private practice/group practice and health coverage and benefits

[PsychNLife]

Hi,
As people have probably seen from my previous posts, something that I've been thinking about for the future is possibly being part of a group practice or private practice in the future. That is, if I don't find myself really liking some type of hospital or program work, which I might. However, I personally have a lot of health conditions (everything from needing glasses and eyesight coverage, to hormone-related stuff), and so I am kind of concerned that going into something like pp or gp would result in not having my medical costs covered.

Could someone inform me about what the situation for healthcare coverage and other important related coverages would mean for this type of work? Things would be pretty bad if my medications and regular doctor services were not covered in the future.

Would it be possibly a better situation to do group practice as opposed to private practice in regards to health insurance stuff?

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[WisNeuro]

Hi,
As people have probably seen from my previous posts, something that I've been thinking about for the future is possibly being part of a group practice or private practice in the future. That is, if I don't find myself really liking some type of hospital or program work, which I might. However, I personally have a lot of health conditions (everything from needing glasses and eyesight coverage, to hormone-related stuff), and so I am kind of concerned that going into something like pp or gp would result in not having my medical costs covered.

Could someone inform me about what the situation for healthcare coverage and other important related coverages would mean for this type of work? Things would be pretty bad if my medications and regular doctor services were not covered in the future.

Would it be possibly a better situation to do group practice as opposed to private practice in regards to health insurance stuff?

Well, you can keep your fingers crossed that ACA doesn't get struck down and that pre-existing conditions stay covered. You're looking at healthcare exchanges, unless the group practice has something. Or you have a spouse with employer plan.

 

[PsychNLife]

Well, you can keep your fingers crossed that ACA doesn't get struck down and that pre-existing conditions stay covered. You're looking at healthcare exchanges, unless the group practice has something. Or you have a spouse with employer plan.

Whats a healthcare exchange? I've looked online and I've seen like 'self employed heathcare plans", but currently as a young person still under my parents insurance I'm not sure what the differences are. I would really love to hear from some people in gp/pp who have high healthcare needs how they manage. I want to know if it's even a possibility to be reasonably covered for most health stuff on these types of plans.

 

[WisNeuro]

In my state, we have a healthcare exchange where you can buy plans during the enrollment periods, or due to certain life events. Premiums tend to be high, and deductibles can vary quite a bit. Search the dept of health website for your state and see what they offer. Tough to tell what you can get as this varies HUGELY by region.

 

[Ollie123]

I would advise searching beyond this forum. The questions you are asking really apply to any small/solo business and there is nothing specific to a psychology PP that is relevant to you or worth discussing. Some group practices offer insurance, but if insurance is a big concern you are definitely safer in large systems. Group practice insurance is going to vary quite a bit now and could grow much worse if the ACA goes away. PP you are on your own to find insurance, just like any other solo business.

Really, you will just need to look at options when the time comes and carefully examine insurance benefits when looking at jobs.

 

[PsyDr]

1) you can get a “group” policy with one employee including yourself.
2) Can’t write healthcare stuff until it hits 10% of gross.
3) If you’re smart AF, you get an HSA before you start earning. Those are amazing.
4) You can get awesome healthcare insurance for cheap if you shop.
5) You gotta time it right. You want to buy healthcare insurance before you start earning, but own occupation disability insurance after you start earning. Do not claim that as a deduction, and you can get tax free income if you eventually stroke out .