Full Timers - What Do You Do About Health Insurance?

by Jeremy Kelsall 46 replies
As I am making the transition, a disturbing thought hit me...

When my J.O.B. is gone, so will be health insurance. Anyone have a good alternative that they are willing to share?
#main internet marketing discussion forum #full #health #insurance #timers
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  • Profile picture of the author deu12000
    COBRA I believe can be extended for up to 18 months after you leave your job. They aren't always the cheapest option though.

    I got my health insurance through Health Insurance, Medical Insurance, Individual Health Insurance Quotes . I'm paying a little over $150 per month which is a great deal. I know a lot of other people that pay $400+ per month but it depends on your age.
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  • Profile picture of the author jjpmarketing
    Your best option is this... setup your own insurance. Don't buy it from someone else. If you are young, then you might as well just save $x per month out of your revenue to pay for medical costs. More than likely all you will need each year is 1 maybe 2 visits to the doctor... unless you are involved in risky behavior like injury prone sports and things of that nature. There may even be a legal way you set this up that will provide the same tax benefits as paying an insurance company premiums. This way you can insure that your premiums never go up. On top of that get a prescription plan. Usually for a few dollars per month you can get substanital saving on prescriptions.
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    • Profile picture of the author Mac Wheeler
      What about other forms of insurance?

      Professional indemnity?
      Loss of earnings?

      Would an IM be able to apply for any of these successfully?
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      • Profile picture of the author Scott Ames
        It would depend on your age and family, but you either buy comprehensive medical insurance that covers everything, or you self insure for the common stuff and buy major medical insurance in case of a large medical problem.

        The little stuff can add up, but the major stuff could bankrupt you. I had a friend that had a premature baby. The medical bills added up to over $1 million. Thank goodness she was covered. That would have wiped out a lifetime of savings and work. ( or a week for Frank Kern and a day or two for the Stompernet boys )
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        • Profile picture of the author ASUService
          As mentioned many times there are a lot of variables regarding cost ... age, general health, smoker.

          However, I do pertty well with Blue Cross/Blue Shiled. I don't have eye or dental ... too much for what you get back. Major med with a $500 deductable runs me just over $150 a month.

          I don't know if BC/BS (that's funny! lol) is regional but could be worth looking into.

          Hope that helps.
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          • Profile picture of the author Simon_Sezs
            When I first quit my job, I went without for a year but then got fairly cheap health insurance on my own (it was $200/month).

            Now I just piggy back off my wife's insurance (she works at fedex and they have awesome insurance).
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            • Profile picture of the author JamieBing
              We use Alliance For Affordable Services ... No affiliation, just the link to one of their sites. Ours is underwritten by MidWest Life Ins of TN .

              It is not the absolute greatest thing out there however it is a group plan so you can not be singled out for a rate increase even if you get sick. It really was not that hard to get approved for it and it is actually not very expensive for the two of us to have good coverage. Beware of the ones who offer you a low price the first year. I found out real fast they will raise your rates after a few months.. and can even drop you after you make a claim or two. This is why I ended up with the guys I am using... once I am in.. I am always in and they can't run my rates up and rape me.

              If you want a specific person to contact, send me a PM or email and I will give you the mans name I always speak with.

              The deal I get from them is much better than anything else I could find... and we searched for about a year.
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              • Profile picture of the author Ken Preuss
                What do you do about health insurance when you go full-time? That's simple.

                You focus on the single most important factor for any business: consistent revenue generation. When you do this effectively paying for your own health insurance is a drop in the bucket.

                Many might say I am over-generalizing. But based on my own experience as a full-timer (it's been 8 years since I've had an employer who is not me I can tell you this is the case.

                Ken
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                • Profile picture of the author jasonl70
                  I use ehealthinsurence (linked to in an above post).
                  I've used them twice actually. When I left a job about 5 years ago, they said my cobra was going to be $800 for my son and I.. the EXACT same policy, from the same company (anthem), was $206 at ehealthinsurance.

                  BTW- the new way the WF displays urls sucks It's great from an SEO perspective to the sites linked to, but it really is not very reader friendly..
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          • Profile picture of the author Dixiebelle
            Originally Posted by ASUService View Post

            As mentioned many times there are a lot of variables regarding cost ... age, general health, smoker.

