LCOs with family's & health insurance?

Discussion in 'Industry Surveys & Polls' started by TML, Jan 28, 2014.

  1. TML

    TML LawnSite Senior Member
    Messages: 871

    For those LCOs who consider this their primary source of income and have a wife/significant other and kids how do you provide health insurance?

    1. Have enough business to pay for a policy for the family.
    2. Your wife has a job and provides health insurance for the family.
    3. You work a evening / off hours job basically for the benefits.
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  2. KS_Grasscutter

    KS_Grasscutter LawnSite Gold Member
    Messages: 3,336

    Ideally when I am that position my wife will have a job to provide health insurance as well as cover most expenses, allowing my income to provide money for investing, whether in my business, my other business, or funds for retirement.
  3. 32vld

    32vld LawnSite Gold Member
    Messages: 3,983

    As with anything in life. You can not afford it you do not buy it.
  4. CNYScapes

    CNYScapes LawnSite Senior Member
    Messages: 916

    Dont quit your day job until you can afford it if it is important to you.

    When I was in my late 20s I didnt bother with it. After my daughter was born and I got in to my mid 30s I signed up for it. So far in the last 7 yrs Ive had appendix out and back surgery so thats about $30k worth of work insurance paid for.

    I wouldnt think about going without it at my age now if you value your credit rating as any one of us could be 1 day away from a several $100K hospital bill that would crush us financially. Thats my 2 cents.
  5. georgialawn88

    georgialawn88 LawnSite Bronze Member
    Messages: 1,075

    I concure 100%
  6. Armsden&Son

    Armsden&Son LawnSite Silver Member
    Messages: 2,358

    Wow, good thoughts CNY..... I am 32 myself and have been pushing the envelope for a couple years now....

    My son is going to be 4 next week so it's something that has been in the back of my mind for a while now.

    My wife is in her last semester of nursing school so when she gets a job, we will be covered...

    That is about 1.5 years away so fingers crossed until then....

    I don't drink, don't smoke, I eat right and exercise(in the off season of course) but it's always the random stuff that we don't have control over that pops up... like appendicitis...
  7. Middle Tennessee Lawn

    Middle Tennessee Lawn LawnSite Member
    Messages: 220

    Health care insurance is extremely affordable if you go with higher deductable and you get to write 100percent of policy cost off on taxes. You have to have health are insurance and should set up HSA account also.
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  8. 4 seasons lawn&land

    4 seasons lawn&land LawnSite Gold Member
    from NY
    Messages: 3,613

    I'm turning 25 soon and my employee just turned 24 so we are both in the same situation of being off our parents' policy at age 26. We are both single too. So I need to look into some plans, be it independent plans or through my company. PITA, but important.
  9. Utah Lawn Care

    Utah Lawn Care LawnSite Bronze Member
    Messages: 1,555

    I have a full-time job which gives me pretty good insurance with a pension. I only get 16.75 bucks/hour so it's not really a great source of income. I gross 34k or so. Having said that, my wife said she will never let me quit my day job to do lawn care only. Good insurance cost 1k/month. There is no pension with lawn care. There is no 401k match etc. I figure I would need to earn 15-20k more mowing than I do working my other job to even compare apples to apples. Not to get political, but Obamacare is a huge concern for business owners that needs to be considered too.
  10. Patriot Services

    Patriot Services LawnSite Fanatic
    Messages: 14,508

    Have you been to your states marketplace for the AHCA to see what the plans are running? Its a shame that small biz owners aren't getting all the credits the lower income folks do. Another option is using a paycheck servicer that would give you access to group benefits.
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