Adopting a locum tenens lifestyle offers extensive benefits, both personally and professionally, including unparalleled flexibility, diverse practice settings, limitless travel opportunities, increased earning potential, and decreased administrative hassles.
As a locum tenens provider, you are no one’s employee. Rather, you are a self-employed independent contractor with complete control over your own schedule. With this freedom comes some additional responsibility regarding certain benefits, such as health insurance.
Fortunately, there are advantages to securing health insurance as an independent contractor, including not being limited to the one or two plans offered by an employer. Instead, you are free to choose the plan that suits you best. You are also eligible for significant tax deductions on the premiums you pay each year.
Here are several enrollment options to help you make the best health insurance decisions when you take locum tenens jobs.
Sign on with Your Spouse
If are married to someone with access to employer-sponsored health insurance, you may be able to enroll on his or her plan. Your spouse will likely need to contribute a higher premium for family coverage, but it will probably be less than an individual policy. Be aware, however, if you have access to a spouse’s plan, but choose instead to purchase your own individual policy, your premiums may not be tax deductible.
Purchase COBRA
Under the Consolidated Omnibus Budget Reconciliation Act (COBRA), employers are required to offer carry-over health and dental coverage for up to 18 months for you and your dependents when you leave your job. It can be costly, but pre-existing conditions are covered. More COBRA information is available from the U.S. Department of Labor.
Join a Professional Group
Some professional groups, like your church or alumni associations, offer group rates for health insurance. If you’re over age 50, consider exploring AARP.org. If you’re already a member of a special interest group, you can inquire as to what they offer regarding health insurance. Additionally, check into the National Association for the Self-Employed, which also offers insurance-plan options.
Browse Your State Insurance Exchange
As mandated by the Affordable Care Act, your state’s insurance exchange marketplace must offer health insurance with essential benefits, including emergency services, hospitalization, maternity and newborn care, lab services, chronic disease management, pediatric care, rehabilitative care, and prescription drug coverage. Consumers can choose from different levels of coverage offered at varying rates. Compare plans and their associated premiums, deductibles, and out-of-pocket costs at HealthCare.gov.
Visit Private Insurance Exchange Websites
Similar to HealthCare.gov, private insurance exchanges let users compare plans side-by-side and buy health insurance from a variety of companies. Some websites to start with include eHealthInsurance.com, einsurance.com, and GoHealthinsurance.com.
Get Individual Assistance
If you prefer some one-on-one assistance, contact an independent insurance agent to help you navigate the ins and outs of the health insurance industry. The National Association of Health Underwriters can point you toward an agent in your area.
Whatever you decide, enrolling is usually easiest during the open enrollment period. During this period, you can obtain health insurance with fewer restrictions. If you miss open enrollment, however, you can still enroll in a new plan if you have a qualifying event, such as a marriage or the birth or adoption of a child, or if you lose other health coverage for reasons such as losing job-based coverage, divorce, COBRA expiration, and similar circumstances.
Though you are responsible for finding your own health insurance as an independent contractor, working as a locum tenens provider does offer other financial perks. Check out Tax Benefits for Independent Contractors for more information.
