Confused about private insurance

[tvbwest]

Hi,

My husband and I are both nurses, though I am currently staying home with our kids. We are very interested in taking our family travel nursing, but insurance is our big sticking point. If we were to travel, we would not do it unless we could have private insurance (major health condition in the family, four kids....we need guaranteed coverage at the same level all the time). I know a lot of travel nurses carry privately, but what I've tried to unsuccessfully confirm is whether they are doing this subsidized or unsubsidized. There is no way we could afford unsubsidized private health insurance, but I know that you only qualify for subsidies if you are not offered insurance by an employer. So, are all the privately insured travel nurses paying the whole bill, or do contract travel nursing agencies not count somehow against the "insurance offered by employer" clause?

Thank you!

[NedRN]

You are not going to eligible for subsidized health insurance, nurses simply make too much money to qualify. It takes a leap to see the bigger picture, but you are paying (in full) for your health insurance now. Part of it is hidden by your employer as a benefit that they could otherwise pay you in compensation.

You have a number of options. I'd explore keeping your existing insurance - the COBRA law allows keeping it for up to 18 months after you leave employment. Yes, you would have to pay the full underlying cost.

You could also explore going part time at work on a schedule that allows time off for travel assignments and some health benefits. Something you may not be considering is that you need to maintain a tax home anyway for maximum financial benefit as a traveler. Otherwise, your full compensation (other than any provided health benefits or professional expenses) as a traveler will be taxed as ordinary income. That is $10,000 or more in the bank on an annual basis, per traveler, that you will be missing out on (which by the way, should largely fund your health insurance needs).

[Pheebz777, BSN, RN]

I am about to leave my full time job and I love the insurance that it provides under AETNA. I would like to speak with HR if I can continue coverage and pay for it out of pocket. Is that an option that can be offered.?

[NedRN]

It is an option required by law (COBRA is the acronym commonly used). You will pay exactly what the hospital pays for your insurance plus (usually) a 2% administration fee as you will be paying your premiums to your employer who will pass them on to the insurance company.