Many lawyers nowadays are self-employed, so health insurance is consequently often not part of their employment. As a result, the growing cost of staying well is another burden for attorneys.
The good news is that there are still some good options out there for you. Here are the ways you can still get health insurance:
Your Health Insurance Options as a Lawyer
- Through the government marketplace via a special enrollment period due to a qualifying life event
- Through a short term medical plan
- Through Medicaid or the Children’s Health Insurance Program (CHIP)
- Through a government compliant medsharing plan.
Note that you can also purchase supplemental insurance such as dental, vision, critical illness or accident policies at anytime.
Now, two of those options listed above would be based on your income level. Given that the average salary for a real estate agent right now is $81,237 a year per Payscale.com, that eliminates Medicaid and the benefits through the government marketplace plans assuming you had a qualifying life event (marriage, child birth, etc.) since they do not give any subsidies for individuals that make over $48,240. Between the other two options left, short term medical plans and medsharing plans, the medsharing plans are the only ones that are government compliant which would exempt you from the tax penalty for not having insurance.
Once you understand your options a lawyer, the choice for which plan is best for you becomes pretty obvious in most cases, a medsharing plan. This is especially true if you make more than $48,240 a year because that means the best value plans you have to choose from inside of open enrollment are the same as outside of open enrollment because you make too much to qualify for a government subsidy. So there’s no sense in waiting until open enrollment again. Let’s talk more about what these medsharing plans offer.
Medsharing – The Best Insurance For Attorneys
These plans operate very similar to traditional health insurance except the premiums are put into an escrow account and claims are paid less the Members Shared Responsibility Amount. Preventative care, doctor visits, prescription discounts and more are all included in medhsaring plans.
Some of the benefits of Medsharing plans are:
- They can be purchased year round.
- They are government compliant but not affiliated with the government at all, which means they exempt you from the tax penalty and it keeps the government out of your business.
- Guaranteed Issue
- PPO Network
- Monthly premiums are much lower (usually about half the price of government ACA plans) because of the way they structure their plans
- Your price is based on your age bracket, so you can have peace of mind that your health insurance premium will stay the same until you reach the next age bracket
- Your monthly payments go towards helping others members as opposed to corporate higher ups
- When negotiating your bills they have leverage due to the cash they bring to the table as well as tax benefits from being a non-profit organization
If you are interested in learning more about medsharing plans and/or your options for health insurance as a lawyer, please contact one of our licensed agents toll free at 866-487-9887.