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Thread: Small Business

  1. #11
    Whatever you end up doing, do your research. I had insurance through NASE for a little bit & it was a waste of money b/c they didn't cover hardly anything I needed related to SCI. You're playing a numbers game. Consider what it'd cost for a high-deductible policy for emergencies/etc, and if you'd save enough by not paying a "normal" premium to put money aside into a separate fund that could help pay for the routine stuff.

    And plan to set aside 25-30% of your revenue to make life easier come tax time.

  2. #12
    I was part of a startup, just three of us at first, and we also used one of those benefits outsourcing companies. They're also called Employers of Record, because as far as the tax paperwork is concerned you work for them in addition to your own company. I wasn't aware of a five-employee minimum, at least not with the one we used. That was some of the best health insurance we ever had. They offer a lot more than just health insurance too. They run your payroll, tax documents, all that kind of stuff.

  3. #13
    I was laid off in November 2008 as the economy tanked, and used the opportunity to start my own business. Like others have mentioned, most start-ups lose money the first few years (mine included) which helps keep you qualified for Medicare and/or Medicaid.

    I am a quad and can't do my own transfers, so I need twice a day attendant care. Even if I had health insurance (other than Medicaid) I would still be paying $20,000+/year, as very few insurance plans cover long term home health care. Since Medicaid covers these vital services, I am careful not to lose it! I use 2 programs under SSI (not SSDI, these are SSI specific) to qualify for Medicaid, PESS and 1619b (with an individualized threshold).

    Below are some good resources I've used, I will try to keep up with this thread and provide ideas based on my experience.

    http://www.griffinhammis.com/publica...iderations.pdf
    http://ruralinstitute.umt.edu/traini...ESS_Letter.pdf
    http://www.worksupport.com/topics/brown_bag_omara.asp

  4. #14
    Thanks, Crip Concepts. I'll give those links a good look/see. May have questions for you later.

    Lazlo, good deal. Glad to know about such set ups for insurance/taxes/payroll/etc. from someone else who has done it/does it.

    Appreciate the input, Scott. Anything of this sort is a crap shoot/numbers dilemma. There are expenses I know about month to month (and I keep these to a bare minimum as I take few meds) and then, the unexpecteds that seem to crop with this dis.

    Joe-MN, check your LTD policy inside and out before doing anything of this sort. I'll have six months of working at a certain level for x amount of money. Once I do that, all bets are off. LTD will be gone. Again, it's a crap shoot/numbers thing. This demands solid game and a little (a lot?) of luck.

    Andy, we'll have to catch up.

    I'm not on Medicaid, have Medicare for insurance, SSDI and LTD for "income."

    I have found my passion, my bliss. Is there a risk? Absolutely.

    Not doing anything seems riskier. Looking at that option, it is not my life, not me.

    Can I take what I do, launch a biz, grow it, keep it and my quad bod afloat simultaneously? That's the big question.

    I see others here who are more seriously injured, have greater impairments and day to day challenges than the ones I face and they are going to grad school, working full time, have their own businesses, paying their own way. It stands to reason, "If they can do it, I can, too."

    I'm neck deep into researching things as Scott mentioned. It's one reason I'm asking the things I am here and elsewhere.

    There are others who have done it in this community, have gotten away from SSDI, Medicare, LTD and are working still. I know one who went to college while living in a nursing home post injury, got her degree, moved out and has her own place, works to this day. If anyone is a role model for me, it is her and others like her and many of you.

    There may be other questions from me.

    Thanks for any and all input.

  5. #15
    Quote Originally Posted by LaMemChose View Post
    Appreciate the input, Scott. Anything of this sort is a crap shoot/numbers dilemma. There are expenses I know about month to month (and I keep these to a bare minimum as I take few meds) and then, the unexpecteds that seem to crop with this dis.
    Sure thing. The way I look at it is that monthly expenses, if not absurd, are manageable with lame insurance. I use about $130 worth of supplies per month ($100ish for colostomy stuff, $30ish for caths). I'm off meds, aside from UTI antibiotics ($30/yr?). Back when I was with NASE, I was paying something like $400/mo for crappy health coverage. It was basically a safety net for major stuff. BCBS quoted me $1200ish/mo, for a much better policy... but at the expense of another $10k/yr. It made more sense, numbers-wise, to pay for my stuff out-of-pocket in that scenario.