            However, I do pertty well with Blue Cross/Blue Shiled. I don't have eye or dental ... too much for what you get back. Major med with a $500 deductable runs me just over $150 a month.

            I don't know if BC/BS (that's funny! lol) is regional but could be worth looking into.

            Hope that helps.
            Blue Cross/Blue Sheild is nationwide, and an excellent company. I have a friend with this same coverage, 68 years old, and pays the same amount. I think her policy also has a $12.00 co-pay.

            I also have BC/BS, but mine is in a "retired government employees program". I get major medical, eye, dental, long term health, for $156.00 per month.

            So there are great policies out there. No need to pay through the ying yang for insurance, especially if you are still young and in good health. Most people who are paying large premiums, either have large families they are covering, or have had some major medical problems in the past.

            Dixie
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            • Profile picture of the author zenmn
              One of the best ways is a health care savings plan with a high deductable.

              Essentially, you put pretax dollars into an account each month.

              Of course you will have to pay for all the little things; but if something life changing; or dire happened; you will pay the high deductable.

              Most times you will have already saved that amount anyway.

              From what I understand you can use this money later in life for other purposes, like say you happen to get insurance at some point thru a new employer for example.

              I never used the health care savings plan; but it was what I was going to set myself up with if I went full time on my own business.
              -zenmn
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      • Profile picture of the author Ken Preuss
        Originally Posted by DecurroLtd View Post

        What about other forms of insurance?

        Professional indemnity?
        Loss of earnings?

        Would an IM be able to apply for any of these successfully?
        Ummm, have you ever dealt with an insurance agent or broker? My friend they will GLADLY sell you whatever you want - and even whatever you don't want!

        Ken
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        • Profile picture of the author jallen001
          My wife and I are on a PPO with a $1700 deductible each and the total bill is $243/mo. copay $25. It doesn't cover maternity, which is where you will most likely get your savings if you don't need it. We are totally happy with it and between me and my wife we've only paid $280 combined toward our deductible this year. There are cheaper alternatives. Also, I think our broker added us into a "Farmer bank group" or something like that. I think that is what makes it cheaper since a lot of other people are attached to the group. That might be an option to check for.
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        • Profile picture of the author Mac Wheeler
          Originally Posted by Ken Preuss View Post

          Ummm, have you ever dealt with an insurance agent or broker? My friend they will GLADLY sell you whatever you want - and even whatever you don't want!

          Ken
          Yes, I used to be a 1/3 partner in a company which developed and sold MPPI products. And I can tell you right now, our underwriters would have seen IM as a high risk profession, no way would you have been able to buy MPPI from us, which is why I asked about these other forms of insurance.
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  • Profile picture of the author Mike Price
    My wife and I have Horizon BC/BS (HMO), and next month my monthly payment will be $1,500+, up 40% from my current monthly rate of $1,100+ which was already hard to swallow.

    We have a home business that we both work and I'm 55 and she's 43 and we live in NJ. I "WISH" there were another option but I haven't seen any that are "REAL" health insurance that will not just reimburse me but where the doctors and hospitals will bill the insurance company for payment directly.

    If anyone knows of any real insurance I'd love to hear about it.

    Thanks,
    Mike
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  • Profile picture of the author BrainDance
    Hi there, I use the insurance from NASE. I am single with no kids, so it is a nice program and affordable for me.
    here is the link to the health area of the site.
    NASE - Health Resource Center
    There is a neat questionnaire that will help you decide what you need, and they don't push their own service
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    • Profile picture of the author RyanLeisure
      I just bought some from Assurant Health a few months back when I graduated college and got married (both got me kicked off my parents plan). I'm 23, my wife is 22, we pay $255/month. Half of that is for maternity coverage. Deductibles are $2200 for each of us and maternity has a separate $5000 deductible. But after those are hit, it covers 100%. We are both quite healthy, so I just wanted something to cover in the event of a big injury or sickness....or something else unexpected...
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  • Profile picture of the author TheRichJerksNet
    I keep my money and stay away from the doctor..

    James
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    • Profile picture of the author Kristi Lane
      Originally Posted by TheRichJerksNet View Post

      I keep my money and stay away from the doctor..

