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Practical startup question: Do you founders pay for health insurance out of pocket while working full-time on your projects?
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Re: Practical startup question: Do you founders pay for health insurance out of pocket while working full-time on your projects?
#2i do. i use tonik.com because it's cheap. might be worth checking out.
(only available in CA and a few other states)
Re: Practical startup question: Do you founders pay for health insurance out of pocket while working full-time on your projects?
#3Are you kidding?
Who has time to be sick?
Re: Practical startup question: Do you founders pay for health insurance out of pocket while working full-time on your projects?
#4Great question. Short answer, yes.
First, the way things are structured tax-wise, C corporations get to deduct founder health insurance 100%, so that's the most tax-advantaged scenario. If you pay for your own personal health insurance or do it as a sole proprietorship, etc. you're basically getting a raw deal from Congress.
I'm in California, where basically any 2+ person small business that's been around about like 3-6 months is guaranteed group health insurance for its employees at no more than 10% over an index that represents what bigger companies pay. It's a sweet deal. So if you're in California and are going to go this route, you may want to incorporate ahead of time to start that clock ticking.
So basically the company pays for the insurance for the founders, even though they're not drawing a salary. And you get much more flexible options than through COBRA (naturally) or personal insurance.
Re: Practical startup question: Do you founders pay for health insurance out of pocket while working full-time on your projects?
#5I'm under my wife's health insurance, but otherwise I would be paying out of pocket. Here are a few suggestions:
1) Individual health insurance. Try http://www.ehealthinsurance.com or http://www.integra-insurance.com
2) Group insurance via a professional association. For example, IEEE: http://www.personal-plans.com/product/ieeeinsurance/ It's quite expensive, but the coverage is excellent
3) If you're incorporated or LLC, you might be able to get a small-business plan through Costco or some other provider
Re: Practical startup question: Do you founders pay for health insurance out of pocket while working full-time on your projects?
#6Health Insurance?
Next you'll be asking for a paycheck ...
Re: Practical startup question: Do you founders pay for health insurance out of pocket while working full-time on your projects?
#7This is another question I've been interested in, so thanks for asking.
Re: Practical startup question: Do you founders pay for health insurance out of pocket while working full-time on your projects?
#8I do. And so will all other founders who are Massachusetts residents as of July 1, 2007. (A new law requires all residents of the commonwealth to have health insurance by that date in order to avoid fines.)
Re: Practical startup question: Do you founders pay for health insurance out of pocket while working full-time on your projects?
#9Yes, I pay for COBRA to continue insurance from my previous employer. Expensive but it's good insurance.
Re: Practical startup question: Do you founders pay for health insurance out of pocket while working full-time on your projects?
#10I do. And so will all other founders who are Massachusetts residents as of July 1, 2007. (A new law requires all residents of the commonwealth to have health insurance by that date in order to avoid fines.)
lol, as someone who gets free healthcare in the UK thats really amusing. Why not just make it a tax for the minimum requirement? (you could even make it dependent on income although possibly thats too shocking)