    I'm not on Medicaid, have Medicare for insurance, SSDI and LTD for "income."

    I have found my passion, my bliss. Is there a risk? Absolutely.

    Not doing anything seems riskier. Looking at that option, it is not my life, not me.

    Can I take what I do, launch a biz, grow it, keep it and my quad bod afloat simultaneously? That's the big question.
    INCORPORATE. A LLC will run you a few hundred to form. Keep it a separate entity and have the business pay you a minimal amount. Ride out your SSDI/LTD benefits while the business grows (and builds up a stockpile of cash that doesn't get spent). If it gets to the point that you can safely drop your benefits, do it (just my opinion).

    You're in a less risky position than you think.

  6. #16
    resources to consider for starting w/ low overhead:

    www.phonebooth.com - phone number
    www.outright.com - accounting
    www.freshbooks.com - invoicing/billing

    all have free options.

  7. #17
    "INCORPORATE. A LLC will run you a few hundred to form. Keep it a separate entity and have the business pay you a minimal amount. Ride out your SSDI/LTD benefits while the business grows (and builds up a stockpile of cash that doesn't get spent). If it gets to the point that you can safely drop your benefits, do it (just my opinion)."

    In Colorado an LLC is $100 to form, takes 15 minutes online. I agree on riding out benefits as long as you can, it gives you a sense that you have a safety net if the biz fails.

    Be prepared for uninformed case workers at SSA and Medicare, you not only can but should know more than they do. Let them know you are more educated on your rights as a self employed cripple than they are, in a nice way, it will make dealing with idiots slightly more pleasurable.

  8. #18
    Quote Originally Posted by -scott- View Post
    Sure thing. The way I look at it is that monthly expenses, if not absurd, are manageable with lame insurance. I use about $130 worth of supplies per month ($100ish for colostomy stuff, $30ish for caths). I'm off meds, aside from UTI antibiotics ($30/yr?). Back when I was with NASE, I was paying something like $400/mo for crappy health coverage. It was basically a safety net for major stuff. BCBS quoted me $1200ish/mo, for a much better policy... but at the expense of another $10k/yr. It made more sense, numbers-wise, to pay for my stuff out-of-pocket in that scenario.


    INCORPORATE. A LLC will run you a few hundred to form. Keep it a separate entity and have the business pay you a minimal amount. Ride out your SSDI/LTD benefits while the business grows (and builds up a stockpile of cash that doesn't get spent). If it gets to the point that you can safely drop your benefits, do it (just my opinion).

    You're in a less risky position than you think.
    Thank you, Scott. This is amazingly great stuff to know. You've had your own biz, know the ins and outs.

    The health insurance is a concern, but only for biggies should something huge happen. My claims over the last couple of years have been for abx, the occasional chest x-ray. anti-seizure meds, generic Ditropan, caths, bowel gear. All managable out of pocket without major insurance claimage.

    I am living like an impoverished student by choice (have been for a while), squirreling away all I can. I've determined the minimum needed to exist personally by literally living on the frugal side of frugal. The lean living has been good in many ways, IMO.

    Really appreciate the info on forming a distinct and separate entity via Incorporation. Getting an LLC is a got to.

    Glad to know this is potentially less risky than it appears first blush. It's both exciting and scary, but less scary the more I learn. Knowledge is everything in this.

    Thanks, Scott.

  9. #19
    Crip C, thanks for your input on this. It's interesting (in a maddening way) talking to SSA people because you can get different answers to the same question when you talk with different people. Obviouisly, some people are more helpful than others.

  10. #20
    Quote Originally Posted by -scott- View Post
    resources to consider for starting w/ low overhead:

    www.phonebooth.com - phone number
    www.outright.com - accounting
    www.freshbooks.com - invoicing/billing

    all have free options.
    Perfect.

    Thanks!

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