Health Insurance for Owners

So you've decided to take the big step of becoming a owner operator in the trucking industry.  Your income potential is now in your hands and the goal is to boost that income as much as possible.  However, there is now one problem, you are left without the much needed benefits that your previous employer offered you.

The USA has one of the highest cost of healthcare in the world and while we all hope we never become a statistic, thousands of people become a statistic every year.  Money you earned and worked for stripped from you in a instance.  There is a need as a owner operator to protect yourself and your business.  However, it does not need to cost a lot.

The fact is you will likely (and hopefully) go all year without any major procedure, any hospital stays and if your like most of us, just a annual checkup with your doctor.  This is the goal and with a healthy lifestyle it may very well be a reality.  Because of that I personally go with a somewhat high deductible myself ($5,000) and I don't pay for extras like doctors co-pays and over-priced Rx(annual check-ups are free under most plans).  I personally have a policy that will pay for my medical care in the event that I have a major medical problem and am looking at serious financial ruin.

Let's do the math.  Take a 35 year-old female and a 38 year-old male making $50,000 (income is important because of new subsidies) a year and in good health living in Indiana.  In June of 2014 a policy with a $5,000 individual deductible would cost that couple about $245 a month.  Doctors visits and Rx would not be covered until the deductible is met.  The couple would receive the network discount (which is usually significant).

That same couple would pay about $587 for a $750 individual deductible with doctors co-pays and Rx before the deductible is met.  That’s $342 more a month though.  $4,104 more a year in premiums.  There are other factors to consider (co-insurance, upfront doctors co-pays etc.), but I don't think it makes since to pay $4,104 more a year to get a deductible that is $4,250 less.  The point is to protect yourself, but be smart about it.

So where do you look for health coverage?  There are many sources available to help you find health insurance.  The best thing to do is research companies that have a large network and have polices available that meet your personal needs.  A local health insurance agent can assist you with this search.  In addition, there are also several resources available at local hospitals and government agencies. 


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