      James
      That's a plan that works some of the time but I was recently hospitalized with MRSA and the total cost was over 100K for my 5 day stay and I may require further treatment. We have excellent insurance through my husband's employer but it would have been a significant burden without insurance.

      Kristi
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      • Profile picture of the author W.P. Allen
        Jeremy, if you're unmarried and without children I suggest you try Anthem. I have a plan with them that has pretty decent coverage and it runs me only $90 a month.
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  • Profile picture of the author Mark Brian
    If you can get term insurance with the benefits you require, go for it. Avoid whole life insurance that are way expensive and lets you pay "forever". Just don't forget to invest some money. At some point as you go along with your business you will be so rich and you will no longer need insurance so you don't have to pay for the fixed contract insurance bills.
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  • Profile picture of the author valerieSONORA
    I think I'll move to Cuba where they have free health care.

    I don't have health insurance so I'm going to learn from HeySal how to use herbs to cure myself of anything.

    It sucks we have the best doctors, best technology, best equipment here in the USA but millions and millions of Americans have no access to it.

    If I need a doc I'll just have to pay the cost out of pocket. For someone who only gets sick a few times a year or less it's actually a lot cheaper to do it that way than insure yourself. There is a clinic here that costs $65 just to see the doc. (Assuming no lab work, Xrays, etc. are needed.) If you have an infection and need some antibiotics, that's available for $4. So if I had to go to the doc 3 times a year that would be $65x3. Much cheaper than paying $500 a month or so.

    If you are a female of child bearing age the rates are crazy because you could become pregnant so they punish you for being female. It's cheaper for males cause lucky for them they can't get pregnant.

    Don't even get me started on the health care problem here It's hard to get me to shut up about it
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    • Profile picture of the author RyanLeisure
      Originally Posted by annoyedgirl View Post

      It sucks we have the best doctors, best technology, best equipment here in the USA but millions and millions of Americans have no access to it.
      Yes we do have the best doctors, best technology, and best equipment...and you know why? It's because of free market capitalism. Yeah it sucks that's its expensive. When health care is run by the government, do you think doctors, pharmaceutical companies, and and medical equipment manufacturers are going to get the same money for their equipment/services that they get on the free market? Nope!
      Government intervention kills innovation.

      Take a look at the USPS versus UPS. USPS of course being government operated and UPS being private corporation. UPS is far more efficient than the USPS and if it wasn't for government regulation that requires you to use the USPS, they would have been long out of business. I know the USPS is vastly different from health care, but it was the next rant on my mind in the venue of government intervention vs capitalism.

      And another thought...what is going to happen with the economy in the US when the government bails about companies that made big mistakes (aka banks and financial companies).

      With government stepping in and interfering with private enterprise...how is that any different from communism?
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  • Profile picture of the author James Schramko
    We have a pretty good healthcare system here compared top the US.

    I had to get a anti-vomit tablet in Las Vegas for the Zero G flight and the consult took two hours, $100 and I had to see four people.

    Here you stroll in, wait a little while - get your prescription and leave - all paid for by the Government.
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  • Profile picture of the author dean mcevoy
    Here in the u.k we have the NHS, and from what iv read about on here thank god for it.

    theres lots of horror storys but i have found it gives good service.
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  • Profile picture of the author Kate Carpenter
    Health insurance is one of our big gripes...we've had an individual policy for over 15 years and it is a struggle every month to pay it, but absolutely necessary. I've done the comparison shopping and there are some great sites on the web for that.
    I recently found out that Costco & Sam's Club offer health insurance to their members and, because it is a 'group plan' , it is very reasonable and many choices and plans. I looked into it, and the best price, etc, was the same company we have (Blue Shield). They said they couldn't transfer us to their plan if we were already BS members. Bummer!
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  • Profile picture of the author valerieSONORA
    I agree with everyone you say Ryan Leisure. Private companies are definitely way better than anything the government provides. There was a good 20/20 episode about greed that shows how much better private for profit companies are so much better than government services.

