4 ms·

I don't live in the US but asked some colleagues in New York how much it would be for a self employed person with a family (of 4 as an example) and they told me

I don't live in the US but asked some colleagues in New York how much it would be for a self employed person with a family (of 4 as an example) and they told me around $20K/year. Your figures are very far off that, what gives, is it because there are so many options it's like choosing anywhere from a low end to a high end restaurant?

flyingfences 7y ago
In essence, yes. GP quoted figures for a high-deductible health plan. The premiums are low because the deductible is high - you would have to pay thousands of dollars of any medical bill out-of-pocket before the insurance plan would start to cover expenses. Low-deductible plans (insurance covers practically all of any bill) are available, but the premiums are substantially higher, especially for higher-income people ineligible for government subsidies.
- e1g 7y ago
  $20k p.a. is a low-end estimate for minimal cover and high deductible. Here are the actual plans from Oscar for NYC -> https://assets.ctfassets.net/plyq12u1bv8a/1ffUyjqSleteGxYkSqRN2T/3b77eb76be665039019f09681f4a2a46/New_York_Plan_Grid___Rates_English_111219.pdf https://assets.ctfassets.net/plyq12u1bv8a/1ffUyjqSleteGxYkSq... Likewise, for a single, min cost in 2020 will be $500/mo. GP figures might exist in NY if it's a) a very low-income situation or b) a generous employer that covers most of the cost, and the employee's contribution is minimal. Neither applies to a typical self-employed family.
  - ajeet_dhaliwal 7y ago
    That link is something to behold, tiers within tiers.
jjeaff 7y ago
It fully depends on your income. The poster above said "with subsidies". With a family of 4, you would get some for of subsidy all the way up to about $100k mAGI. One important thing to note about that modified adjusted gross income number is there are a few things you can control about it. Like contributions to retirement accounts and college funds will reduce your agi.

flyingfences 7y ago

In essence, yes. GP quoted figures for a high-deductible health plan. The premiums are low because the deductible is high - you would have to pay thousands of dollars of any medical bill out-of-pocket before the insurance plan would start to cover expenses. Low-deductible plans (insurance covers practically all of any bill) are available, but the premiums are substantially higher, especially for higher-income people ineligible for government subsidies.

e1g 7y ago
$20k p.a. is a low-end estimate for minimal cover and high deductible. Here are the actual plans from Oscar for NYC -> https://assets.ctfassets.net/plyq12u1bv8a/1ffUyjqSleteGxYkSqRN2T/3b77eb76be665039019f09681f4a2a46/New_York_Plan_Grid___Rates_English_111219.pdf https://assets.ctfassets.net/plyq12u1bv8a/1ffUyjqSleteGxYkSq... Likewise, for a single, min cost in 2020 will be $500/mo. GP figures might exist in NY if it's a) a very low-income situation or b) a generous employer that covers most of the cost, and the employee's contribution is minimal. Neither applies to a typical self-employed family.
- ajeet_dhaliwal 7y ago
  That link is something to behold, tiers within tiers.

jjeaff 7y ago

It fully depends on your income. The poster above said "with subsidies". With a family of 4, you would get some for of subsidy all the way up to about $100k mAGI. One important thing to note about that modified adjusted gross income number is there are a few things you can control about it. Like contributions to retirement accounts and college funds will reduce your agi.