How Do I Find Private Practice Insurance for Therapists?

One of the perks of being employed as a mental health professional is getting insurance coverage through your employer. However, that insurance coverage is only valid as long as you’re a W2, salaried employee. Even if you’re excited about the next step of your journey into private practice, it's ok to have some questions. You’re probably wondering how do I get insurance as an independent practitioner? 

Fortunately, you don’t have to stay in a traditional job to maintain health insurance. 

There are affordable, quality health insurance options available through the Cooperative. You can explore these as an independent contractor (1099-NEC), for you and your loved ones. We’ll walk you through everything you need to know about getting insurance as an independent mental health professional. You deserve to feel protected from the financial burdens your own medical care.

You don’t have to stay in a traditional job just to maintain health insurance. 

Is Insurance for Self-Employed Therapists Necessary?

Did you know that approximately  25% of self-employed people don't have health insurance?

Is it any mystery of the reason why? The high cost. Not very surprising. 

Do we wish things were different? Yes, and that’s why we’re here to help. 

Considering the cost of medical care in the U.S., health insurance coverage is necessary. Solid insurance coverage can also seem unattainable. However, insurance can be essential to protecting you and your family for emergencies and routine care. 

If you’re still on the fence about whether to get insurance for yourself, check out these three great reasons to invest in your health

1. To Avoid Medical Inflation

As a mental health professional, you’re likely aware of the growing costs of medical services. These increases reach far beyond localities and are across the industry. With this in mind, wouldn’t you like to protect yourself and your family from the rising cost of medical care? With health insurance, you can avoid the ever-growing burden of medical inflation. We eventually need some form of medical attention, and you can protect yourself with our health insurance options. 

2. To Access Tax Benefits

As a private practice therapist, you’ll can access tax benefits for self-employed professionals. This benefit lets you to deduct up to 100% of your health insurance premium from your taxable income. You get to keep more of your hard-earned money during tax season.

3. To Protect Your Savings

Many people make the jump to a private practice to earn more money and increase their savings. However, without health insurance, what will you do during an emergency? Your savings may have to unexpectedly be put towards medical expenses. With a quality health insurance plan, you can protect the money that you’ve worked so hard for.

Where Do I Find Insurance for Self-Employed Therapists? 

Finding health insurance with reasonable pricing is an important task to tackle. When you're in private practice, looking for insurance will be your responsibility. It’s one of the most expensive things you’ll need to pay for now that you don’t have an employer to subsidize it for you.

To ensure that you get your money’s worth, be sure to shop around and compare different insurance plans. There are some different ways to look for insurance. We’ll help you familiarize yourself with them so you can decide which option will work best for you.

Here are the different methods you can explore to get yourself a quality insurance plan:

Health Insurance Broker

The most common way to get insurance as a self-employed medical professional is to use a broker. A health insurance broker knows the ins and outs of the industry. They can show you options that work for your budget and medical needs. Brokers are also able to find you insurance plans that you wouldn't come across on your own. They can also answer any questions you have on the spot about the plan.

Health Insurance Marketplace

Another common method to explore is the health insurance marketplace. This is also known as the health insurance exchange. In this marketplace, you'll find different health insurance plans and be able to compare them based. You can take a look at the different coverage options and premiums. This allows you to find the insurance that fits best your budget and needs.

There are also professionals there who can answer your questions about specific plans. This allows you to weigh the pros and cons of eaach plan before making a decision. The marketplace also lets you see if you're qualified for any low-income or low-cost health programs. Examples of these include Medicaid or the Children's Health Insurance Program (CHIP). 

The main downside of the marketplace is that you have to pick a plan during the Open Enrollment period. This period of time is typically the last quarter of every year. It can vary slightly depending on which state you’re living in. 

There are some exemptions that allow you to qualify for a Special Enrollment Period. Some of these circumstances are:

• If you’ve recently been married or divorced
• If you’ve moved to a new house in a new county or ZIP code
• If you’ve had a baby or adopted a child

To learn more about these exemptions check out HealthCare.gov’s website. You'll be able to determine whether you qualify for the Special Enrollment Period.

Become a Premium or Pro Cooperative Member

As mental health professionals, we didn’t know where to turn to when we started our own practices either. Not having health insurance was stressful. The plans available were either outrageously pricey or not that great. That's why we set out to improve how things are done. Independent contractors shouldn't have to worry about having access to health insurance. 

Thanks to our exclusive partnership with Elevate to Wellness, we’re proud to offer you health insurance options. All our plans are affordable and of great quality. You can get health, life, and dental insurance plans for you and your loved ones. This makes it possible to get the same coverage and benefits for a lower price. This is a more cost-effective option than going directly through an insurance broker, or the marketplace. 

When you join the Cooperative as a Premium or Pro member, you can access these insurance options. We also have a variety of valuable resources and tools to help you succeed in private practice.

How Does the Cooperative Offer Reduced Rates for Insurance to Self-Employed Therapists?

The Clarity Cooperative is able to offer you these insurance rates because of a bulk discount. Using our membership base, we negotiated with health insurance providers. Instead of giving each member the typical rates, they are offering more affordable prices. These are better than the rates you'd get from a health insurance broker on your own. 

We have a partnership with a nationally licensed insurance provider, Elevate to Wellness. If you're a member of the Clarity Cooperative, you can easily select from the plans available on their website. Feel free to browse through the insurance plans after creating your free account with us.

If you see an insurance plan you’d like to sign up for, great! Become a Premium or Pro member and then click “Learn More” on the plan you’ve chosen. You’ll be taken to Elevate to Wellness’ portal to begin the sign up process. 

If you have questions, you can let us know. An Elevate to Wellness agent will get in touch. They'll detail the plan you selected and discuss other potential options, if you'd like. There are also family health insurance plans available through this process.

Please take note that you will only remain eligible for the discounted rates if you are a Premium or Pro member of the Clarity Cooperative. It is standard for cooperatives to offer insurance benefits solely to members. 

Besides Private Practice Insurance for Therapists, What Other Perks Do Mental Health Cooperatives Offer?

Being a member of a mental health professional cooperative comes with many benefits. We can provide you with insights and any support you might need. Transitioning to a private practice can be tough. We've been there, and we're here for you. 

One of the challenges that most private practice therapists face is bringing in new clients. By joining the Clarity Cooperative, you gain access to top-quality resources. We can help you learn about high-impact marketing strategies. These will elevate your business and help you attract your ideal client. 

Additionally, you’ll access an entire toolbox of calculators and note generators. These were designed to help you run your business more efficiently. This includes a point-and-click Progress Note Generator, Clarity Notes, an Out-of-network Insurance Reimbursement Calculator, a Good Faith Estimate (GFE) generator, Accounting and Expenses Calculator to help you maximize your tax deductions and spending, and more. 

From learning about different marketing tips that can help you grow your practice, understanding how to build a stellar website, and envisioning your ideal client, joining a mental health professional cooperative will give you the knowledge and confidence you need to succeed as a private practice.

Want to learn more about getting quality insurance now that you're self-employed? Check out insurance packages. Feel free to reach out at hello@claritycooperative.com with any questions about what we can do for you.