    The only problem is when there are people are in serious need of medical treatment but they end up getting nothing because they can't afford it. For some low wage workers, private health insurance costs more than their entire paycheck. It would just be nice if there was a way to give health care to more people or at least make it affordable to the millions of low wage workers out there.
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    • Profile picture of the author RyanLeisure
      I agree with what you said there as well. It is a shame that a lot of people can't afford health care. It is a real problem in this country, but unfortunately I don't see a good solution either way. It's hard to say what's right and wrong when people are suffering without insurance. There are many many problems where there might not be a good solution either way.
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  • Profile picture of the author BillyParadise
    Are there any Canadians in here using a PHSP? I'm looking into that now that I'm FT.
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  • Profile picture of the author Sean Donahoe
    Just to throw in 2c here. If you are full time and registered as a corporation as I am then you can get full corporate packages for small business. This tends to be a much cheaper deal that getting private health care and they do not come and do a lot of tests on you so you can get good coverage regardless of whether you are a smoker, overweight or have previous conditions. Private healthcare takes all of those factors into consideration and raise your rates astronomically accordingly. You can do this for any LLC, C-Corp or S-Corp (I run a full C-Corp) and it is directly tax deductible. Also, as a corp you can provision 401k's for yourself and get nice deductions from both private and the corporate side if you are divierting any funds to your future retirement.

    My best advice is to speak to your CPA if you have one and explore the best options for you from the tax side of things and if going corporate is the best option for you in regards to the other protections it offers so you can also explore the healthcare possiblities.

    I have slashed my healthcare costs for my entire family by over 75% doing this.
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    • Profile picture of the author Mike Price
      Hey Sean,

      As I stated below, I have a very high monthly payment and I am an LLC as well so I am listed as the "employer" and my wife as the "employee" and our son is on her as a child (in college).

      Do you know of another option that what I've stated below?:

      My wife and I have Horizon BC/BS (HMO), and next month my monthly payment will be $1,500+, up 40% from my current monthly rate of $1,100+ which was already hard to swallow.

      We have a home business that we both work and I'm 55 and she's 43 and we live in NJ. I "WISH" there were another option but I haven't seen any that are "REAL" health insurance that will not just reimburse me but where the doctors and hospitals will bill the insurance company for payment directly.

      If anyone knows of any real insurance I'd love to hear about it.


      Originally Posted by Sean Donahoe View Post

      Just to throw in 2c here. If you are full time and registered as a corporation as I am then you can get full corporate packages for small business. This tends to be a much cheaper deal that getting private health care and they do not come and do a lot of tests on you so you can get good coverage regardless of whether you are a smoker, overweight or have previous conditions. Private healthcare takes all of those factors into consideration and raise your rates astronomically accordingly. You can do this for any LLC, C-Corp or S-Corp (I run a full C-Corp) and it is directly tax deductible. Also, as a corp you can provision 401k's for yourself and get nice deductions from both private and the corporate side if you are divierting any funds to your future retirement.

      My best advice is to speak to your CPA if you have one and explore the best options for you from the tax side of things and if going corporate is the best option for you in regards to the other protections it offers so you can also explore the healthcare possiblities.

      I have slashed my healthcare costs for my entire family by over 75% doing this.
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      • Profile picture of the author reapr
        It is a sad fact you can get drafted and go die for your country (USA) but can't get basic health care coverage. It would be nice if it was on a sliding scale based on ability to pay instead of pre exist ... enuf said.

        I'm looking around for a solution because I am wanting to make the transition but rates are just unreal!!! 1000+ is just unreal.

        What I wanted to add was there were a few more options. I think ebay has it available to powersellers.

        I also thought that Costco members had it available too!
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  • Profile picture of the author Allen Graves
    Hey bro,

    This isn't going to help much, but I am lucky enough to have a wife who does not WANT to quit her job. She's an elementary school nurse and she says even if we won the lottery she would still continue her job.

    So...my solution would be to get your significant other into the workplace!! LOL

    AL
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  • Profile picture of the author tommygadget
    It is a great shame that here in the US you can have everything taken from you if you don't have health insurance and you get sick. I had a short visit to the emergency room. Cost, almost $6000. Anyone who advocates going uninsured in this country is insane. Another example: my youngest was 3 months premature. Two months in neonatal ICU. Cost $250,000. Without insurance, we'd be finished financially.

    TomG.

    PS - Our deductible was over $30,000 even with the insurance.
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