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Thread: Contractors: What do you do for health benefits?

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    Default Contractors: What do you do for health benefits?

    Hey everyone,

    I recently started working as a contractor, through a staffing agency. This is my first time working as a contractor so I'm still trying to learn all idiosyncrasies of this kind of position.

    The biggest change for me is health benefits. What do you use for health benefits for yourself and your family? Are there any particular companies you recommend?

    Filling prescriptions has been very expensive lately. My previous employer had crazy good benefits but the job was shit.

    Share your experience plz. Thanks in advance!

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    I looked into it a little, and from what I could tell, it wasn't worthwhile to pay a benefit provider, I was better off just paying the bills, even though they were high. It was a while ago, but i got a quote from Alberta Blue Cross.

    If this is a short-term thing, you can defer some expenses like glasses etc for a while.

    Good luck.

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    Brock Health https://www.brockhealth.ca/
    $100 startup, 5% of claim after.

    https://www.brockhealth.ca/how-it-works/

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    Quote Originally Posted by phreezee View Post
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    Brock Health https://www.brockhealth.ca/
    $100 startup, 5% of claim after.

    https://www.brockhealth.ca/how-it-works/
    So I checked that site, and I'm not really sure how it could help me, if I am sole proprietor. Essentially I am paying 105% cost and claiming it as expense. But I am able to do that anyway, without these guys.

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    I just pay out of pocket currently.

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    Quote Originally Posted by Hero_X View Post
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    So I checked that site, and I'm not really sure how it could help me, if I am sole proprietor. Essentially I am paying 105% cost and claiming it as expense. But I am able to do that anyway, without these guys.
    Yeah, i don't get it.

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    You get all the money back tax free (less the 5%).

    You have to spend something like $2500 to even start claiming for medical expenses on your taxes.

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    Quote Originally Posted by Hero_X View Post
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    So I checked that site, and I'm not really sure how it could help me, if I am sole proprietor. Essentially I am paying 105% cost and claiming it as expense. But I am able to do that anyway, without these guys.
    i think the difference is that the expense is now a 100% tax deductible expense of your business as opposed to you paying out of pocket from your personal $, which isn't necessarily tax deductible (and even if it is, definitely not 100%).

    As a rough example, say your business revenue was 10,000 and you had 4,000 in medical, you would deduct 4000 from your business income and now you only pay tax on 6,000 instead of 10,000. whereas if you just pay out of pocket, your business pays tax on all 10k and then you pay the medical expense as an individual, and you may or may not be able to write any of the 4000 off as a medical expense.

    anyways that's my interpretation of it...someone smarter than me feel free to chime in/correct me

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    Ok yeah, I am not looking for that kinda tax service.

    I just would like to get health benefits that actually pay for service/medicine.

    Anyone else?

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    I’ve never understood the perspective that people have about health insurance where they believe that they need to get more out of it than they pay.

    It’s insurance, for when you get unexpectedly sick. Like car insurance, you don’t go around having accidents all the time to “get your money’s worth.”

    I’ve priced many of them and they all come out the same.

    Try kanetix.ca or something. Gives you multiple quotes.

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    Marry someone with benefits
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
    Originally posted by Toma
    fact.
    Quote Originally Posted by Yolobimmer View Post
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    guessing who I might be, psychologizing me with your non existent degree.

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    Quote Originally Posted by Hero_X View Post
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    Ok yeah, I am not looking for that kinda tax service.

    I just would like to get health benefits that actually pay for service/medicine.

    Anyone else?
    You can look around and get quotes online, for a family of four you're looking at anywhere from $250-$500/mth.

    Are you going to use potentially $6000/yr of after tax money on stuff?

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    a PHSP like Brock is the way to go. Although I think there might be some limitations on a Sole Prop.

    I did what Killramos did and married someone with killer benefits.

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    Quote Originally Posted by benyl View Post
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    Iíve never understood the perspective that people have about health insurance where they believe that they need to get more out of it than they pay.

    Itís insurance, for when you get unexpectedly sick. Like car insurance, you donít go around having accidents all the time to ďget your moneyís worth.Ē
    Same goes for people who have flex benefits from work. I basically take the smallest amount possible so we have some basic coverage and put the rest into my retirement. Everyone I work with "maxes" everything out so they can get "free" prescriptions....

    Trying to explain this to people is so annoying. I get it if you are unhealthy or have reoccurring prescriptions but in general most people are healthy.

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    Quote Originally Posted by Hero_X View Post
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    Ok yeah, I am not looking for that kinda tax service.

    I just would like to get health benefits that actually pay for service/medicine.

    Anyone else?
    As a benefits provider, I can say that if you're already on prescriptions these typically aren't going to be covered by a new plan. Go with the PHSP route so that you can at least get tax savings on the money you are already spending. For a plan that covers pre-existing conditions/medications check out Blue Cross non-group plan.

    As mentioned above, companies don't get into the business of health plans to lose money year after year and most companies have a set % margin built into the rates. It's meant as a back-up plan if you were to get really sick. You're probably better off with something other than a standard benefits plan.

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    Just to piggy back on this thread a bit as I think I am going to sign up for the PHSP through Brock Health: for it to be a tax savings through your business does that mean the business needs to upfront the cost when it comes to the medical expense? So lets say I go and get dental work done for $1000, do I have to pay with my business account or do I pay with my personal account and reimburse myself through my business account using the medical receipt as "proof" for the reimbursement?

    On a convenience factor if my wife needs to go pick up a prescription or something I'd need to get a whole other set of bank cards for her to have one to pay if thats the case. Not the end of the world just inconvenient.
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    You pay with personal. Do not use your business account.

    Keep in mind with Brock Health when you make a claim it takes at least two weeks to get your money back.

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    Quote Originally Posted by killramos View Post
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    Marry someone with benefits
    This is what I did lol
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