I’m getting sick of my job, and I’m considering quitting. I am well liked and respected at work and I do my job well, but it is extremely repetitive and there is virtually no chance I can advance to a more satisfying or better-paying position within the institution. I don’t have another job lined up, but I’m thinking that that may not be an issue – I’m confident I can do what I do as a freelancer and make better money.
My work friends are not encouraging me. As a single 54-year old, I am more vulnerable to life’s perils than a younger man, and they point to the excellent benefits we enjoy: good medical, dental and optical coverage, plus paid sick leave and vacation.
I admit that they do have a point. But I counter that, first, I am in very good health for my age, and second, there is no coverage that can’t be bought for the right amount of money, right?
So the question is, what would it cost me, as a private individual, to get decent-to-good medical (and maybe dental) coverage? I’m not looking for to-the-penny quotes here, just ballpark numbers. $100/month? $500/month? $1000/month??? One more thing. I live in NYC, if that matters.
When I retired about four years ago there was a period when I had to cover my medical insurance out of pocket before the retirement insurance kicked in. This was a decent medical/dental/optical plan. It was partly covered under some COBRA-like program so it might not reflect off the street prices. I’m single, about your age, and have no outstanding health issues. With all of this, I was paying around $500 a month.
The last quote I got for an HMO plan through Kaiser was going to be $600/month. This was a few years ago and seeing as that’s a freaking ridiculous amount of money, I haven’t had insurance since.
I am 58, self-employed, and a cancer survivor. To get good insurance comparable to the HMO Blue with BC/BS I had when I was on my wife’s policy, I was quoted $1400 a month.
I am a 54 yr old divorced male who is self employed. A good medical plan that covers me, my 18 yr old son, and my 22 yr old college attending daughter runs around a thousand bucks a month.
Don’t forget all the other stuff you will lose out on, like sick days! I haven’t taken off a day due to illness in years. Oh, and family medical leave. My mother is currently dying and my sister has spent the past 3 weeks with her by utilizing family medical leave. Not available for the self employed.
Even with the universal coverage we have in my state, an out-of-pocket policy, depending on your income, will run you anywhere between $600-800/month if you’re single. If you have a family, that premium can shoot up to around $1500, depending on which plan you choose.
Most freelancers I know don’t even both with health insurance. My husband is one of them, and if I wasn’t carrying him on mine, he wouldn’t bother either.
If you’re in NYC, check out Freelancer’s Union. They offer group insurance for freelancers in NY (and other states, but not all of them). I think you can put in your zip code and get an idea of what it would cost.
To each his own, but man, that’s a real risk IMO. When hubby and I both became self-employed, we absolutely made sure our rates were high enough that we could afford health insurance. And we’re very glad we did.
This just may be my state, but when I lost my job I could not get insurance at all. I could not afford COBRA and my state requires you to exhaust your COBRA benefits before they will even let you in the insurance pool. I know others who quit their jobs in order to hang out their own shingle and haven’t been able to get insurance at any price. I would definitely shop around now to find out.