When I decided to quit my day job, I gave up health insurance. It was a big decision – I was about to turn 40 and everyone says that health costs go up and you go older. It didn’t stop me and for a few years I didn’t even miss the coverage. Last year though – I made a trip to the ER that racked up a bill of over ten grand. I sure missed it then.
Insurance options for solopreneurs aren’t great. The costs are high and the benefits are low.
A friend asked me just this past week if I had to make the choice between keeping a job with benefits versus going out on my own, what would I do?
I’ll be honest with you – with the health quirks I’ve had this year – I’d probably stick with the job. It would be such a relief to have insurance and be able to freely pursue care.
It pains me to admit it because I love working at home and am so glad to be my own boss. I’ve worked hard to build a solid business and enjoyed every bit of the process. When you love what you do, it doesn’t feel like work.
Compare that to working 40+ hours for someone else – blech! But still, if it comes with health insurance… (nah!)
I’m glad I made the decision I did. I hope I never have to go back to working for someone else. I pray that my health improves and holds and that insurance won’t even be a thought for me in the future.
What about you? Are you willing to let go of your health benefits to embrace the freedom of being your own boss?
If you’re living with out insurance now, how are you coping?
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I left a Federal Government career to stay home 12 years ago. I sure did have some nice benefits when I worked outside the home. Since I have been home I have not had insurance and for a solopreneur with a pre-existing, it’s virtually impossible and definitely not affordable. I just pay out of pocket if I or my kiddos absolutely have to see a doc. Don’t regret it at all, and if I had it to do all over again, I’d do the exact same thing.
Maybe some day I’ll meet Mr. Wonderful who has health benes and can add me to his plan :-)
LOL! Well, if you do – ask if he has a brother ;)
I’m in the same boat! Only for me, we lost health insurance coverage when my husband lost his job 2.5 years ago. While I’ve been able to more than support our family with my at-home business; we have not been able to get anyone to give us health insurance coverage due to either mine and/or my husband’s health issues. We’re willing to pay for it – but can’t get anyone to agree to give us coverage.
Our only “option” is the federal pool – but at $1,500 per month to cover our family, I don’t really consider that much of an option.
My husband has been looking for work for 2.5 years mainly for the health insurance – gotten to the final interview stage more than once – and they choose someone else. It’s beyond frustrating.
We’ve looked at changing my business structure to bring my contract workers on as official employees and getting our own group insurance; but that too is very costly.
So like you – we just pay cash when we go to the doctor. Only going when we’re sick and not really for any maintenance type checkups. I’m beyond due to go – but am really not wanting to go and get any treatments or new diagnosis’ on record – for fear that should hubby get a job, we would not be covered.
It’s a huge issue. One I wish I had an answer to.
I actually did go back to work for health benefits. I took a part time job that offered health coverage while working only 20 hours a week. So while it wasn’t full time – it was still 20 hours too many. I was half way through pregnancy and my husbands job just up and closed! I couldn’t bare the thought of having a child with no coverage. I took a deep breath, made solid arrangements for my at home business to stay running on a part time basis. Well, It’s been over 2 years and I’m still working – and I can say it’s bitter sweet. I’m glad we have health insurance….but I so miss the time with my kids.
I keep my job for the health insurance. I’m confident I can earn enough with my online business to support my household, but the fear of a sudden, catastrophic illness keeps me tied to an employer. More and more though, I’m thinking the insurance (that we don’t use, really) is not worth the price I’m paying for it. It’s good to hear others’ perspectives, especially those of you who are managing without. Good to know that yes, you can live in the US without health insurance.
When I moved to the States (from Canada) my husband was self-employed. For the first time in my life I had to think about health care coverage. Back then 1994 – we had to pay $800 for family coverage (we had young children then). I couldn’t find that amount in our budget so we went without. That was nerve racking.
The minute one of my freelance clients offered to hire me on staff I jumped at the chance to get health insurance without the hefty premium.
Now that I’m back in Canada I so appreciate our national health care coverage. While I’m still employed while I run my business part-time, the knowledge that I’ll be covered no matter what I choose, is comforting.
I find it inconceivable to go a year without a visit to my doctor to check on things a woman of my age should be checked for. I hope the U.S. gets some kind of national coverage that’s acceptable to most, as it makes no sense to me that people should choose between their health and paying the mortgage.
Wow, it’s crazy that in one of the most technologicalyl advanced countries in the world, people have to live in fear of the cost of going to the doctor.
My husband is self-employed, and I have had various jobs with and without health insurance. We have lived with it and without it; living without is nerve racking. There are State government subsidized programs, however, you have to meet maximum income levels. So, once you start making more money just above the amount, costs go up dramatically. Not sure what the answer is for society as a whole for the long run. Even when working, employers are increasing the percentage that employees must make towards health care.
My husband works a very lousy paying job that is 1/4 of what he made prior to being laid off, just for the health insurance. If he could come home we could make more money. But, the problem is, even if we had more money we can’t qualify for any type of personal insurance in the state of Alabama due to preexisting illness. The states high risk pool is worthless, so we’re stuck.
I have relatives who married into Canada and love the national coverage but I have heard that it doesn’t cover you if you’re in certain areas of Canada so it actually depends on which Provence you live in or something. But anyway, I am supportive of a public option and getting rid of all health insurance companies anyway, though I am not sure I have confidence that it will be done correctly or that it will ever actually happen! lol
In the meantime we just do what we have to do but I think it’s sad that even if you have the dollars, you still might not be able to find insurance coverage. The idea of having employees is one that we have considered too and may be an option in the future.