to run out soon and I am looking at an annual cost (Premium and deductible) of about $30k or more

This is a real kick in the pants as for a few years prior to selling and upon selling I had to pay the extra 3.9% tax that Obama instituted on income to help cover the Obamacare plans for people who need assistance.

Not much I can do about it but move out of the USA, not an option at the moment so its a big pill to swallow.

 

Wow, that’s a terrible situation and it makes me angry reading things like this, you are a contributing member of society, paid and I am sure still pay your taxes and when in need you are left struggling.

 

I hope things will get better for you, moving isn’t easy but in your situation if possible I’d strongly consider it. Good luck with your battle !

Wow, that’s a terrible situation and it makes me angry reading things like this, you are a contributing member of society, paid and I am sure still pay your taxes and when in need you are left struggling.

 

I hope things will get better for you, moving isn’t easy but in your situation if possible I’d strongly consider it. Good luck with your battle !

 

 

This is the real scary part.

At the moment the insurance companies are not allowed to discriminate due to pre existing conditions (read cancer) under the Obama era health care rules, this rule is one that the present government is trying to stop. If this is the case I would probably become uninsurable, or have premiums/ deductibles exclusions that in essence make me uninsurable.

I paid my insurance for ever and still do, Over the years I paid for 100's of employees, including their wives and kids insurance, I paid and still do pay pay taxes. If things carry on as they seem I probably will end up fucked or broke or both.

This is the real scary part.

At the moment the insurance companies are not allowed to discriminate due to pre existing conditions (read cancer) under the Obama era health care rules, this rule is one that the present government is trying to stop. If this is the case I would probably become uninsurable, or have premiums/ deductibles exclusions that in essence make me uninsurable.

I paid my insurance for ever and still do, Over the years I paid for 100's of employees, including their wives and kids insurance, I paid and still do pay pay taxes. If things carry on as they seem I probably will end up fucked or broke or both.

 

My friend that’s heartbreaking, I am lost for words, if there is anything I can do please let me know. I hope you will get the treatment you need and get better 🙏

My friend that’s heartbreaking, I am lost for words, if there is anything I can do please let me know. I hope you will get the treatment you need and get better 🙏

 

Fortis, thanks for the concern, I am anything but broke, (I do drive a lambo and have a nice house in Florida) but am pissed at the situation.

After working hard all my life, employing many people, paying gobs of tax and helping as much as I can I get a disease when I should be relaxing and the present state of the nation is telling me "tough shit pay up some more"

In all honesty the people who may suffer financially will probably be my heirs and that will be many, many years in the future.

I do get good medical attention and although I am light years from joining them I think one of the major causes for bankruptcy in the US are medical bills.

 

I am just using this thread as a rant against a situation that I have no control over and being English in the US find it hard to fathom the same as you probably do being Australian.

I feel for the people who may be in the same situation as I am but with just enough money to have a reasonable life and are now facing the reality of loosing their retirement funds and possibly house.

 

Fortis, you always come across as a thoughtful compassionate person and I am sure you do good things in your life.

 

Yellomurci thank you for the kind words, I’ve seen a lot off suffering and it makes me angry when the odds are stuck against people who do the right thing.

 

Financial support isn’t the only support one needs, I am not sure how I can physically help but in some situations just talking to someone will make you feel better, just like you are doing, venting here, it all helps.

 

Health insurance is my big concern at the moment.

 

COBRA is due to run out soon and I am looking at an annual cost (Premium and deductible) of about $30k or more

 

If you've run and sold a company, you probably know this, but just in case: Incorporate another name, get a Tax ID, file for subchapter-S election, and open a business bank account. Then, contact a broker and get a small business policy for 2-50 employees with some sort of coverage for which you can handle the premiums and the ded. This should be loads cheaper than an individual policy. Then put yourself and your wife on W-2 payroll at a wage just high enough to cover the premiums. The rates might be shit, but at least you have coverage.

 

Sorry to hear about your current situation - all the best moving forward.

Oh yeah, that's par for the course in the US these days. Obama royally fucked us all (anyone with two nickles to rub together anyway) in the wallet with that one.

 

 

From your lips to gods ears

 

Then the standard of care in America is SHIT, aside from the cost of insurance.

 

I pay cash in Europe for my health care, I have insurance for catastrophic reasons, otherwise I leave America to go to the doctor.

Thanks to Judges and Lawyers with frivolous lawsuits. Doctors, hospitals, and pharmaceuticals must pay extremely high insurance too. It's not IF they will get sued it's WHEN. Every time I see those TV adds I think. "Lawyers, lowering Americans standard of living, one case at a time. " Same goes for Auto insurance, Workman's Comp, etc.. I will stop my rant,

 

 

Yup the lawyers fucked it all up.

 

 

What happened to tort reform? Remember that little thing? fcuking lobby took care of that and the rest is history....

 

I mite not wear shoes but I have a good memory.......

 

Yup the lawyers fucked it all up.

