More on ‘job lock’ from TPM Reader SS …
The affordable care act is going to allow me to finally start my own law firm. For 15 years, I’ve been working at big and mid-size law firms for a lot of reasons, but one of the biggest was the benefits. My husband is 17 years older than me and has a pre-existing condition. I have been reluctant to start my own firm – be a “job creator”, because I would have had to enter the private insurance market and probably pay a fortune for coverage – if I was able to even get coverage for my husband.
At these law firms, my compensation is based on my billables – and at best, in a given year, I take home 50% of what I bill. The other 50% is used to pay for services at the firm I don’t use – such as HR, secretarial assistance, document management, etc. My practice is lean, electronic and requires only a computer and a creative mind. As the owner of my own firm, it is likely that I will take home 75-80% of what I bill in a year, after taxes and expenses.
The ability to go to the Covered California website and get a plan for both of us solves one of the biggest issues I had with striking out on my own. Will I be working for a company in a year? No, so I won’t be a “worker”. Will I own my own business this time next year? Yes – and isn’t that what America is supposed to be about?