Self-employment challenges: Health Insurance, a BIG challenge

By: Marc Schiller in health, 3 years ago

Back in 2005 after I left my job with a major US corporation, and after my COBRA health insurance coverage expired, I needed to find health insurance for myself, my wife and our family.  And, because I was then working as an independent consultant, I needed to find insurance on the “open market”, eg the independent insurance market.

It proved to be difficult to find good health insurance then, but, fortunately, not impossible.  The monthly premium for our family of five was around $350, for a good health insurance plan through Assurant Health, a good company with good coverage.  We were all healthy and life went on.  But over time, the premiums began to move up;  then they jumped up around 2010.  By 2014 the premiums were outrageous — approaching $1200 per month — repeat — $1200 per month.

By that time, I was outraged, and it was impossible to find a better plan.  One thing we did was to move to a much higher deductible — $10,000.  So, if we did have a major illness or accident, we would have to pay the first 10 grand out of pocket.  That saved some on the premiums. Also, I was very happy that we were healthy;  we gladly paid our doctor bills for regular checkups and minor problems. But, a major illness would have seriously threatened our finances!

I was convinced there had to be a better way.  We did not qualify for Obamacare subsidies, of course.  But the only other lower-cost plans were temporary, short term plans.  We needed to find something better — or one of us needed to get a job with a major employer.  The situation was getting to the point of panic.  Health Insurance was costing us nearly $20 thousand per year!!

Then, by sheer chance, I found a solution.  A small company had created a model whereby self-employed people who worked independently could access all sorts of HR benefits, including health insurance, as part of a group.  And the savings versus the independent insurance market, and versus Obamacare, were MASSIVE.  They had created a solution that worked within the established insurance markets and allowed individuals, and small businesses, to gain access to group plans for health insurance, disability insurance, life insurance, 401k plans, and many other benefits that big companies offered but were very hard to find alone.  And the costs were reasonable!

Go to my Courseware to discover in detail how the idea worked, and how YOU can find high quality health insurance and other benefits as an independent, self-employed coaching professional.



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