 

Very true. All my friends who are doctors have been sued at least once or twice...some when they where in residency. Health care is partially so expensive because of massive legal fees.

Give me a $20k deductible plan for catastrophic issues only for $350/mo..

 

The catastrophic $12000 deductible plan is $1200/mo for a family.. fcuking rediculous

 

I am self employed with 3 kids and we currently are just paying out of pocket

 

Er visit the other day. $5000... since we paid cash $1500.. $340 for the ER and $1200 for the DR.

 

I figure worst case we have a major and I just work out payment plans with the Hospital and DR. Im paying insurance for the rest of my life at $1500/mo or I am paying off medical bills with set up payment plans worst case.. and the payment plans will be less per month..

 

Best solution I can come up with right now.

 

The other one is this.

 

https://www.libertyhealthshare.org/Care?gcl...2AaAjgIEALw_wcB

Give me a $20k deductible plan for catastrophic issues only for $350/mo..

 

The catastrophic $12000 deductible plan is $1200/mo for a family.. fcuking rediculous

 

I am self employed with 3 kids and we currently are just paying out of pocket

 

Er visit the other day. $5000... since we paid cash $1500.. $340 for the ER and $1200 for the DR.

 

I figure worst case we have a major and I just work out payment plans with the Hospital and DR. Im paying insurance for the rest of my life at $1500/mo or I am paying off medical bills with set up payment plans worst case.. and the payment plans will be less per month..

 

Best solution I can come up with right now.

 

The other one is this.

 

https://www.libertyhealthshare.org/Care?gcl...2AaAjgIEALw_wcB

 

I have honestly been thinking about just paying out of pocket as well. I went without health insurance for 7 or 8 years and never had an issue - I think the only thing that scares me now is that I have two kids and your mind immediately goes to 'what about a catastrophic issue.'

 

I had heard if you just pay cash its incredibly cheap compared to what they bill insurance. Crazy

 

I have honestly been thinking about just paying out of pocket as well. I went without health insurance for 7 or 8 years and never had an issue - I think the only thing that scares me now is that I have two kids and your mind immediately goes to 'what about a catastrophic issue.'

 

I had heard if you just pay cash its incredibly cheap compared to what they bill insurance. Crazy

 

It's complete bullshit..

 

Car insurance would be astronomical if it covered regular maintenance and breakdowns.. I don't understand for the life of me why health insurance should cover every cost associated with health.. Every Dr. we have been to has a "cash" price and it's far far cheaper than insurance. Dental insurance as well.

 

I keep hearing the whole point behind needing health insurance for the whole country is to have a healthier country.. IMO it's quite the contrary.. When you don't have insurance you make sure your kids brush and floss their teeth properly, eat healthy, and manage risk taking better.

 

 

It's complete bullshit..

 

 

 

I keep hearing the whole point behind needing health insurance for the whole country is to have a healthier country.. IMO it's quite the contrary.. When you don't have insurance you make sure your kids brush and floss their teeth properly, eat healthy, and manage risk taking better.

 

You do because you are a responsible person but this has to cater to the lowest common denominator and unfortunately those are the ones who ruin it for everyone.

https://www.medishare.org/ppc/?mkwid=siI6V1...ASAAEgIQvfD_BwE

 

$495/mo.

Health insurance is my big concern at the moment.

I sold my business a few years ago and am using cobra (BCBS) from a previous company that I was employed as a consultant by.

My costs are $1300 per month including my wife with a $5k deductible that I always use now as I got cancer just after retiring, each visit also costs me $40, my annual check up for the cancer is around $12k

COBRA is due to run out soon and I am looking at an annual cost (Premium and deductible) of about $30k or more

This is a real kick in the pants as for a few years prior to selling and upon selling I had to pay the extra 3.9% tax that Obama instituted on income to help cover the Obamacare plans for people who need assistance.

Not much I can do about it but move out of the USA, not an option at the moment so its a big pill to swallow.

 

 

Yellomurci,

Really sorry to hear about the rough hand you've been dealt recently. I am glad that (from the financial aspect) it sounds like you are in a situation to be able to handle it better than most, but that sucks. You seem like a smart guy though so I am sure you will figure out the best path. All the best.

Small business owners or self employed should also consider using a PEO.

 

It helps in many areas of human resource management including gaining access to quality healthcare plans with lower premiums.

 

https://www.napeo.org/what-is-a-peo/selecti...o/why-use-a-peo

The PEOs are no better. I have been with ADP, Paychex, and Administaff.

 

Obamacare is based upon income not based upon how much money you have or how much money your business made.

 

I pay myself a $35,000 per year salary and our family policy is $148 per month with BCBS.

 

Back when I was paying myself $300K+ we were paying $1800 a month.

 

There are some problems with this. I was paying myself $26,000 per year and then I couldn't get Obamacare, I had to get Medicaid. So I bumped my pay a little. Also if you ever want to buy anything based upon personal income, $35K doesn't buy much. Since I am not buying houses or cars any more it doesn't really matter. For cars I have bought them in the business name which takes care of that.