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Any self employed people here? How do you handle health insurance and got any tips?

The not so tall man

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Going crazy at work. Don't know how much more I can take. Would like to go self employed off of one of my hobbies. Making the same money I am seems doable.......but I have a feeling by the time I add in health insurance it will be not so doable. What are the types of things you need to expect that probably go overlooked when going to self employment and do you have any tips.
 
Health insurance for myself and my wife is just shy of $2,100 per month. A legitimate business will need workers comp insurance, liability insurance, pay FICA, and if you are renting a building, renters insurance and contents insurance. Of course there’s vehicle insurance as well. Here in Massachusetts, we’ve got to file yearly with the Secretary of State which is about 550 bucks.
 
no matter where you stand.....the grass is almost never greener on the other side......they have made it nearly impossible
 
The Affordable Care Act has a sliding scale subsidizing payments up to $80,000 of income. The signing window is probably right about now. Some know it as Obamacares.
 
If you think you will ever work for yourself, the sooner you take the plunge the better. Depending upon what you do you may find you don't need the same level of income once you figure out commuting expense, going out to lunch, etc.

I haven't gotten rich working for myself, but I managed to keep working enough to keep the business rolling through a bunch of health issues over two decades. I would have lost any regular job with the stuff I went through.

If you have the ability to do so, maybe take on your new business as part time (while keeping the full time gig) to get your toes in the water and make sure it is something you want to do.
 
Some more background. I am really unhappy where I am. I have no energy because it's a manufacturing job and I sit in front of a machine all day and press buttons. When I used to have an active job that energy carried over after work, now when I am done I just want to go home and sit. I don't want a lot of money, I want time. I want time to spend with people, family, pets, I want the flexibility to be able to take off and go for a hike in the woods if I want. If I can make more money later I would be grateful, but for now I would just like to be able to make enough to have some freedom with my time.
 
my experience is you need to be either very small or very big...... by very small, I mean ALONE; with no employees and little to no overhead......but that means doing EVERYTHING yourself
 
I was a sole proprietor till I had to retire. I had gross annual revenue of $300k per year. After deductions and other legal manipulation of my books I showed around $120k taxable income. Oklahoma only had 1 provider for Obamacare so they were high. For myself and my wife our premium 4 years ago was $3100 per month with a$16k deductible for each adult. Pennsylvania may be different but only you can answer that question. Was it worth being self employed? Hell yes.
 
What ever policy you decide to run with,
finding affordable Healthcare is impossible
using the internet. Confide in an independent local carrier.
They have way less overhead
and are usually eager to get your business.
They're up to snuff on the best affordable plans out there that will fit your needs.
I was an independent contractor for many
years.
 
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I was a sole proprietor till I had to retire. I had gross annual revenue of $300k per year. After deductions and other legal manipulation of my books I showed around $120k taxable income. Oklahoma only had 1 provider for Obamacare so they were high. For myself and my wife our premium 4 years ago was $3100 per month with a$16k deductible for each adult. Pennsylvania may be different but only you can answer that question. Was it worth being self employed? Hell yes.
Did your deal for nearly two decades in PA, but I had premium health insurance through my wife's job at Penn State. When company drivers would ask if being an owner operator was better, I always replied by asking them if they could get health insurance through a spouse. My gross was way lower than yours, but with no health insurance premiums, the bottom line was pretty close.
 
I don't want a lot of money, I want time. I want time to spend with people, family, pets, I want the flexibility to be able to take off and go for a hike in the woods if I want. If I can make more money later I would be grateful, but for now I would just like to be able to make enough to have some freedom with my time.

Starting your own business and being your own boss means putting in more hours, having a lot more stress and less free time. Judging by your wants, being unemployed and collecting welfare sounds like the gig you're really after.
 
Some more background. I am really unhappy where I am. I have no energy because it's a manufacturing job and I sit in front of a machine all day and press buttons. When I used to have an active job that energy carried over after work, now when I am done I just want to go home and sit. I don't want a lot of money, I want time. I want time to spend with people, family, pets, I want the flexibility to be able to take off and go for a hike in the woods if I want. If I can make more money later I would be grateful, but for now I would just like to be able to make enough to have some freedom with my time.
Being a successful sole proprietor may require huge time commitments beyond your immediate control. Customers become your boss. Where will yours come from? I went under in solo law practice because I couldn't generate enough. I did well as a self employed truck driver by controlling some premium accounts.
 
I have a friend who was self employed until two years ago. He owned his own truck for 20 years, then ran the family farm. He was paying $18,000 a year for coverage in PA, for himself and a spouse, no kids, with a $5000 deductible for each of them. He threw in the towel because of the insurance costs, and went to work driving a wrecker, and wrenching for a local truck garage. He still pays $8000 for his spouse, but got rid of the deductible. Good thing he made the move - she was diagnosed with stage 4 cancer last year, but $50,000 treatments covered by insurance were successful, and she went into remission.
 
Going crazy at work. Don't know how much more I can take. Would like to go self employed off of one of my hobbies. Making the same money I am seems doable.......but I have a feeling by the time I add in health insurance it will be not so doable. What are the types of things you need to expect that probably go overlooked when going to self employment and do you have any tips.
Out of curiosity, what type of business are you thinking about starting?
 
In NY, the best plan would be to marry a teacher or state employee, so your spouse can provide the insurance and a pension.
 
Some more background. I am really unhappy where I am. I have no energy because it's a manufacturing job and I sit in front of a machine all day and press buttons. When I used to have an active job that energy carried over after work, now when I am done I just want to go home and sit. I don't want a lot of money, I want time. I want time to spend with people, family, pets, I want the flexibility to be able to take off and go for a hike in the woods if I want. If I can make more money later I would be grateful, but for now I would just like to be able to make enough to have some freedom with my time.
Not sure of your age ? Years at your job , health , ect.
All this comes into play.
Mabey a career / job change would be a good fit unless you have several years invested in a company, 401 , ipers ect.
What you do affects others as I am sure you have considered . I have been on both sides over the years and being self employed if your committed will take 25 hrs a day to be a success.
 
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I didn't start my own business for more time with the family but soon came to appreciate it. If asked now, that is the number one benefit I would cite. Being able to take kids to work enriches their lives and shows them how much work there is in being a sole proprietor. When an elderly Aunt was in a car accident, I didn't have to ask anyone's permission to drop what I was doing, go to her aid, and stay as long as she needed me. Some things are worth more than money.
 
Business insurance was my game so I'm not up on the health insurance side of the industry. I was under the impression there were groups set up kind of like co-ops where a small business owner could join and get a better deal on their health insurance because there were hundreds/thousands in the group commanding lower costs like a larger business would. Is that not still a pathway to small business owners reasonable health insurance costs? One by one deals are never going to be a value proposition.
 
My friend is a sole proprietor and she ended up getting into a block buy with a religious group. She is not religious, ..... she put on a pious face when she signed a paper stating that she was of certain beliefs when joining the insurance block. It is more focused on catastrophic care, but she is able to afford the premiums and be assured that if she needs some type of expensive care she won't be bankrupted for life. Perhaps check with local religious groups?

Also check your State programs. Here, if you prove low income, the State picks up the tab on a sliding scale. There are a lot of people working under the table or who retire early and take advantage of State subsidized health care. You can be worth millions, but if you can show that you have very low income all the rest of us schmucks will pick up your health care tab.
 
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