Written By: Rick Reiman, Vice President, Employee Benefits at MJM Global Insurance Brokerage Group, Inc.
Life as a contract worker has its attractions, like independence and more control over work/life. But with that attraction there is also a risk: the high cost of individual health insurance. Individuals and independent contractors have no access to benefits. They are left to their own devices to sort through dozens of websites and lists of plans, all while trying to get to key information.
According to the IRS, you are self-employed if you run a trade or business as an independent contractor, as a sole proprietor, as a member of a partnership, or if you are in business for yourself, including having a part-time business. Both sole proprietors and partnerships can hire employees, but the owners are still legally recognized as self-employed.
Whether you are contemplating making the leap to independence or are new to the independent workforce, you have likely grappled with how you will manage benefits without traditional employment. Health insurance is among the perks of a corporate career.
So, as a self-employed person, you are facing the need to buy an individual health insurance policy in most cases. As a traditional employee, your benefits are through a group plan. Group plans provide coverage to a select group of people under a master policy. The group is the insurer and the benefits are extended to its members. Because risk is spread across the entire group, these plans tend to cost less than individual plans.
Because you are a member of National Association of Residential Property Managers, you now have access to group healthcare coverage. Enrollment is available at any time, simply access this benefit via PropertyManagersHealthCare.com where you can shop online for your preferred deductible, provider network, effective date, and receive immediate price savings when compared to the current Affordable Care Act plans.
By using the collective purchasing power of your Association, members are able to receive a reduction in their healthcare premiums, while maintaining flexibility in plan design and provider, not only benefiting yourself but your fellow members.
- A reduction in healthcare costs
- Better and more appropriate healthcare options and lower out-of-pocket expenses
- Simplification of the process of enrolling in healthcare
- Clarity regarding the true cost of healthcare
- The best choices available in the marketplace, with flexible benefits and wellness solutions
Another major reason to purchase healthcare coverage through your association is that bundled with your healthcare coverage is Prosper Benefits – at no additional cost and with no co-pay. These services include Telemedicine, Telemental, HealthCare Advisor, and Medical Billing Advocacy.
Self-employed people who qualify are allowed to deduct 100% of their health insurance premiums for themselves, their spouses, and their dependents.
The simplicity of enrolling in healthcare coverage through your Association marketplace enables enrollment in a fraction of the normal time, clearly shows major Carrier pricing, and enables you to join the group simultaneously, all while receiving quality coverage at a reduced cost and the bundling of Prosper Benefits.
“If [consumers] can join large groups, get protection and less expensive insurance … it will solve a lot of problems in the individual market,” Senator Paul said on the NBC show “Morning Joe.”
So, take a look at what is available to you as an “individual”! You might be surprised to see just how much value is achievable.
About the Author
Rick Reiman is Vice President, Employee Benefits at MJM Global Insurance Brokerage Group, Inc. Rick has over 15 years’ experience in the employee benefits marketplace including specific experience in Associations. MJM launched PropertyManagersHealthcare.com to help the industry see immediate and significant savings on one of their largest business expenses, while turning an otherwise complicated health insurance buying process into an easy system.
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