Health insurance for the self employed

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tmbrk

tmbrk

Senior Member
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Illinois
I know this is not an electrical question, but I feel it falls under electrical contracting management.

I'm sure there are many of you out there like me, a small independent EC, and you are striving to build a business that provides for yourself and your family, as well as taking care of any employees.

My question is, has anyone found a good health insurance company for the small business/self employed. I have gone through a couple, but cannot find one that is right for me. Are there any out there that small contractors can band together and join as a group?

What are your experiences?
Thanks in advance for any info.
 
tmbrk said:
I know this is not an electrical question, but I feel it falls under electrical contracting management.

I'm sure there are many of you out there like me, a small independent EC, and you are striving to build a business that provides for yourself and your family, as well as taking care of any employees.

My question is, has anyone found a good health insurance company for the small business/self employed. I have gone through a couple, but cannot find one that is right for me. Are there any out there that small contractors can band together and join as a group?

What are your experiences?
Thanks in advance for any info.
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I was talking to a plumber who uses a insurance company that joins other small companies together, so they do exist.
 
tmbrk said:
I know this is not an electrical question, but I feel it falls under electrical contracting management.

I'm sure there are many of you out there like me, a small independent EC, and you are striving to build a business that provides for yourself and your family, as well as taking care of any employees.

My question is, has anyone found a good health insurance company for the small business/self employed. I have gone through a couple, but cannot find one that is right for me. Are there any out there that small contractors can band together and join as a group?

What are your experiences?
Thanks in advance for any info.
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All over the country there are chapters of Independent Electrical Contractors, one of the benifits they offer is affortable group insurance plans with good companies that have good coverages, looking foe a deal in health insurance, and be the most espensive, mistake you ever make.

I after wonder how some guys can do work so cheap, only to find they don't have to pay for health plans, and don't offer their employees health plans.
 
I'm with Sticky, and Sat! I lucked out on this one. I use my wifes insurance! Being a small business is big business with no profit<<<<--most of it going on overhead expenses.
 
resistance said:
I'm with Sticky, and Sat! I lucked out on this one. I use my wifes insurance! Being a small business is big business with no profit<<<<--most of it going on overhead expenses.
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My boss pays for mine so that works out pretty good too...:smile:
 
its funny i was talking w/ my insurance guy about this today. my wife's employer has a group insurance plan. works out good for her, but family gets ripped. i'm going to buy my own separate insurance policy for less than 1/3 of what it costs to be on her insurance, and its from the SAME insurance company. the way my guy explains it is that a group insurance plan has to accept any employee's family memeber (should they choose to join) regardless of health, so the price is a lot higher. if you're in decent health you can get a much better rate on your own.
 
We have finally settled on an HSA coupled with a high deductable policy. It works really good for us. Check out an HSA plan with your insurance broker.
 
bkludecke said:
We have finally settled on an HSA coupled with a high deductable policy. It works really good for us. Check out an HSA plan with your insurance broker.
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The HSA makes great sense. I have the same deal. I call it accident insurance. My deductable for a family is $4500 a year. It is blue cross/blue shield, and they set the price for service. I put $100 a month into my HSA account which works just like a check card. If I don't use all the money that year, it sits in that account and collects interest. I have never used all the money in my account, nor hit my deductable even with 2 children. Now that my account is deposits are maxed at $5200, my insurance will only cost me $6000 a year. I submit my insurance to the doctor, they submit their bill, the insurance tells them how much, and I pay it with my card. After the $4500 has been spent, I am now covered 100% for anything. My monthly premiums for my family of 4 is only $500 a month. And prescriptions are also cheap. I see a lot of businesses in my area switching to this method, and paying for all of their employees insurance including putting $ in the HSA account each month, because that is cheaper than having low deduct insurance coverage.
 
I also use a Health Savings Account coupled with a high deductible insurance policy. You can use the tax deferred money(like an IRA) in the HSA to pay for any medical expense, including dental. I am still looking for a good group plan to insure 2 employees and have heard that Paychex, who does my payroll offers group insurance plans. Any thoughts on that, or on using Paychex in general? I had trouble getting a group plan for only 3 people before and am leaning towards 3 separate individual policies that I would pay a percentage of for them.
 
