I lost my business of 14 years because of Donald Trump and the Republicans. The promised repeal of Obamacare without a certain replacement is too much risk for me to take on. Because I am still a decade away from Medicare eligibility, I cannot run the risk that I would not be able to get insurance at a reasonable rate, or at all because of a pre-existing condition, I need to shutter the company and once again become an employee of a firm that offers health insurance. In these times, I can’t be sure I can consistently pay 100% of health premiums month-to-month if I keep my business.
Elections have consequences. This business owner of 14 years is a victim of those consequences.
Read the story below the fold.
I had a small business. For 14 years I had a management consulting business of my own. Although I was the only W-2 employee ever on payroll, I was more than merely self-employed. I created jobs. I hired other businesses for large consulting engagements when I was able to land more than I could handle. I used lawyers and accountants, and office help and temp labor.
Over the past 10 years, about 60% of the revenues to my company went to contractors or other direct labor costs. I feel good about the food I was able to put on other family’s tables. Most of the work I brought in for others paid $100 - $200 per hour. It put more than food on the table.
9 years ago, I was diagnosed with Type II diabetes. The first year it didn’t impact my medical premium costs too much. When I was diagnosed, the monthly premiums for me and my family were $863. That’s $10,356 / yr. The following year, it increased to $1,082 per month (about $13,000 per year).
By 2013, the year before Obamacare became effective, my family premiums were $1,867 per month. ($22,404 per year!!!). I tried to shop for a new plan. I was told I could, but everytime I did, I was declined coverage. Not because of a pre-existing condition, but because of my well-controlled diabetes). Interesting the insurance company tried to tell me it wasn’t because of a pre-existing condition, and yet it was.
What did I get for $22,000? A high deductible plan and not much else. My family spent $3,000 a year on average on medical. Insurance got me negotiated rates, but we never exceeded the deductible to get any additional benefits. So for years, I threw away $. I would be so far ahead if I had self-insured. But we can’t take the chance. Medical expenses were the #1 cause of bankruptcy. I couldt do that to my family.
The renewal notice I received that last year was for $3,400 if I had stayed with the same plan. I was going to go uninsured. But this was the year that Obamacare kicked in. I was able to apply for insurance and not get denied. Also annual wellness care physicals, mammograms for my wife, etc, would all be covered!
So, that year (2014), my premiums were reduced to $1114. Obamacare was a lifesaver for me!
I lost my business because of Donald Trump and the Republicans. The promised repeal of Obamacare without a certain replacement is too much risk for me to take on. Because I am still a decade away from Medicare eligibility, I cannot run the risk that I would not be able to get insurance at a reasonable rate, or at all, I need to shutter the company and once again become an employee of a firm that offers health insurance. In these times, I can be sure I can consistently pay 100% of health premiums month-to-month.
What now??
I have taken a job at an employer who provides health insurance and pays a portion of the monthly premiums. I’ve been an entrepreneur. I have a lot to be proud of. But don’t ever tell me that the Republican Party is on the side of small business.
Elections have consequences. This business owner of 14 years is a victim of those consequences.