Do you like shopping for health insurance? We didn’t think so. Poring over the details of plans, comparing carriers, and calculating costs can be complicated and time-consuming.
But open enrollment is starting. So once again, it’s time to decide if you want to keep your current health insurance or take advantage of potential opportunities to control the cost and get better coverage. If you’d like to find an alternative to your current health plan – because of either costs or coverage limitations – TMA Insurance Trust (TMAIT) can help.
Take advantage of special options and waivers
One way TMAIT can help practice owners and independently practicing physicians during open enrollment is by bringing their attention to special options and waivers they may not know about.
Here’s how the waivers can help practice owners:
- For those looking for group coverage for their practice, there are opportunities to help control the cost to your practice and to be able to offer your employees group health insurance – including a mix of PPO and HMO plans.
- For those with employees looking for coverage only for themselves, it may be possible to access group PPO plans – usually, as long as you have a tax ID number and one full-time employee besides yourself paid under that number. This means you may be able to secure the preferred benefits of a group PPO plan at group rates.
- For those with staff on their own health coverage (a spouse’s plan or that of another provider), you may be able to get “Group-of-One” PPO coverage just for yourself and your family.
Here’s how the special options can help independently practicing physicians:
- For physicians in a business partnership with no W-2 employees, you may be eligible for group coverage only for yourself. You’ll need to provide business partnership documentation and the company’s IRS Form SS-4 or recent K-1 (Form 1065).
- For physicians who own a business with their spouse, or whose spouse is a W-2 wage employee, you may qualify for group coverage even without business partnership documentation.
If you want the coverage that works best for your needs in 2023, now is the time to get started. Open enrollment documents must be completed and submitted to the insurance carrier by Dec. 12 for a Jan. 1, 2023, effective date.
As a full-service insurance agency, TMAIT is ready to assist you with all your group and individual coverage needs. Don’t miss your chance to get the health insurance you want. Speak with an advisor at 800-880-8181, Monday to Friday, 7:30 am to 5:30 pm CST.
Last Updated On
February 07, 2024
Originally Published On
November 16, 2022