? For self employed members

[catman3126]

So I'm at the point to where I can continue with building my business and can make it on the income with the shop I started two years ago working on diesel pickups. The problem is that what do I do for medical insurance? The job I have now pays very well and can gross a 100k easily with minimal OT. But I've been here for 7 years and am sick of how boring and monotonous it has become and the BS from management and co workers. Most I get along with fine but there's always a few that can make or break a job. So my question is what do you do for medical insurance and dental (if any at all) that's the only thing that keeps me at this job is the 250$ deductible and the 90/10 coverage.

I called regence to get a quote for myself and my wife and the coverage cost 700$ a month for two of us, had a 6500.00 deductible per person with a 35$ per visit co pay and coverage was 70/30 with a maximum out of pocket of 6500$ per person. So in short that covers nothing we ever use now not even close, and costs me 8400.00 a year for insurance that will most years never have to cover a thing for us. The wife is self employed and doesn't not have any insurance what so ever.

So what do you all do that are self employed? Go without? And just pay the medical bill when you need it?

 

[Jakemax04]

Geez, that's a house payment! I hope there is something out there better than that. That's not even really insurance

 

[catman3126]

Nope it is not. thats the just incase something major happened and i have no doubt after a big claim they would drop a person after that.

 

[LWATSON]

I spent around $950.00 a month with a $2000.00 deductible. Until recently. It's just one of the disadvantages that comes along with being self employed. If your going to be happier working for yourself and can make enough to support your family like the deserve to be just do it. I've worked for myself for 18 years, through good times and bad I wouldn't take anything for it. Although medical ins is very important don't let that stop you.

 

[Cougar281]

Geez, that's a house payment! I hope there is something out there better than that. That's not even really insurance

Yeah - you're paying for the 'privilege' to have pretty much no coverage. Welcome to the 'Affordable Care Act'.

 

[catman3126]

I spent around $950.00 a month with a $2000.00 deductible. Until recently. It's just one of the disadvantages that comes along with being self employed. If your going to be happier working for yourself and can make enough to support your family like the deserve to be just do it. I've worked for myself for 18 years, through good times and bad I wouldn't take anything for it. Although medical ins is very important don't let that stop you.

Yeah Like I said before the money is much better doing this. when i put in a full day in the shop 8-10 hours with the sell of parts the income is 2-3 times that day what it is at my regular job and that is 410$ per day 4 days a week. I can go out a put a clutch in a dodge and with the labor and markup on the parts make 600$ in 4 hours. add a delete in there and some EFI Live tuning. well beyond that. and much more satifaction then going to work at the power plant and "doing what I'm told" I grew up on a farm and my Father hauled logs and parents were both self employeed. So I grew up around it and hate taking shit of managers at work lol.

So what do you do for insurance L Watson?

 

[SmokeShow]

I don't understand these ridiculous quotes. I had individual health ins on my wife (she was 29yo at the time & is a healthy nonsmoker) for under $150/mth. She's since been added to mine at work at the cost of $65/WEEK but it's solid ins plus dental & vision. I've also just added my baby & it's another $70/WEEK MORE. so I've shopped him out & can get equal or better ins for about HALF that on him. Dental (or vision) is req'd now with Obamacare & the other added less than $10/MONTH to the total.

As I typed that I'm wondering WTF I haven't switched him yet! I'm the worst at procrastinating. -_-

 

[catman3126]

So who do you go though and what is your deductible? At that cheap of monthly premium it had to be very high.

 

[paint94979]

I work my my father whom is self employed and insurance is outrageous. I know it costs my dad just over300$ a month just for blue shield PPO coverage with 35$ co pay for me. I dont have dental because I don't want them paying 150$ a month for delta dental ppo for me. I go twice a year for teeth cleaning which is 180$ each visit. Much cheaper than coverage

 

[catman3126]

Yeah kinda figured dental would just be out of pocket since there is no such thing a good dental coverage.

 

[SmokeShow]

I'd have to look at the details. I can't remember hers but when I ran through the ins for my baby, I made sure it was equal to or better than what I currently have. I want to say the ded. is around $2500, $20 for Dr. visits seems to be the norm, 2 teeth cleanings per year on the free, 1 eye exam every year, like $90 towards contacts or it pays more towards lenses/frames every 2 years, total out of pockey is around $5000 I think.

I should know this stuff better but I'm bad about not remembering the details of things that I don't use often.

 

[AKlowriderZ71]

I was never able to find anything close to affordable health care insurance when I was self employed. And now with the ACA, it's even worse. I'm now working for somebody else.

Good luck on your search.

