Ensuring Peace of Mind: The Best Health Insurance for Travel Nurses
As a travel nurse, you already know the importance of having good health insurance. Making the decision regarding travel nurse insurance can be a tough decision, and depends on your specific health needs. So what do you do for travel nurse insurance? Really, there are two options:
Use your travel agency or company insurance.
Get your own, personalized health insurance plan.
Let's take a few minutes to look more in-depth at some of the pros and cons associated with each option.
Travel Nurse Insurance From Your Company
PROS OF INSURANCE THROUGH YOUR COMPANY
Generally offers a decent plan with a reputable company. It will provide a moderate to high deductible and doctor’s office visits with preferred providers for a copay and may include free annual preventative coverage. You can rest at ease knowing your bills shouldn’t unexpectedly be astronomical, assuming you use the preferred providers (similar to a plan offered as a staff-nurse).
It’s a set it and forget it payment. Meaning a weekly (or bi-weekly) withdrawal directly from your paycheck.
Cons of Insurance Through Your Company
May not be in-network with your preferred providers or cover you across all 50 states. Speak to a benefits specialist if they have one to ensure your plan allows you to see your own doctors and be sure they are, which may not be the case with the smaller insurance companies. Make sure your insurance offers nationwide coverage!
It can be very costly. This may be due to the short-natured coverage, but it can be very expensive! I have seen plans well over $500/ month! It will certainly be more expensive than coverage with your permanent staff job.
Insurance gaps. Probably the biggest con. You may not be covered in between contracts or left with insurance gaps. Companies will vary in regard to the timing of their insurance. Insurance may start on the 1st day of your contract or not until the 15th of the month. Some companies will terminate coverage on your last day whereas some will finish out the month.
Switching agencies. Not all companies have the same contracts and at the same price. That means a whole new insurance company every few months and a whole new deductible each time. Getting a new deductible every few months certainly makes you have to pay more money out of pocket!
Purchasing Private Health Insurance
The other option, is to purchase your own, private health insurance. You can go through an insurance broker or purchase a plan through the healthcare marketplace (healthcare.gov). Brokers work to get the best plan and provide personalized customer service to help navigate your benefits. Broker offer multiple plan options, such as short-term health, medi-share plans, or customized plans that you can retain for as long as you need. They will work with you to help decide the best option for you because they understand how daunting it is to shop for health insurance. Below are the pros and cons.
Pros of Purchasing Your Own Private Health Insurance
No coverage gaps. This is the BIGGEST pro to having your own travel nurse insurance! You don’t have to worry about having gaps in your coverage. That means if you want to take a much needed 1, 2, or 6 months off in between contracts, you still have coverage! If you want to live your best life and go visit Greece for a month, you are covered,(Although you will need additional international insurance as well).
Usually lower costing rates. Plans are generally less expensive than company-provided insurance, sometimes by as much as several hundred dollars each month.
Nationwide coverage. Most plans work with a nationwide PPO network allowing coverage in all 50 states.
Cons of Purchasing Your Own Private Health Insurance
May not be comprehensive coverage or have some limitations. Many private health insurance plans require a medically underwriting which reviews both your health and prescription history to determine if you qualify. This is one of the ways they are able to keep their rate low. Some conditions may prevent you from qualifying or may not be covered under their "pre-existing" condition waiting period, which can be 12-24 months (depending on company).
Unique approaches to benefits. Many of these plan may not be the typical “copay” plan you are familiar with, which is why it is important to work with a well-versed broker who will explain the ins and outs of the benefits to ensure your understanding.
Lump sum withdrawal versus weekly or bi-weekly withdrawals. Pretty straight forward, private health insurance plans require a monthly withdrawal of premiums. Just make you budget for it.