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Self Employed, contracts and Health Insurance

Posted on 2013-06-14
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Last Modified: 2013-06-19
Is there a better place to post this? Most other forums seem more tech related and I didn't see one specifically for people that do contract work.

If you do contract work and are self employed what do you do for health insurance? What companies do you use or use to find good rates? It's just me and my wife right now. 5 years ago my wife had thyroid cancer but has fully recovered.

I am trying to get an idea of how much it will cost to get health insurance for the two of us.

I was planning on using a HSA to help also, does anyone use a HSA? What happens to the money you don't use if any at the end of the year?
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Question by:REIUSA
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Expert Comment

by:notacomputergeek
ID: 39247547
Well, a lot is up in the air right now with the Affordable Care Act. First of all, you can always get individual coverage for both of you, but the premiums may be higher and you may have preexisting conditions and a waiting period. If you want group coverage, you'll need at least two employees or owners covered. Owners is the operative word here for you. If you are structured as a sole-member LLC or sole proprietor, you can't get group coverage without having additional employees. If you are a multi-member LLC and you and your wife are both owners, then you qualify for group coverage. I don't know if it's different from state to state, but that's what it is in my state. If one of you is already on a group plan, then pre-existing conditions are waived and you'll just be moving from one group to another.

Costs are going to vary, so I suggest finding a reputable insurance agent and they can lead you through the process and show you the options. We'll all know more as the year progresses what options small businesses will have under ACA.
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Author Comment

by:REIUSA
ID: 39247612
Right now I work for a company with employee benefits for my wife and I. I would like to move to self employed and I am just trying to get things like health coverage worked out before making the move.

We do have  S-Corp and are each half owners so maybe that will help.
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notacomputergeek earned 2000 total points
ID: 39247657
Then it sounds like you could probably set up group coverage through your S-Corp with both of you move to that group. Find an insurance agent that does group coverage and they'll be able to provide plans/rates. Personally, I hope something changes soon. For what we pay in premiums, we could easily self-insure. I better quit writing now to stay off my soapbox. :-(
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