How Do I Find Private Practice Insurance for Therapists?

One of the best 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, you’re probably wondering how do I get insurance as an independent practitioner? 

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

There are affordable, quality health insurance options through the Cooperative that you can explore as an independent contractor (1099-NECs) 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 so you can get the financial protection you need for your medical care.

You don’t have to stay in a traditional salaried 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?

The main reason why? The high cost. Is it surprising? Not really. 

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

Considering how high medical costs can be in the United States, solid health insurance coverage is essential to protecting yourself and your loved ones in case of emergencies, and even routine preventative care.

If you’re still on the fence about whether to get yourself insurance, 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 in different practices across the industry. With this in mind, wouldn’t you like to protect yourself and your family from the rising cost of treatment? With health insurance, you can avoid the ever-growing burden of medical inflation if — or, rather, when — you or someone in your family needs medical attention.

2. To Access Tax Benefits

Since you’re going into private practice, you’ll now have access to tax benefits for self-employed professionals. These benefits allow you to deduct up to 100% of your monthly health insurance premiums from your taxable income, allowing you 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, your savings may have to be put towards medical expenses if you or someone in your family becomes seriously sick or injured. 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 reasonably priced health insurance is one of the most important things you need to tackle when you switch to a private practice — in fact, it’s one of the most expensive things you’ll need to pay for now that you don’t have an employer to shoulder it for you.

To ensure that you get your money’s worth, it’s important that you shop around and compare different insurance plans. There are some different options you can try; 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 seek out the services of a health insurance broker. In fact, most people who get health insurance for themselves and their families go this route.

Health insurance brokers know the ins and outs of the industry. They can present you with an array of insurance options that may work for your needs and budget, and they can even direct you to different insurance plans that would be difficult to find on your own. To top it all off, they can also give you spot-on answers to any inquiries you have.

Health Insurance Marketplace

Another common method you can explore is a health insurance marketplace, also known as a health insurance exchange. In this marketplace, you can find different health insurance plans and compare them based on their coverages and prices. 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, allowing you to weigh the pros and cons of a plan before making a decision. Marketplaces also allow you to find out if you’re qualified for low-cost health programs, like Medicaid or the Children’s Health Insurance Program (CHIP).

The main downside of this route is that you can only get insurance through the marketplace during the Open Enrollment period. This period varies depending on which state you’re living in, but it usually opens in the last quarter of the year.

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 and determine whether you qualify for a Special Enrollment Period, check out HealthCare.gov’s website.

Become a Premium or Pro Cooperative Member

As mental health professionals, we didn’t know where to turn when we first went into solo private practice. Not having health insurance was stressful, and the plans that were available to us through brokers or the marketplace were expensive and not great quality. That’s why we set out to improve how things are done. You shouldn’t have to worry about where you’re getting health insurance, just because you’re an independent contractor. 

Thanks to our exclusive partnership with Elevate to Wellness, we’re proud to offer quality, affordable insurance, 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, making it a more cost-effective option than getting insurance through a broker or the marketplace.

Aside from the reduced rates, when you join the Cooperative as a Premium or Pro member, you can access a variety of valuable resources, tools, and community to help you ensure the success of your private practice.

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

Mental health professional cooperatives with a significant number of members are able to negotiate for bulk discounts from health insurance providers. That’s why, instead of giving each member the typical individual rates, these providers will offer the same insurance policies at a more affordable price than what health insurance brokers can offer you.

The Clarity Cooperative has made an exclusive partnership with Elevate to Wellness, which is a nationally licensed insurance producer. If you’re a member of the Clarity Cooperative and you want to get health insurance, you can select from the plans available on their website. It’s completely free to access and browse insurance plans, however you’ll need to create a free Cooperative account first.

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, and an Elevate to Wellness agent will get in touch with you to explain the plan you have selected in more detail and discuss other quality options that you can consider. There are also family health insurance plans available through this process.

Take note, however, that you will only remain eligible for the discounted rates as long as you’re a premium member of the Clarity Cooperative. This is standard for mental health professional cooperatives, since insurance perks are exclusive 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 can help provide you with the support and trusted insight you need during your transition and beyond.

When going into private practice, one of the biggest challenges that most mental health professionals face is attracting clients. By joining the Clarity Cooperative, you gain access to top-quality resources that can teach you high-impact marketing strategies that will  elevate your business and help you speak to your ideal client. 

Additionally, you’ll access an entire toolbox of calculators and tools 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 and feel free to reach out at hello@claritycooperative.com with any questions about what we can do for you.