Chapter 1: How Business Insurance Protects Allied Health Practitioners
Part 2: Which Insurance Policies Meet the Needs of Sole Proprietors and Independent Healthcare Practitioners?
Health Insurance for Sole Proprietors and Independent Contractors
As an independent healthcare contractor or self-employed medical professional, you're responsible for securing your own health insurance plan. And with Affordable Care Act requirements, you no longer have the option to simply forego coverage until a later date. However, as a self-employed business owner, you can fulfill the new health insurance requirements by purchasing a policy on the SHOP Marketplace . Though you can't be turned away or charged more for pre-existing conditions, as of the time of this publication, it's uncertain whether your plan can cover work-related injuries. Typically, occupational injuries are not covered under personal health insurance plans.
If the Marketplace plans do not cover work-related ailments, there is another option to give yourself the occupational injury coverage you need through Workers' Compensation Insurance. You're not legally required to carry it if you don't have employees, but most states allow sole proprietors to purchase the coverage for themselves and to prepare for the option of hiring employees in the future. When you only have yourself to cover, though, you may qualify for a discounted premium rate or benefit from certain tax incentives, such as deducting your coverage costs from your income.
Next: Chapter 2: How Insurance Can Save Your Medical or Healthcare Practice Millions