 

[Yellow Jacket]

I have somewhat checked into this same type of thing... I have a friend local to me who opened his own automotive repair shop. He charges $64 shop rate and is at work at 6-6:30 am 5 days a week til 5:30 pm, he does all his own books. He told me not to do it, he showed me books for $75k to $85k on paper, (and he does prolly $20k in CASH jobs a year). That is after facilities maintenance, heating and shop, liability insurance, shop and tool insurance, all his wife's and his healthcare costs, and tools he purchases. He is ALWAYS swamped and turns down work, but he knows if he puts in more than 10 hours a day it will get old.

I know another friend who owns a repair shop and has 6 full time guys and 6 more part timer/ when needed guys... He makes bank, won't tell me how much, but is at the shop at 7 am every morning and almost never leaves before 9 pm, sometimes there til 11-12, and they are open 6 days a week. He just says you better REALLY, REALLY LOVE what you do, because you are gonna learn to hate it.

Both have told me if you enjoy it as a hobby, keep it a hobby. I make half of what u make, but I have health care played by my employee and a $25 office visit copay and a $5 prescription copay and $0 deductible, free dental and eye care also... I work 40 hrs a week at work and 20-30 he's a week in the shop, anyone I talk to says it would still take me a 60 hr week to make my equivalent now, and I believe them. My insurance agent wanted $452 a month for 250,000 or $500,000(I can't remember which amount we decided would be substantial) liability shop insurance, that's just to cover customer's damaged vehicles or personal injury to a customer in case of an accident... Nothing is cheap about having your own business.

 

[Porno Joe]

While Im not self-employed, my gf recently got a new job offer, and faced the same dilemma as you- she was going from a job with ok insurance to a place that did not offer insurance.

She was able to enroll thru the healthcare marketplace while it was still open enrollment. She has fairly decent insurance for $150/month. dental on top of that is $17/month. IIRC, the most expensive plan was $300/month. when we did that just for shits I punched in my info and the prices were around the same.

Many of the guys i know who are self employed get their insurance thru their spouse that works for a bigger company. thats the best way to do it if you can.

FWIW- I would NOT give up a 100k/annually salary to start my own business. no offense, but I dont see how you could benefit. you already make a good salary, and have the business on the side.

 

[paint94979]

My girlfriend has Kaiser through her company which isn't something I'm looking forward to

 

[catman3126]

While Im not self-employed, my gf recently got a new job offer, and faced the same dilemma as you- she was going from a job with ok insurance to a place that did not offer insurance.

She was able to enroll thru the healthcare marketplace while it was still open enrollment. She has fairly decent insurance for $150/month. dental on top of that is $17/month. IIRC, the most expensive plan was $300/month. when we did that just for shits I punched in my info and the prices were around the same.

Many of the guys i know who are self employed get their insurance thru their spouse that works for a bigger company. thats the best way to do it if you can.

FWIW- I would NOT give up a 100k/annually salary to start my own business. no offense, but I dont see how you could benefit. you already make a good salary, and have the business on the side.

LOL well then its time to find another good paying job cause this one blows. you know the saying "Going to work for the paycheck is the worst reason to goto work"

and yes I agree it is pretty sweet to have the side work. I make damn good money working out in the shop in the evening and on fridays (i work 4-10's mon-thurs at the plant)

 

[LWATSON]

So what do you do for insurance L Watson?

I don't know the details but it's Coventry one, allot cheaper than I was paying for blue cross probably about half. Only thing is you have to make sure your doctors are in there network. Luckily ours were.

 

[catman3126]

I don't know the details but it's Coventry one, allot cheaper than I was paying for blue cross probably about half. Only thing is you have to make sure your doctors are in there network. Luckily ours were.

Yeah that sucks too. more bullshit.

 

[Porno Joe]

LOL well then its time to find another good paying job cause this one blows. you know the saying "Going to work for the paycheck is the worst reason to goto work"

and yes I agree it is pretty sweet to have the side work. I make damn good money working out in the shop in the evening and on fridays (i work 4-10's mon-thurs at the plant)

Yeah I dont love my job, but i like my steady paycheck. plus I dont take work home with me.

my question for you now, as you say you make good money with the side work- are you doing this side work 100% by the book now? ie- bonded, insured, etc. if you are props, if not, once you made the jump to fully legal business, watch the money disappear.

 

[catman3126]

Yeah I dont love my job, but i like my steady paycheck. plus I dont take work home with me.

my question for you now, as you say you make good money with the side work- are you doing this side work 100% by the book now? ie- bonded, insured, etc. if you are props, if not, once you made the jump to fully legal business, watch the money disappear.

Licensed yes no bond. no insurance. so yeah it would cost more to go full time with it. but making a 1000.00+ a day is damn good money is it not? and thats just with me work alone. but also around here I could easily charge 85$ hourly and would still be cheaper then the dealer they are all at a 100$ or a little higher. see this is why i put this post up to get this type of insight. thanks for all the good responses.