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  • health insurance help

    My husband is considering being an independent contractor hospitalist and getting a 1099 (in addition to prn w2- no benefits) but we would lose our group health insurance.  We have a child with preexisting condition so we want to get good health insurance.  Does anyone have tips on getting great individual health plans and the approximate cost. Thanks in advance.

  • #2
    also wanted to add that our child sees an out of state specialist yearly

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    • #3
      Since this is a matter that varies state-by-state, it's hard to generalize. I can only tell you that here in New York, as a sole proprietor, the advent of the ACA meant I was left with the state Exchange options only. While frustrating because this absolutely rules out any out-of-network reimbursement or any HSA plans, the best solution I've come up with is an Obamacare plan that a local large multispecialty group takes. This means I'm covered for the large majority of issues that might arise. It's not perfect, but it's the best I can do under the circumstances. It took me a long while to get it through my head that, yes, NO out of network, NO HSA. And it has made me angry that health insurance in this country is tied to employment, and that even though I am a hardworking responsible citizen, I do not have the better health insurance options that the next person employed by a larger entity does.
      My Youtube channel: https://www.youtube.com/channel/UCFF...MwBiAAKd5N8qPg

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      • #4
        State exchanges on obamacare.   Check out Covered California http://www.coveredca.com/ to get an ideal on costs and coverages, at least for CA.

        But with no reimbursements for insurance shortfalls from Congress guaranteed, who knows what is going to happen for next year if there's a mass exodus of insurers from the exchanges since they'll be full risk without their own safety net.

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        • #5
          I just looked into it, and the state exchange only offers hmo, no out of network reimbursement.  I contacted bcbs and the gold multistate POS plan will be around $1800/month.  If one works as an independence contractor/ 1099 and has an LLC, are the premiums tax deductible?? and if so, does the insurance need to come from LLC or the individuals name.  Thanks!

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          • #6




            I just looked into it, and the state exchange only offers hmo, no out of network reimbursement.  I contacted bcbs and the gold multistate POS plan will be around $1800/month.  If one works as an independence contractor/ 1099 and has an LLC, are the premiums tax deductible?? and if so, does the insurance need to come from LLC or the individuals name.  Thanks!
            Click to expand...


            You're getting into the weeds on that --- really sounds like you need both CPA and business lawyer to setup your business correctly and then finance efficiencies (and legal protections along with income contract negotiations).

            Health insurance appears only one of many items on the table.

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            • #7




              I just looked into it, and the state exchange only offers hmo, no out of network reimbursement.  I contacted bcbs and the gold multistate POS plan will be around $1800/month.  If one works as an independence contractor/ 1099 and has an LLC, are the premiums tax deductible?? and if so, does the insurance need to come from LLC or the individuals name.  Thanks!
              Click to expand...


              I'm a sole proprietor, not an LLC, but the premiums are deductible for me. I expect it would be the same in the situation you describe. $1930/mo for Platinum plan.
              My Youtube channel: https://www.youtube.com/channel/UCFF...MwBiAAKd5N8qPg

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              • #8




                I just looked into it, and the state exchange only offers hmo, no out of network reimbursement.  I contacted bcbs and the gold multistate POS plan will be around $1800/month.  If one works as an independence contractor/ 1099 and has an LLC, are the premiums tax deductible?? and if so, does the insurance need to come from LLC or the individuals name.  Thanks!
                Click to expand...


                Dang, I hit "like" again instead of "quote", so sorry...

                Yes, the premiums are deductible as "SEHI" (self-employed health insurance). The are an adjustment to "gross income" on page 1 of your 1040. It does not matter how the insurance is listed as you are paying as a self-employed individual.
                Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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