I would really like to be self-employed

[Droopy]

I want to own either my own shuttle service or a tractor-trailer. Even with fuel costs being so high, I still think I can make good money in one of those two businesses. The only thing holding me back is health insurance. I have a mental illness that is somewhat expensive to treat. If I had to pay for the total cost of my treatment it would cost around $400 a month. If I am hospitalized again it would cost me $10,000 for a 7 day stay on a psychiatric ward. I don't think that's going to happen, I've been stable for 5 years, but I guess it's a possibility.

Right now it costs me about $75 a month for my treatment through my employer's health care plan. I pay $108 a month for that.

I've been calling around and getting health insurance quotes. It's actually pretty reasonable until you get to the mental illness part. A couple of agents said that insurance companies will flat out refuse to cover my mental illness. Another said that my premium would be $1000 a month. The best I've been able to do is a plan that will cover my generic prescriptions for $10 and give me a discount on the non-generic and most expensive drug that I take- 10%-40% depending on where I get the prescription filled- $30 co-pay on doctor's visits and a $10,000 deductible on major medical. That will run me $372 a month. Hospitalizations are covered 100% after the deductible has been satisfied up to $1 million. It would cost me somewhere around $300 a month to treat my mental illness under that plan. Add the premium to that and my monthly health bill would be $672 or about $500 more a month than I pay now for coverage that is much better.

This really sucks.

[MissMillie]

1. I'd like to own my own business too

I picture myself w/ a lunch truck, bringing hot dogs and homemade beans (I make great beans) to the local businesses.

I don't have any chronic illnesses, so I imagine that health insurance wouldn't be too expensive. I'd be afraid though that I'd come down with something I didn't buy coverage for.

That would suck.

Good luck to you Droopy!

[CaliforniaPeggy]

2. My dear Droopy...

I hear you, sweetie...BUT...

I know several folks who are self-employed, and they are always scrambling for new clients...

Be careful what you wish for!

I do wish you could have your dream, still...

:hug:

[Wcross]

3. I'm working towards that goal myself Droopy.

I have completed phase one of my plan which was pay off all debt including the house. I felt it would be wise to start with little to no overhead. Phase two is in progress which is building capital, building an emergency cash reserve & educating myself about the business I am pursuing. I refuse to use debt in any way for the business as it would put undo pressure on me.
I have also been looking into health insurance and have decided that an HSA insurance policy is the way to go. Not only are the premiums less expensive than a traditional policy, the amount you contribute is tax deferred & can be rolled over for future use. For more info, click this link;
http://www.ehealthinsurance.com/ehi/NewHelpCenter.ds?entry=faqId=HSA;categoryId=HSA;entryId=1

Unfortunately you will be paying for your treatment with any type of insurance policy. Either it will be through very high premiums or out of pocket. At least with an HSA it is tax deferred. I truly hope you can find a way to make it work for you.

[The Velveteen Ocelot]

4. I was self-employed for almost 10 years,

and while it was nice not to have a boss, it turned out to be more than I could handle financially. Although you can deduct most expenses you get whacked on the FICA tax. I found health insurance to be nearly unaffordable (I had a very minimal policy that would have covered only major hospitalization, with a high deductible; fortunately I managed not to get very sick very often); you don't get any paid time off; you have to bill clients and try to collect from them, which isn't always easy; and if your clients don't pay you, you can't pay your bills. After awhile it just wore me out and I went to work for a huge corporation.

However, your business is much different from mine, and if you can find a way to get health coverage it might work out just fine. Good luck. It really was nice not to have a boss.