I've got 6 employees + my family on the HSAs (small group) and so far most seem to like it. It is hard to change the mindset of some peopole who are not used to the idea of managing their own money/affairs though. But now they can pretty much use whatever DR./specialist they like and negotiate the fees to boot! I really like that.:smile:
 
petersonra said:
HSAs and high deductible insurance plans make a lot of sense.
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Bob, it all sounds good until you have a major medical emergency, with an in patient stay, then all the numbers turn up side down, and that plan may become one of the most expensive plans of a lifetime. Everyone looks for a bargin, but forgets to read the down side of these plans. HSA's work best, for someone, that already had a good plan, and wants to pick their deductible coverage, meaning, they are, in real terms giving up coverages, just hope it's not part of their major medical coverage limits, at a time when they need them. Bottom line you get a better rate, you can bet, it will cost you.

Health Saving Accounts, are great for high income earners, they all them to shelter some income, for health care costs, but if your in the low six figure income bracket, then they may be no benifits.
 
satcom said:
Bob, it all sounds good until you have a major medical emergency, with an in patient stay, then all the numbers turn up side down, and that plan may become one of the most expensive plans of a lifetime. Everyone looks for a bargin, but forgets to read the down side of these plans. HSA's work best, for someone, that already had a good plan, and wants to pick their deductible coverage, meaning, they are, in real terms giving up coverages, just hope it's not part of their major medical coverage limits, at a time when they need them. Bottom line you get a better rate, you can bet, it will cost you.

Health Saving Accounts, are great for high income earners, they all them to shelter some income, for health care costs, but if your in the low six figure income bracket, then they may be no benifits.
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Its always more cost effective to me for someone else to foot the bill. If I have to foot the entire bill, and I have the choice, HSA and higher deductable plans make a lot of financial sense.

The problem with traditional health insurance plans is that much of the benefits are paid out for things that probably should not really be insurable, but only are because of the tax benefits associated with employer paid health insurance. Your car insurance does not pay for tune-ups, oil changes, or flat tires. Your home owner's insurance does not pay to repaint your house. Yet these are the very type of routine, regular expenses that we routinely expect health insurance to cover.
 
Bob, hit it right on the head. Until the marketplace is introduced back into the healthcare industry the costs will just keep going through the roof.

If Uncle Sam takes it over, not only will the costs spiral out of control but the quality of care and service will tank.

If you want to see what the prices are like in a free market just look at the veterinary care system. I know we are not cats & dogs but many of the procedures are very similar and the prices are a fraction of what our health care system has to charge.

You take the Gov't and lawyers out of it and I'll show you a system that actually works and that people can afford.

Capitalism Works:smile:
 
bkludecke said:
Bob, hit it right on the head. Until the marketplace is introduced back into the healthcare industry the costs will just keep going through the roof.

If Uncle Sam takes it over, not only will the costs spiral out of control but the quality of care and service will tank.

If you want to see what the prices are like in a free market just look at the veterinary care system. I know we are not cats & dogs but many of the procedures are very similar and the prices are a fraction of what our health care system has to charge.

You take the Gov't and lawyers out of it and I'll show you a system that actually works and that people can afford.

Capitalism Works:smile:
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The cost of health care is out of control, and everyone has their own view on why and how to fix it, but the cost of health care, will not become affordable until they fix the delivery system, reward the facilties that operate well and produce results in reducing costs while still delivering excellant services. with tax breaks, and assist in funding staffing costs. let goverment go that why do beat, fund teaching medical centers growing the next generations of medical personal, allowing the medical centers to direct more funds to facilties operations and growth, alonf with a lot of new ideas on how to make it all work
 
brantmacga said:
its funny i was talking w/ my insurance guy about this today. my wife's employer has a group insurance plan. works out good for her, but family gets ripped. i'm going to buy my own separate insurance policy for less than 1/3 of what it costs to be on her insurance, and its from the SAME insurance company. the way my guy explains it is that a group insurance plan has to accept any employee's family memeber (should they choose to join) regardless of health, so the price is a lot higher. if you're in decent health you can get a much better rate on your own.
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Can you get a better rate than $100 per month for medical--including free dental, and a "somewhat good" eye care plan?
 
The way to "fix" the industry is to outlaw medical insurance, hmo's, and medicaid/medicare totally. When the industry knows there isn't a billion-dollar payee, quadruple bypasses won't cost $300,000.00. When the drug industry knows everything is paid for out of pocket, they'll start marketing drugs that are of actual value, instead of focusing R&D on "nuisence diseases" like "restless leg syndrome." And mothers will stop dragging the kids to the doctor for every little sniffle.

Right now, the system is set up just like when a contractor is awarded another contractor's default bond - it's a free for all and the sky is the limit.
 
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