Health Insurance as an Independent Contractor

[lejeunesage]

I've been looking into this for the past 2 days, and I don't love my options. If I look on healthcare.gov, There's only one insurer in the state I'll be practicing. This means that their premiums are super high, compared to what they are where I'm currently living.

What do other ICs do? Is there some kind of group plan we can qualify for through a medical organization?

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[RangerBob]

I have the same problem--only one insurer in my county.

I am genuinely worried too about coverage, but I know quite a few physiatrists who have obtained individual coverage.

I am using COBRA for as long as I can (18 months I believe). Our insurance will be pricey, but it's a very good plan--much better than a Marketplace plan of the same price. I spoke with a few insurance agents (both independent and those working with specific plans) and they said there is a real chance of at least one more insurer entering the marketplace in the next year--we'll see. Unfortunately good coverage through the Marketplace is not cheap at all, and it's only going up. But at least the premiums are deductible as an IC.

Unless I formed a group practice/employed someone other than a family member, I can't obtain group coverage. Doing that would open up quite a few options, so it's something I'll look at in a year or so.

Unfortunately the AMA and AAPM&R don't offer health insurance. If you find any organizations that do, that would be super.

I believe many independent physiatrists can join US Physiatry (I was told it was an option for me). However, I didn't think it would be a good fit for me--if I weren't going to be in business on my own, I'd prefer to either work for a small local PM&R group, the hospital or for a local multi-specialty group.

 

[lejeunesage]

Aah, the little things you don't think about before taking a new job!
But, then again, there are too many variables to take into account.
I'm thinking about COBRA as well, but I'm not sure how many places will take my insurance in my new state.
I suppose it doesn't hurt to ask. The other thing I could do is to hire a scribe ASAP. Wouldn't be too costly, and would increase my productivity, since I could see more patients... that's a thought. But why do things have to be so convoluted?

 

[RangerBob]

Aah, the little things you don't think about before taking a new job!
But, then again, there are too many variables to take into account.
I'm thinking about COBRA as well, but I'm not sure how many places will take my insurance in my new state.
I suppose it doesn't hurt to ask. The other thing I could do is to hire a scribe ASAP. Wouldn't be too costly, and would increase my productivity, since I could see more patients... that's a thought. But why do things have to be so convoluted?

True! I think the learning hurdle is much steeper for those starting in solo practice/independent contracting like us. I've had to set-up/navigate all the licensing, malpractice, billing, benefits, etc. etc. all on my own. I've had some advice from mentors, but it's different from an employed job where you just accept what you're given and only have to focus on learning to be a new attending.

Fortunately I got the best PPO health insurance plan available in my fellowship, and it's accepted just about everywhere as in-network.

That's good advice on the scribe--I'll have to think about that.

 

[PMR2008]

I had Cobra for 18 months after fellowship. Since than I have health insurance through my state medical society. Great PPO plan with dental and vision. A lot of state societies will have insurance plans. Health insurance brokers can help as well. They offered to make a group plan for me with a few of my employees.
Scribe is a must. I have had one since the last 4 years and productivity is up at least 25%.

 

[lejeunesage]

Is the scribe your employee? Or do get a scribe from an agency?

 

[PMR2008]

Employee. Premeds. Fortunately for them and unfortunately for me I have a new one every year since they go on to med school. I get them certified and a lot of training for a week.