Insurance Costs for the self-employed
I understand, a ton of variables here. But, for the self employed, what is the average one would expect to pay for insurance coverage for myself, spouse and 1 child?
Crap, sorry for not googling earlier:
Are you talking about life insurance, household insurance, car insurance, public liability insurance for your business or professional indemnity insurance for your business?
Yes, he's talking about liability insurance for his child. Obviously he means private health insurance.
Insurance should be around USD$250 to USD$600 per adult. Families may have discounts. The same goes for Canadians (but a little tiny bit less).
Li Fan's estimates seem about right to me. We paid about $700/month in Oregon and about $450 a month here in Virginia for the family (with 3 kids).
VB6 User *considering* Delphi
Check with your local chamber of commerce. Sometimes, small business and self-employed can get group rate insurance through them.
I was able to get pretty good group health insurance through a broker for my corporation of one. He was able to find a group that specialized in high-tech business health insurance, and my rates were about the same (within about $10) as my costs as an employee.
---"But, for the self employed, what is the average one would expect to pay for insurance coverage for myself, spouse and 1 child?"-----
Thanks for the very good advice . . . for those that are well normalized and that's conflicting w/ their advice, I'm:
I recently had health insurance through The Alliance for Affordable Services (http://www.affordableservices.org/). They specialise in insurance and other services for the self employed. It worked out pretty well for me; and I recall it was really reasonable compared to other options.
Get catastrophic insurance if a normal policy is too expensive. You'll pay out of pocket up to the first $5-$10K of expenses per year (depending on the specific policy), but your premium will probably be less than $100 per month if you're reasonably healthy.
We checked all around and ended up going through eHealthInsurance.com. My wife and I are both around 30 and healthy, so we just need a major medical plan. We pay $130/mo. for a plan with 100% coverage after a $5,000/year deductible. In our first year our medical expenses totaled $400, so I'd say that this was definitely the right choice for us. With a child things may be different, but be sure to run the deductible/premium calculations.
That $130 was for each of you or for both combined?
Professional organizations, such as ACM and IEEE, have group health insurance available to members. Check their web sites for rates.
NoName - It's $130 for both of us. It actually just went up, or first year rate was $108 for both of us. I also forgot to mention that this plan has a $10 office visit copay, which is good. No prescription coverage other than a discount card at major chains.
The people that read this forum are the most informed, educated and downright sensible people on the planet . . . thanks to all for their advice, i've got some solid notes (in case someone was also following along):
My wife and I are covered PPO for $190/mo total. Deductibles ~= $5000. Had to join www.nfib.com to get it.
Wow. People in the US can pay $600 a month for health insurance??? Can somebody remind me about this next time I'm whinging about the size of my National Insurance "contribution"?
If car insurance was like health insurance we'd be paying $200 for an oil change.
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