Employee benefits are, at their core, something both the employee and employer can utilize to their mutual advantage. Employers who provide benefits that employees value help them stand out from competitors and attract top talent. My Private Health Insurance offers travel nursing health insurance plans tailored to individual needs – accessible and affordable for individuals, families, and companies of all sizes. So what exactly does this mean? Let’s take a closer look at two categories of benefits: standout and standard.
Standard Benefits: This is what we consider essential. It encompasses legally required offerings as well as those available to all. Think of what you would expect from your employer, such as health insurance, and what the government requires of you.
The most valuable benefits are those which provide additional advantages to improve your quality of life. Examples include pet benefits, retirement accounts options and employee assistance programs.
Our experts continually assess our offerings to guarantee they meet the needs of travel nurses, caregivers and professionals who love to explore the world. No matter if you’re a caregiver, travel nurse, or professional who lives to explore, our solutions have you covered.
Insurance Health Coverage
health insurance works similarly to auto insurance in that it covers you in case of illness or injury, as well as preventive care. Unfortunately, your policy may not always cover all expenses – the out-of-pocket maximum is the limit at which your insurer will cover medical bills. Before we dive in further, let’s first clarify some key terms.
- Deductible: The amount you must pay towards medical expenses before your insurance kicks in and covers the rest. Every plan differs, but typically include hospital bills and lab tests within its coverage. A $3,000 deductible means you are responsible for covering any medical bills or tests before your insurer says “Ok, we’ll help you now”.
- Co-Pay: A co-pay is like a cover fee without the open bar. It’s the flat fee you pay for all covered medical services. Your insurance may cover preventive care like an annual physical, so there would be no co-pay needed for that type of care.
- Co-Insurance is the portion of medical services you must pay for yourself. Depending on the type and whether or not your deductible has been met, copays may apply; in some cases, you might only have to cover 20% of a service’s cost and your insurance company will cover the remainder.
- Premium: Your health insurance policy premium is the cost you’ll pay to purchase it. It works much like Hulu subscription – you pay monthly or annually to stay active and watch all of your shows. Your policy will remain active if you pay your premiums on time.
- The Out-of-Pocket Maximum is the total amount you can spend on health care expenses during one calendar year, including any coinsurance fees, deductibles or copays. Once reached, your insurer will cover all associated costs associated with using your health benefits – making it a win-win situation!
- HDHP: An HDHP is a high-deductible plan with an increased minimum deductible. An HDHP may have higher annual minimum costs, but it offers lower insurance premiums – making it ideal for younger and healthier individuals who don’t expect to need extensive healthcare coverage. Furthermore, qualifying individuals are eligible for tax-favored HSA accounts as well.
- HSA: A Health Savings account is a tax-advantaged account that HDHPs must use for medical expenses not covered by their HDHP plan. You may contribute money throughout the year and TNAA provides an after-tax benefit that you can file with individual taxes; however, you are limited in how much can be contributed each year.
How to Change Your Coverage and What Dependents Need to Know about you
Are you uncertain of how or if to change your coverage for dependents? Read this for all the information necessary.
Each travel nurse is unique. We are bound by law when it comes to employee benefits, so in order to make changes such as adding dependents to your coverage, a qualifying event in your life must occur.
Open Enrollment: Open enrollment is when you can choose to start, stop or modify your health insurance plan each year. For coverage that lasts throughout the entire calendar year, it’s best to sign up before the end of the year.
Qualifying Life Events: If your circumstances alter during Open Enrollment, you may be eligible to make changes to pre-taxed benefits. These are just a few examples of the many qualifying life events that qualify.
- Expiration of Current Health Coverage (Job-Based, Individual or Student)
- Loss of Eligibility to Medicare, Medicaid and CHIP
- Turning 26 and losing coverage under a parent’s plan
- Divorce or marriage
- Adopting or having a baby
- Death of a dependent or current policyholder.
