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High health insurance cost

Discussion in 'Ask An Owner Operator' started by TruckRunner, Jun 19, 2018.

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  1. Jun 19, 2018 #1
    TruckRunner

    TruckRunner Heavy Load Member

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    Hello, I am a single guy with no kids in my late 30s and as a company driver making $90,000 a year I buy health insurance that the company I drive for provides and it is only $120 per month for health, vision, and dental. I did a quick google search and the cheapest plans where I live are $450+ if I were to buy it for myself. I am wondering if being an owner operator will I make so much extra money that it wouldn't matter that I paying way more for health insurance or would it set me back in pay? I plan to work nearly every day I usually take four or five days off every three months and I dont mind NYC driving.
     
    TruckRunner, Jun 19, 2018
    TruckRunner, Jun 19, 2018
    #1
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  3. Jun 19, 2018 #2
    SteveScott

    SteveScott Road Train Member

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    Regardless if you're an O/O or not, whatever you pay for health insurance decreases the amount of your available money. Yes, if you make more money, then you can afford more for things like insurance, but being an O/O comes with its own set of challenges and you need a lot of money saved up before considering it, as well as some business experience with a business plan.
     
    SteveScott, Jun 19, 2018
    SteveScott, Jun 19, 2018
    #2
  4. Jun 19, 2018 #3
    Jazz1

    Jazz1 Road Train Member

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    I can't comment on your question other than if you go O/O route you may seriously also want to consider disability insurance. I know a few O/O who sure wish they'd had it.
     
    Jazz1, Jun 19, 2018
    Jazz1, Jun 19, 2018
    #3
    Pumpkin Oval Head Thanks this.
  5. Jun 19, 2018 #4
    DUNE-T

    DUNE-T Road Train Member

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    It's only few hundred extra...
     
    DUNE-T, Jun 19, 2018
    DUNE-T, Jun 19, 2018
    #4
    TruckRunner and Mike2633 Thank this.
  7. Jun 19, 2018 #5
    tucker

    tucker Road Train Member

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    450 a month sounds way too cheap...
     
    tucker, Jun 19, 2018
    tucker, Jun 19, 2018
    #5
    Mike2633 Thanks this.
  8. Jun 19, 2018 #6
    TruckRunner

    TruckRunner Heavy Load Member

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    Yes I have a good amount of money saved up. I also have business experience. I just wonder if I would make so much extra than a 90k company driver that it would be worth paying higher insurance cost.
     
    TruckRunner, Jun 19, 2018
    TruckRunner, Jun 19, 2018
    #6
  9. Jun 19, 2018 #7
    SteveScott

    SteveScott Road Train Member

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    It all depends on where you live and how close you are to good freight. Smart O/O's are doing great right now and netting well over 100k a year.
     
    SteveScott, Jun 19, 2018
    SteveScott, Jun 19, 2018
    #7
    TruckRunner Thanks this.
  10. Jun 19, 2018 #8
    TruckRunner

    TruckRunner Heavy Load Member

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    I live in my truck so I can stay where the money is
     
    TruckRunner, Jun 19, 2018
    TruckRunner, Jun 19, 2018
    #8
    NoBigHurry Thanks this.
  11. Jun 19, 2018 #9
    SteveScott

    SteveScott Road Train Member

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    What kind of trailer? If you truly live out of your truck, there should be no shortage of people on here that can help you with the most profitable lanes right now depending on what you're hauling. I was looking at the DAT spot market today out of central California for Reefer and the average rate was over $3 a mile, which means there are a lot of loads going for double and triple that. The table grape harvest is going on now and they pay a fortune to get their produce delivered across the country. I don't haul produce, but if I did I'd be living in that area.
     
    SteveScott, Jun 19, 2018
    SteveScott, Jun 19, 2018
    #9
    TruckRunner Thanks this.
  12. Jun 19, 2018 #10
    Pumpkin Oval Head

    Pumpkin Oval Head Road Train Member

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    The odds of disabilty are greater than death.
     
    Pumpkin Oval Head, Jun 19, 2018
    Pumpkin Oval Head, Jun 19, 2018
    #10
    TruckRunner, NoBigHurry, CorsairFanboy and 1 other person Thank this.
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