Health Insurence for IC Nurse

Agnus · Dec 11, 2003

You question seems to be missing some essential information for anyone to answer.

Geeg · Dec 11, 2003

What do you mean by IC nurse?

Agnus · Dec 12, 2003

I see you edited your message but I still cannot decipher your questions.

As an independent contractor you buy your own insurance.

Your second question I do not understand at all.

Your last question seems to be asking if we are thinking about being and independent contractor. Yes, I have thought about it.

I am guessing there is much more to your questions than you have said. I would like to help you but I am not going to try and guess what is on your mind. I'll probably gess wrong since my crytal ball is cracked.

Agnus · Dec 14, 2003

Originally posted by DLHRNUSAF
What about health insurence for Independent Contract Nurse and kind of covreage will it provide? The cost must be high and where can you find it? What do I do for income if I am off due to a illness or a accident ? I have been thinking about becoming a Independent Contract Nurse, I need some info, so I can check it out myself. I have to convence my wife so I need data to back this possible move up? If you are a Independent Contract Nurse let me know?

I am self employed and and RN. I do not carry health insurance myself. I have looked at insurance though. So can probably offer you some tips. I also worked in the insurance industry for a while so know a little there (though we did not handle health insurance)

First I cannot direct you specifically to an insurance company. The reason is because for you to get coverage it must be available in your state. EVERY state regulates insurance in its own way. Because I can get a certain policy in with State Farm in my state and you have a State Farm agent in your state that is NO indication that you can get the same or simular policy.

I wish this were not the case because it would make this much easier for you.

I did some searches on the internet. A total waste of time. For a number of reasons. One I will warn you about because you NEED to know this. There are companies out there that will try to sell you a "plan" that is not insurance. It is basically a "discount" card that may or may not even be useable. The idea is this "plan" allows you to receive certain very limited care at a discounted price. Not really much of a discount. Oftern it is a case where they will pay you (say) X amt of dollars for every hospital day. Or simular types of things.

Here is the Key to discovering this. Ask for a policy in writing. Never do this over the phone or internet. Make them say it is an INSURANCE Policy. If they cannot say this tell them thanks but no thanks. These plans are more costly than they are worth. They deliver very little or often nothing at all.

Now here is how to find insurance of anykind (being in business I do have to carry certain other types of insurance)

Go to you local phone book and find "Insurance Brokers" Call one or two and explain your situation and exactly what you are looking for. A Broker will research for you the best deal.

You can also phone local insurance companies yourself and get quotes.

(however, I have repeatedly found I got better results with an independent broker)

Never ever agree to anything without seeing the ACTUAL Policy first. Take time to exmanine

Since you are buying an individual policy do not pay for things you do not need. For example if you do not need maturnity care don't pay for it. If you are certain that you do not want meantal health coverage, or long term care don't pay for it. (just examples. I have no clue what you might not want)

With an individual policy you can custom tailor it to what you need and want. Do not accept no for an answer on this.

You should be telling them what you need. If you get someone trying to push a certain coverage go somewhere else. Their job is to sell you as much as they can. That is only one reason I prefer an independent broker.

You should sit down and deside before hand what you want your insurance to do then call the broker. Be aware you might or might not have to give up a little coverage to get the price you can afford.

Individual policies are available and can be afforded. You will pay considerably more than you would though an employer. Not only do employers get group rates but they ofen pay part of it even when they don't say they do. Sometimes tbe pay indrectly but it is likey they are not without some financial obligation when they get you the rate an policy that you have.

Here is another suggestion. Work for an employer. )It doesn't even have to be nursing), where you can get insurance. You can still maintain your business while working for someone else. This can give you the start you need for your businesss.

Most businesses are started while the person is still employed else where.

The $$ questions you ask are valid and important. If you become sick and can't work. And who doesn't you have to provide for your family and the bills still come in.

IC is RELLY a very large undertaking. First undrstand when you do this you become a business owner.

Now you have a LOT of things to deal with that otherewise are not an issue. You have touched just the tip of the iceburg.

You must go into this with a plan. First deside what you need to make to stay comfortable. Then you must realize that 1. you give up social security contributions or if you plan to continue contributions your contribution now doubles. I am not trying to scare you here. Stay with me. This all has to do with price structure.

Find out how much $$$ you will need for all the different insurance that you need. health, malpractice what ever you require of yourself and what ever any laws require. Then fingure in the annual fees for business licenses and any bonds that you may be required to post in your industry. Sometimes you must post a tax bond.

Find an accountant and figure in his cost. Figure in the cost of equipment supplies references, will you need a seperate office. You should have a seperate phone line just for business. Will you have to hire people. You will have to have contracts and other paper work processed. You will have to pay more for tax service as you have now complicated your taxe situation.

Sit down and figure it all in then use that info to establish your fees. If your wife can do some of the work in running the business for you great. She can probalbly process quarterly taxes, pay bills, and be a gernal girl friday. She can also learn the bookkeeping from your accountant. There are dozens of details that she can do for you thus keeping the $$ that you would pay someone else to do those things in the family.

Going into business (and that is what IC is ) is no small task.

Oh forgot your question about sick time. You figure that into your fees as well. That means you need to leave yourself a cushion for this contingency. The bigger the cushion the better, but you go with what you have to start)

You must have a plan in place incase of dry spells when you can't get contracts. You must be ready in the beginning to go for a while without work until you can sucessfully negotiate several contracts that go well.

You need a plan. Looking for stats is good. But the only way to proove that you can do this is to develop a sound plan to cover contingencies. Your wife should be active in the planning process if only to play devil's advocate for you and ask "what are you going to do..." about this or that problem.

It really depends on how strong and courageous your are whether you can do this or not. Are you financially strong enough at this time to take this step? Do you have a back up plan in place.

How devistating would it be if things did not go well. Think of worse case senario and ask yourself and wife can you cope with that or would it destroy you. Is your back up plan something you both can live with?

Have you tried to negotiate cotracts? How open are the hospitals where you want to go to this? How many contracts do they have already are they willing to accept another. How much business will they give you?

What selling points have you established? Think benefits for the customer. How will the hospital you contract with be better off by hireing you as an IC? If you cannot anwer this last question in a convincing way you will not sell them on it.

Are you willing to be a salesman. If you are going to be an IC you must be willing to constantly sell, not just when you need a new contract.

Good .

luck. IC is an exciting proposition that will continue to grow.

P. S. have you considered other ways to use your nursing talents as a self employed nurse? You have a lot to offer besides just doing hospital shift work

Ectopy · Dec 29, 2003

I really appreciate all the information you included in your post.

suzanne4, RN · Dec 31, 2003

You can get health insurance through som ePPOM plans. See what is availalbe in your state. If you are required to have workmen's comp you will need to get the coverage for that, usually from someone that handles business insurance. You can also carry disability/accident insurance. Remember that disability insurnace will only give you about 60% of your routine salary.

You can contact the Board of Insurance (or whatever name your state uses for it) to get a list of insurance providers in your area.

Good luck.