How long can a truck driver or owner bet long-term without fitness insurance?If you need proof that many do exactly that, take a look: Each week results in a new claim from someone looking to cover insurmountable medical expenses. Philanthropic organizations aimed at truckers, on the other hand, spend a lot of time and power on getting donations for the same purpose. I do not mean to recommend that these charities not deserve our support, or even to question the role they play in interim assistance. This role is certainly important.
Still, not having health insurance is, by some estimates, one of the 3 most sensible reasons truck owners fail. As we age, of course, the threat of catastrophic outcomes increases.
Last week, I detailed the features of Medicare for people 65 and older. If you’re under 65, this year’s era of open enrollment for plans through the Affordable Care Act exchanges begins tomorrow, Nov. 1, and ends Jan. 15. You’ll probably see ads and hear this topic on the radio, as well as classified ads encouraging others who want this policy to take action.
I know very well that the trucking company’s daily grind, not to mention the driving itself, leaves many owners struggling with some of the realities of outdoor life in the cab. However, in small businesses, my delight has been that almost everything we do goes back into our private lives. Health is paramount. As I write this, I know unpublicly a dozen truck owners who have recently been hospitalized without caution with life-threatening diagnoses. Some will never be able to drive again.
[Related: Potential health insurance savings for many other owner-operators after legislation]
If you’re like many owner-operators, in a scenario where health insurance can rarely be obtained through your own direct employment, through your spouse’s employer policy, or through a membership agreement, the federal Affordable Care Act exchange on HealthCare. gov is a smart position to start. Although 17 states (plus the District of Columbia) now run their own exchanges for state residents, starting with the federal site and following the step-by-step links, walk through the functions and in the end you will lead to the correct position.
Here’s a sample of what you want to get started:
The homeowners I’ve talked to who use swaps for insurance tend to buy plans with high deductibles. Higher deductibles sometimes help decrease according to monthly premium rates. Premiums vary for those plans, as do reimbursable expenses (those deductibles, coinsurance, and more) when getting physical care. Annual advertised fees range from $1,400 to $7,050 or more consistent with the year for an individual plan (family tiers are about double). Follow this link to learn more about those packages.
Very often, a Health Savings Account (HSA) can serve as a tax-free reserve for medical expenses, adding up those incurred by collecting those major deductibles. See IRS Publication 502 for more information on medical expenses eligible for tax-exempt treatment.
With pre-tax dollars in an HSA to pay for deductibles, copayments, coinsurance, and other eligible expenses (including dental, drug, and vision expenses), you can reduce overall health care costs. You can only give a contribution to an HSA if you have a high-deductible plan that is eligible for the HSA.
In conversations, I heard several homeowners share their reports with health care with and without insurance policy. Many thanks to the following 3 owner-operators, all wrote enough to share their issues and private reports to give you concepts for possible policy options.
Henry has owned a truck for six years and began driving in 1997. He sought that down and grew up learning from his father, who transported Mayflower for decades. For the past five years, he has owned a 2016 Cascadia and is an independent contractor. with a larger entity that offers specialized services. Find below his story, in his own words.
“The first idea is that if a user has health problems just once, they can end up with you. “- Bo Henry
If you are also not healthy, of course, you will not be able to enjoy such activities without problems: the Henries are shown here well ready for a well-deserved vacation.
Before I was given insurance, I spent 20 years paying medical bills. And then, when the market was Healthcare. gov available, we signed up. In 2020 and 2021, my wife and I spent over a million dollars on fitness. I am still suffering with $60,000 in surgery costs that were outside the HMO network we were recently given with the hospital.
Five months out of work, as we contracted COVID and woke up in my bunk bed in a village far from home, almost bleeding inside, even with health insurance, we burned about $50,000 in savings.
For more than 4 years, we have been buying in the market. Our policy charge is based on an estimated annual salary of $40,000, and then, at the end of the year, adjusted based on our tax returns and the source of income earned for the year. In subsequent years, adjusted bills were calculated to be another $400 to $1,500 in a one-time fee at the end of the year. The marketplace insurance plan we choose charges us $247 per month, or about $3,000 per year, with no co-bills or deductibles added based on estimated earned source of income.
Mickenberg pursued his years-of-training dream of being a truck powerforce, a dream so strong that he wrote a letter to the Overdrive editor at the age of 12. He began high school in Miami Lakes Technical School’s truck motive power education program and graduated in 1987. Matt then worked for 4 years driving a truck directly, then graduated as a tractor pulling a tanker. He became a truck owner thirteen years ago and recently purchased a new 2018 Kenworth T680 operating as a successful independent contractor. own van.
“Canceling my fitness insurance in 2019 is the biggest financial and business mistake I think I’ve ever made. “
I let the irrational feelings of increases in value from the previous insurance policy I had for over 10 years push me in the wrong direction in 2020. In 2004, my charge was $280/month. In 2019, that amount went up to $787 and then $1,200 for the Cadillac policy I bought. It was as if he wanted to compare the new value with the value he had paid 10 years earlier. I felt healthy and rolled the bucket and canceled my insurance.
What a big mistake that was.
In 2021, I went through two medical emergencies and the expenses that followed in a few months for nearly $70,000 in outlays. That’s when my savings of $60,000 were reduced to $800. I also know that not having insurance in position when I started having disorders prevented me from seeking physical care at the right time. I’m lucky it hasn’t manifested itself in an even more serious and potentially fatal outcome.
Knowing that it may not continue like this, I implemented it in the market and calmed down. Although the new policy requires more expenses than my original insurance, all of this is still very advantageous with a monthly fee of $586 with a $6,800 deductible, as I still want care with my diagnosis of abdominal cancer.
Guinn entered the trucks as soon as he could, in 1999, exercising his own authority until 2002. He sold and returned to college, earning a degree in corporate finance. He returned to trucks as a corporate driving force in 2008 and then as a truck owner in 2017, operating as an independent contractor. He now manages a fleet of 3 trucks and his wife Amanda owns and manages a brokerage agency.
Guinn’s early mind on health insurance focuses on the fundamentals: what it’s like to restrict the prospective monetary liabilities that come with a serious illness or injury. He and Amanda take an engaging approach, combining catastrophic insurance with the direct physical care they pay for consistently with just for a local doctor. At a cost of $50 per month each, your basic needs are covered through the standard plan. There is no insurance involved in this care, consider it a subscription fee.
[Related: Shared health plans are proving to be an insurance option for many owner-operators and small fleets]
And each and every year now, when the federal exchange opens, Guinn analyzes adjustments in available plans and selects what is moderate to cover potential catastrophic medical events. With a very high deductible of $10,000, your consistent monthly charge plan around $540 per month, $6,480 per year, to cover them with your existing estimated income.
Guinn tried to show that, despite the increasing complexity of physical care, the main exchange in HealthCare. gov doesn’t seem complicated by any means. You just want to set aside time to develop your own business, as shown above. Once the control plan you used is to set the first Monday of the month to catch up on accounting and/or manage other responsibilities, such as making fitness care decisions.
For my part, I will emphasize that, just like your truck and your preventive maintenance needs, your fitness depends on your non-public decision to invest in yourself. Risk exposure. Set a reminder and alarm on your calendar for at least a full day to explore your options. Then go directly to the source and ask your questions, and stay informed for the sake of your family and yours in the long run.
When you want to fill a prescription, my wife, Marcia, suggests the GoodRx app. Find the pharmacy with the most cost-effective value and ask your doctor to send your prescription to this site or request a printed copy of the prescription you can take. anywhere you want later.