Owner's health insurance (not WC) that pays for job related injuries?

3737 Views 13 Replies 13 Participants Last post by CorwinBrown, Feb 2, 2010

Panzer5

Discussion Starter · Jan 5, 2010

Is there any affordable insurance (health, etc.) that is not Workers Comp that will pay for me to see a doctor for any injuries I might get on the job?

I own a small carpentry / remodeling company - basically just myself & some temp workers (based upon project needs). I use the temp service because they cover WC, payroll, etc. & its just one less headache for me as I get this business off the ground (yet more expensive...).

I talked to a couple of WC insurers about coverage & the quotes to cover me were really high (higher than for employees). I figure the reason WC rates are so high is because of the abundance of lawyers & workers who sue (so the litigation costs are part of the price premium).

I figure since I won't be suing myself, it should be cheaper to get some type of insurance that would cover me for a work-related injury.

Any ideas?

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TimNJ

· #2 · Jan 7, 2010

Here in NJ, WC was never required for Sole Proprietorship. You could get it if you wanted but it was ridiculously high. Anytime i injured myself and went to the dr. office the first words out of their mouth was "Is this work related" and i had to tell them I was a sole proprietor and had no WC.
Just use regular health insurance it would probably be cheaper.

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Reactions: 1

bwalley

· #3 · Jan 7, 2010

Panzer5 said:
Is there any affordable insurance (health, etc.) that is not Workers Comp that will pay for me to see a doctor for any injuries I might get on the job?

I own a small carpentry / remodeling company - basically just myself & some temp workers (based upon project needs). I use the temp service because they cover WC, payroll, etc. & its just one less headache for me as I get this business off the ground (yet more expensive...).

I talked to a couple of WC insurers about coverage & the quotes to cover me were really high (higher than for employees). I figure the reason WC rates are so high is because of the abundance of lawyers & workers who sue (so the litigation costs are part of the price premium).

I figure since I won't be suing myself, it should be cheaper to get some type of insurance that would cover me for a work-related injury.

Any ideas?

Workers Comp pays more than just medical benefits, from my understanding it is illegal to use your health insurance policy for on the job injuries.

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ARealplumber

· #4 · Jan 7, 2010

TimNJ said:
Here in NJ, WC was never required for Sole Proprietorship. You could get it if you wanted but it was ridiculously high. Anytime i injured myself and went to the dr. office the first words out of their mouth was "Is this work related" and i had to tell them I was a sole proprietor and had no WC.
Just use regular health insurance it would probably be cheaper.

My insurance company said its fine for me to use it for work related injuries aslong I owned the company. Plus my Dr. knows I work for myself its on my file!:thumbup:

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FremontREO

· #5 · Jan 7, 2010

There are some health insurers that do offer "24 hour coverage" that basically covers medical bills only while you as the policyowner are eligle to claim. Remember this would only be for only medical bills.
Here in the Midwest its prevalent since farmers get hurt while farming and it would normally be a w.c. claim and without 24hour coverage than they would have no claim to file.
Just call a broker and ask for health insurance that has a 24 hour endorsement that you can purchase.
Good luck.

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Panzer5

Discussion Starter · #6 · Jan 9, 2010

Thanks for the suggestions. I found one insurer who would offer me a high-deductable plan for $2200 / yr - as a regular individual plan (not WC). I'd be responsible to pay for the first $5200 of any/all injuries or illnesses - so it could cost up to $7400 / yr - which is better than the $10K one of the WC providers I talked to quoted.

Gonna keep my eye peeled for other options - but am concerned with the whole HC reform stuff what will happen...:shutup:

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Framer53

· #7 · Jan 9, 2010

bwalley said:
Workers Comp pays more than just medical benefits, from my understanding it is illegal to use your health insurance policy for on the job injuries.

Depends on the state as I understand it. This is the trouble with the internet, one way in one state another in another state!:thumbsup:

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Burns-Built

· #8 · Jan 13, 2010

I have a personal health insurance policy through an insurance broker, they know i work for myself and said that would be fine. I was at the emergency room with a dislocated shoulder a while back and everything went fine.

I suppose it depends on the Insurance company.

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EES

· #9 · Jan 13, 2010

The payroll company that I contacted also provides WC insurance. I haven't had to use them, but the way they work is that I will have to pay $20/week and they will do all the payroll and taxes. They will also deduct a rate that is per hundred of payroll. I inquired about covering myself on WC because many of the larger commercial GC's have insurance companies that require it. The rate I was given was $6.50 per hundred of payroll and that covered me too. I could sign up and pay an inactivity fee of $20/month and be covered! It only covers medical bills, no lost time.

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cleveman

· #10 · Jan 13, 2010

Panzer,

You can get health insurance for less than that ($2200/yr.) if you increase your deductible from $5000 to $7500 or $10,000.

I pay about $2700/yr. for three of us, and this includes a full physical examination per person per year. However, the deductible ($10,000) is per person per year as well.

A lot of people are afraid of the $10,000 deductible. When you have some medical problems, you'll understand what $10,000 buys and why it is not a unreasonable deductible.

The first rule of insurance is to cover your big losses first.

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Anti-wingnut

· #11 · Jan 13, 2010

bwalley said:
Workers Comp pays more than just medical benefits, from my understanding it is illegal to use your health insurance policy for on the job injuries.

Framer53 said:
Depends on the state as I understand it. This is the trouble with the internet, one way in one state another in another state!:thumbsup:

Framer is right here, too many people make broad generalizations based on their state, when the laws can vary greatly state by state, and whether the covered is a employee, a employer, or a sole proprietor

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danphelan

· #12 · Jan 14, 2010

Two ways to look at it: 7K is a lot of money and you don't think you would "get your money's worth" or "how much is it going to cost me out of pocket if I fall off the roof and have NO insurance"?

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osstaffleasing

· #13 · Jan 18, 2010

W/C coverage vs Health Ins

A 24 hour health policy is perfectly acceptable to use for any injury. As mentioned above, the high deductible is ok if you consider yourself generally 'healthly.' And I'll echo the sentiment above as well, 10k doesn't go far at the hospital these days.

w/c regulation DEFINITELY vary state to state, so check it out in your state. in florida you are allowed to file a workers' compensation exemption with the state as long as you own at least 10% of a corp or llc.

w/c coverage does provide more than health insurance in terms of covering loss of wage for missed work time. 2/3's of your wages are provided for a person who has workers' comp coverage.

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CorwinBrown

· #14 · Feb 2, 2010

I had heard about the Disability Insurance which also pays the amount of the claim for the Job related Injuries. Otherwise Workers Compensation is the best option.

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